Have you experienced a merger or been through an acquisition? Today it is becoming more and more commonplace for organizations to go through transformational change. Sue Huff, Director, Global Conventions at Medtronic, Inc. shares in this interview strategies that she implemented during the merger with Medtronic and Covidien to bring together two large teams and how they formed a strong collaborating organization including developing new processes and best practices for their department.
9 Strategies to Manage Transformational Change during Mergers and Acquisitions
- Meet Face-to-Face Quickly. When a merger happens, one of the best ways to create trust and collaboration is for everyone to get together in person. Sue’s team met within 2 weeks of the merger and it helped everyone get to know each other.
- Evaluate Current Processes. Take the best of the best from all of the processes and learn from each other. Discover what is already being done well within both organizations.
- Communicate Effectively While Working Remote. Medtronic offers flexible work spaces and allows all the convention team members to work remote. The team uses Zoom video platform to see each other in person.
- Create A Process Task Force. Sue’s team members each aligned themselves with one of 15 process groups. Each group included legacy Medtronic people and new Covidien members.
- Celebrate Success. After the teams developed their core processes together they created a presentation that was shared with leadership highlighting all of their accomplishments together.
- Increasing Team Size Requires Clear Expectations. Each time a team member is added, Sue clearly communicates the requirements and how as a group they are held to a high performance level.
- Share Your Leadership Philosophy. Sue provides examples of how to avoid surprises and learn from mistakes. When situations happen, communicate early on so that adjustments can be made to processes to avoid a similar issue in the future.
- Encourage Team to Volunteer. One of the fastest ways to build skills and manage your personal situation during a merger and acquisition is being part of an organization that can offer support and build career tool box.
- Elevate your Opportunities. Find an association like HCEA (Healthcare Convention and Exhibitor Association) with like-minded people who can offer advice and best-practices.
Best Practice Power Tip: “Take time to re-enter when you get home. You have to have downtime and take a “road day” when you return from being gone-Sue Huff.