Collaboration: The Key To Moving Your Vision Forward

Cooperation might actually work in achieving your dreams

Insider

president

Every once in a while, we’re presented with opportunities that can change the trajectory of our businesses and take our careers in entirely new directions. These opportunities invariably require significant strategic thinking, collaboration, and grit.

Moments that stretch us are by nature uncomfortable, but I promise you, they’re worth it.

I recently led the acquisition of four different companies that we merged into one business unit in under two years. This was a serious undertaking (both personally and professionally) and I am incredibly proud of both what we’ve done and everyone who made it possible. These acquisitions enabled us to compete and serve consumers and businesses in entirely new ways.

As we look towards the new year, you may be thinking about opportunities that lie ahead and how to move your vision forward. I wanted to share lessons learned from my experience combining four strong, healthy companies into one stronger, higher growth, innovative entity. Whether you’re exploring an acquisition, strategic investments, or new markets to pursue, these principles can be applied to any strategic shift you may be considering.

Know your “why.” Our decision to acquire four former competitors was the direct result of listening to clients. Our clients were looking for alternatives to legacy income and employment verification solutions. At the same time, employers had been asking to have a company of Experian’s scale and capabilities invest in innovation and provide high-touch customer support to the employer services industry. The acquisitions of Corporate Cost Control, Emptech, Tax Credit Co and CIC Plus enabled us to do just that and much more. They facilitated the launch of Experian Employer Services and Verification Solutions, and the development of Experian Verify — our income and employment verification solution that’s helping mortgage lenders verify income and employment information in real-time. Doing anything big requires buy-in. Your entire team needs to know the “why” and it needs to be compelling so people can get behind it to push them through the hard days.

Prioritize people and culture. As with everything we do within Experian — we put people and our culture first. When we’re exploring potential acquisitions, company culture is the top priority. Make sure a business’ existing culture will integrate well with yours (and in our case, the other companies we were acquiring). We’ve turned deals down based on culture alone. It’s a delicate balance of retaining what makes a company special while ensuring they’ll mesh well with the positive culture you’ve created within your organization.

The most important lesson I’ve learned, is that collaboration and trust are the essence of building successful teams — and mergers and acquisitions are no exception.

Have empathy for employees and listen. For many of us, the company we work for is a huge part of our identity. There’s a lot of uncertainty when your company is acquired. You’ve spent time building, selling, and servicing something you are invested in. When you apply for a job, you’re choosing the company as much as they are choosing you. When your company is acquired, your decision in that process is eliminated. As the acquiring company, remember, people chose to work for this company for a reason, and they will actively choose each day to stay with you or not. Listen. Ask what they’re most proud of, how they win in the market, what clients say to them. Their expertise is valuable, and they need to feel like you understand that. They need to know you appreciate it.

Don’t be afraid to walk away. One of the most challenging aspects of mergers and acquisitions can be knowing when to walk away. There are times where we go through months of intense diligence and the deal falls through. Remember, the due diligence processes exist for a reason. If you must divert from the original plan, keep in mind, there are other avenues beyond a purchase. We’ve forged a lot of great partnerships with companies we were originally looking to acquire. But beyond the company, remember some of the employees may choose to walk away from you. As I said above, people choose their employer — except when their employer is acquired, so once the acquisition is complete, they choose to stay with you or not. Not everyone will be the right fit, and that’s OK. Treat people with respect and honor their service for the original company.

Remember, this is a marathon. Not a sprint. (Although we had a joke that we were sprinting the first 5 miles of a marathon). Often so much work goes into preparing for an acquisition or a strategic investment that when the deal is complete, it may feel like the perfect time to come up for air or take a break. Truthfully, the work is just beginning. Take a quick breath and celebrate what’s been accomplished, but know the road ahead will take even greater levels of commitment and determination. Don’t lose sight of your vision. In our case, entering the employer services industry allowed us to serve an entirely new market and allowed us to bring new solutions to the mortgage and lending markets we traditionally served. We brought together the best the employer services industry has to offer, and we’re committed to investing in this industry and serving employers and their employees for the long term.

The most important lesson I’ve learned, is that collaboration and trust are the essence of building successful teams — and mergers and acquisitions are no exception. From initial conversations to the completion of a deal, meaningful relationships and change begins and ends with a clear view of each business’ unique vision and an understanding of the greater good that can be accomplished together.

As you look to the year ahead, ask yourself, “what’s my vision and could something new move it forward?” Be bold in your thinking and actions and let that be your compass in 2024. You’ll be amazed at what happens next.