Meet for coffee, date, get hitched. The milestones of a successful personal relationship can also be applied to the merger of a business. As a lucky participant in a so-far successful merger of two financial planning practices, here’s what else I’ve learned:
Know these things before you sit down to negotiate your partnership, otherwise you risk having the party on the other side of the table dictating these facets of your life.
Why keep it light? Simple, a person’s not going to tell you he loves to churn accounts, ignore small clients, or underpay the staff at the firm meeting. It takes a couple of dates for the good stuff to come out.
Lay out a framework for dealing with future conflicts. Now is the time, when everything is sunshine and butterflies, to agree on how disagreements and uncomfortable situations will be dealt with in the future. Hammer out what you will and won’t put up with and if you get past that stage without a major struggle . . .
Then, start preparing the work family for impending change and potentially new superiors. Inform them of your behind-the-scenes-pre-partnership work and let them know what you are doing is in everyone’s best interests. Stress that continuity of the practice is good for clients, for you, and by extension, for staff.
Most importantly, keep your clients abreast of developments. Think of them as your in-laws who need to be comfortable with this union.
Once the honeymoon is over, the hard work begins. Even if you have an overwhelming workload, put your relationship with your partners high on the priority list. Continuously discuss expectations and prioritize together. Make time for fun with each other and never, ever go to bed angry.