Barnett can help Life Sciences organizations successfully plan for and execute the integration of a newly acquired company.
For many life sciences organizations, acquiring other companies is a way to achieve their strategic goals. But what happens after the contracts are signed? How can an organization successfully manage the change that comes with acquiring a new organization?
Given the critical need for a successful and swift acquisition, why are so many organizations failing to derive the full benefits of the acquisition? Ask any executive and they will tell you that the issues begin the minute their organizations attempt to integrate, issues which include:
- Wasted time and resources due to a lack of clear acquisition strategy
- Lack of clearly defined priorities
- Misalignment of leaders resulting in the delivery of inconsistent messages
- Unclear decision making process
- Teams not communicating with each other resulting in organizational churn, misalignment, and opportunities lost
- Newly acquired employees not doing what they are supposed to do
- Newly acquired employees leaving within six months of the acquisition and all the knowledge they possess leaves
Barnett helps drive the integration process with a proven methodology that includes:
- Developing an acquisition integration strategy
- Forming and driving an Integration Steering Committee so that the big questions can be answered and the rest of the organization is aligned:
- What are the integration goals for our organization?
- How will we know we’ve been successful?
- What is our approach: integration of processes and best practices or assimilation or something else?
- How will we handle the acquired company’s studies in progress?
- What newly acquired employees will be transitioned to our organization and how does that affect our structure?
- How do we remain compliant?
- How will we handle SOPs, training, and systems?
- How will we align with and leverage shared services?
- How will we ensure those responsible for the integration are working in concert?
- How will we communicate about the acquisition to our organization?
- How do we minimize resistance and foster resilience to the change?
- Liaising with other organizations to ensure alignment
- Developing an implementation road map that includes plans to transition people, processes, and technology
- Executing the road map
With something as important as an acquisition, you don’t have time to do it over. You have to do it right the first time. Choose Barnett to help you drive a successful acquisition integration.
For more information, please contact: