Successful collaboration relies on several factors
We have discussed previously on this blog how a merger or acquisition deal can be beneficial for the company doing the acquiring as well as the company that is being acquired. However, for this process to run smoothly, careful consideration is required before moving forward with a deal.
In a recent post on LinkedIn, Carlos Ghosn, Chairman and CEO of Renault-Nissan Alliance discusses how to avoid the chances of a "corporate marriage" ending in divorce. Ghosn explains that many of these corporate marriages across different cultures do not survive, and offers some suggestions that are applicable to many collaborative situations.
As Ghosn explains, open mindedness and respect are two critical parts of a business relationship that contribute to its ability to be successful. Additionally, he notes that being able to establish common ground is an important aspect of building a respectful collaborative relationship.
Although this is mentioned in the context of a cross-cultural relationship, different businesses may have different values, but finding the areas where they overlap can help make the transition of the merger or acquisition more seamless.
When two teams are working together on a project, it's important that there is some kind of benefit on both sides. Ghosn points out that "win-lose" projects have the potential to result negative associations that may lead one team to feel like it did not receive a benefit from undertaking the project. Notably, he recommends to remember the human element of things.
We recently talked about how it's important to consider whether you are ready for your business to be acquired. Part of this consideration is taking into account the human side of the deal, understanding that your business will no longer be completely in your control. With the help of an M&A advisor, you can develop the optimal acquisition strategy for your company.