Making the right choices is key, as it can either make or break your business. Get it right, & the futures very rosy, get it wrong and it can be very painful …
The word on everyone’s lips at the moment in the broker market seems to be “Acquisitions” but why is it some get these “so right” & others get it “so wrong”?
Well first of all, getting it right is not necessarily easy, particularly in a vibrant market. For some it’s new territory, for others it’s the latest of many. If it’s your “first”, it can feel like there’s a myriad of things to think about. If it’s your “latest”, you may be wondering why was this one a success and that one a disaster.
So let’s strip it back & simplify it. From working with a range of acquisitive businesses across, brokers, insurers, software houses, & data providers, those that do it well & in a sustainable way that works importantly for both the businesses involved & the people in them, tend to have a few things in common:
- They have a tried & tested acquisition strategy & due diligence process
- They invest the time to make sure the fit’s spot on … with a particular focus on:
- Getting the Cultural fit & alignment right
- Shared Values & beliefs e.g. focus & passion for customer service
- They have a clear strategy in place and a clear plan to bring it alive
- They understand their business inside out with real clarity on:
- The profile of their customer base
- Their customer proposition
- What they do well
- Where they could improve
- and where the right acquisition could add additional value & skill-set
They have access to the right resources to successfully manage change and integrate the businesses at the right moment in time
Making the right choices is key, as it can either make or break your business. Get it right, and the future very rosy, get it wrong and it can be very painful …
Speak to us today if your interested in a fresh approach to helping you identify the right acquisitions and having done so, get the most out of them.
Author Derek Findlayson