Key insights that I believe are important for harnessing the power of culture as a catalyst for successful M&A
I'm very excited to share that Minute Media has acquired STN Video, bringing additional technology capabilities, distribution and sports highlight content rights to Minute Media’s ecosystem.
Being the 6th acquisition for Minute Media, and after engaging with several M&A processes in my career previously, I've compiled key insights that I believe are essential for fostering successful PMI and cultural evolution that extracts the strengths of both companies:
1. Utilize the period before closing:
Transparent communication, understanding similarities and differences, and building trust before closing the deal is essential for success. Leverage this period to identify key players, think about reporting and structure, understand major compensation and benefit differences and decide on a transition strategy. The better this prep time is utilized, the more prepared you and your leadership team will be for the transition.
2. The secret of the first 60-90 days:
During the initial 60-90 days, teams should deepen their understanding of each other, identify opportunities for improvement and crossovers. Making key decisions related to people after this period of time will better support long term success.
3. Reimagining talent growth:
M&A is also a great opportunity to further grow the talent of both companies. Learning about the technology/sales practices/products of the other company can enhance people’s skills and work methods. Decisions should be taken with a “People First” approach, and leaders should creatively restructure teams to foster opportunities for individual growth.
4. Embrace differences for cultural evolution:
Each company joining Minute Media has been pivotal in shaping our culture. As an example, the addition of The Players' Tribune and Fansided significantly enhanced our commitment to DEI, a focus on storytelling and the amplification of community impact through our brands. In a later stage, our subsequent acquisition of Wazimo introduced an agile working method and a "Squad" approach to technology and business radical collaboration. Our common ground in sports and technology, and the willingness to embrace differences, created a beautiful result.
M&A are commonly associated with significant enterprises and financial success, but when diving into these deals, it’s crucial to understand that it all revolves around people. Approaching M&A requires adopting a humble attitude and embracing openness to create something new and open up extensive opportunities for business, people and cultural evolution.
Minute Media #mergersandacquisitions #businessgrowth #culturaltransformation #hypergrowth Asaf Peled Mor Green Maya Shavit Sarah Kim Tohar Kait
https://lnkd.in/dMgY3FNe