5 questions to ask about a potential buyer’s culture

When merging or selling your business, you want to make sure the other practice does business in a similar manner, both to protect the clients’ interests and your own. These are some questions you should be considering:

  1. If you are a warm, family-oriented organization, is the purchasing practice the same, or does it have a less intimate, more corporate feel to it?
  2. Will anything change in terms of the frequency of communication and where/how it takes place?
  3. Are there drastic differences in terms of marketing or HR policies?
  4. Will the practice still have an entrepreneurial mindset after the deal is completed?
  5. Are there any major differences in your belief system or values, or in the benefits for staff members?

Don’t assume that discrepancies will be sorted out after the purchase is completed. This matters for office culture as well to maintain employee satisfaction and an even transition of performance under new ownership. Unhappy employees will lead to unhappy clients as well, so be sure to communicate with staff and clarify expectations/changes at all stages. Consider methodology how you do things and culture how it feels. Cultural fit is one of the most important components of a sale.

See more about business continuity and planning in the MDRT Business Continuity Decision Tree.

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