People have been following the Elon Musk/Twitter saga online and in the news for weeks now, waiting to see if the multi-billion-dollar purchase will actually happen. In truth, however, closing the deal is just the beginning. Integrating mergers & acquisitions can take months, if not years, and more than half of these ventures end in failure. What, then, are the necessary features of a PMO methodology that can deliver a successful merger & acquisition?
Developing a Successful PMO Methodology for Mergers & Acquisitions
1. Prioritize Culture & Human Resources
2. Identify Areas Where Support is Required for a Successful Merger & Acquisition
3. Identify Special Needs
4. Establish an Effective Project Management Framework and a Master Plan
Successful integrations require an appropriate hierarchy. An executive committee typically oversees merger projects. Its responsibility is to address all details of the merger. If the committee is not chaired by the highest-ranking executive in the new company, the chair should report directly to them. Smaller teams can be formed under the purview of the overarching project management team to handle the unique needs within individual departments or more challenging obstacles to the merger.
5. Monitor and Document Progress
Like any project, integration should be measured in terms of time and cost. It should have a firm budget but also the flexibility to adapt to unforeseen changes and make necessary corrective measures. Reports should be in real time so that the senior committee and the new company’s board are constantly aware of the progress and updated timeline for full integration.
In addition to successfully managing the merger of two companies into one, a clear, focused integration plan that utilizes the new entity’s full resources can also present new, lucrative opportunities not anticipated in the original merger proposal. Learn more about how your merger can benefit from a robust project management methodology. Book an introductory call with Project Genesis now.