How can you balance the priorities of two finance teams during a merger?

1 Establish a clear vision

The first step to balance the priorities of two finance teams during a merger is to establish a clear and shared vision for the combined finance function. This vision should reflect the strategic goals and values of the new entity, and outline the roles and responsibilities of each finance team. The vision should also define the key performance indicators (KPIs) and metrics that will be used to measure the success and progress of the integration. By creating a common vision, you can align the finance teams around a unified purpose and direction, and avoid confusion and conflict.

2 Communicate frequently and transparently

The second step to balance the priorities of two finance teams during a merger is to communicate frequently and transparently with all the stakeholders involved. This includes the senior management, the board of directors, the employees, the customers, the suppliers, and the regulators. Communication is essential to keep everyone informed and engaged, and to address any issues or concerns that may arise during the integration. Communication should also be consistent and honest, and provide clear and accurate information about the status, milestones, risks, and benefits of the merger. By communicating effectively, you can build trust and credibility, and foster a culture of collaboration and openness.

3 Harmonize the policies and procedures

The third step to balance the priorities of two finance teams during a merger is to harmonize the policies and procedures that govern the finance function. This includes the accounting standards, the reporting formats, the budgeting methods, the internal controls, the audit processes, and the compliance requirements. Harmonizing the policies and procedures can help you create a common language and framework for the finance teams, and ensure consistency and quality across the new entity. Harmonizing the policies and procedures can also help you identify and eliminate any redundancies, inefficiencies, or gaps that may exist in the finance function.

4 Integrate the systems and data

The fourth step to balance the priorities of two finance teams during a merger is to integrate the systems and data that support the finance function. This includes the enterprise resource planning (ERP) systems, the financial planning and analysis (FP&A) tools, the business intelligence (BI) platforms, and the data warehouses. Integrating the systems and data can help you streamline and automate the finance processes, and enable faster and better decision making. Integrating the systems and data can also help you leverage the synergies and opportunities that the merger offers, and generate more value and insights for the new entity.

5 Manage the change and culture

The fifth step to balance the priorities of two finance teams during a merger is to manage the change and culture that the integration entails. This includes the organizational structure, the reporting lines, the performance management, the compensation and benefits, and the learning and development. Managing the change and culture can help you address the human and emotional aspects of the merger, and support the finance teams through the transition. Managing the change and culture can also help you create a positive and inclusive environment, and foster a sense of belonging and engagement among the finance teams.

6 Monitor and evaluate the results

The sixth and final step to balance the priorities of two finance teams during a merger is to monitor and evaluate the results of the integration. This includes the financial performance, the operational efficiency, the customer satisfaction, the employee retention, and the stakeholder feedback. Monitoring and evaluating the results can help you assess the impact and outcomes of the merger, and identify any areas for improvement or adjustment. Monitoring and evaluating the results can also help you celebrate and recognize the achievements and contributions of the finance teams, and reinforce the vision and values of the new entity.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?