With their sale complete, in episode 10 of our Secret Seller series, our seller shares their experience of integration.
Make sure you’re up to date on our Secret Seller series by reading episode nine on completion before diving into this month’s edition.
Integration was a bumpier road than expected
After getting past the tough part of closing the deal, I figured it would be smooth sailing from there. But Brian was quick to remind me we had more road to cover – integration was next.
Honestly, I thought I had it all handed to the buyer on a silver platter: supplier details, our arrangements, and the support my team would need. On the day we sealed the deal, the buyer even called to congratulate me and remind me that they’d still need my help.
They really liked our outsourced marketing company and were thinking about keeping that relationship going. They also gave a thumbs up to our processes and wanted to make sure we did everything to keep the transition smooth for our advisers and to keep our clients happy.
So, right after we wrapped up, I took off for a holiday. Maybe it seemed like odd timing, but I felt stepping back might actually help the team start fresh with their new bosses without leaning on me too much. Big mistake.
Before we finished the deal, I’d raised a flag about being short-staffed. Turns out, the buyer thought we had more hands than we needed and shifted a couple of people around.
We always had a setup where advisers met with clients and the back-end stuff was done for them. The buyer assured me they operated similarly, but it didn’t quite turn out that way. Now, our advisors weren’t just handling their clients; they also had extra admin tasks and managing more staff.
There was more oversight needed on the admin side – my (well, their) people needed some direction! And just when things couldn’t seem more chaotic, there was a mix-up with a message sent to our deceased clients.
So, we ended up with a few unhappy clients but, thankfully, they were very understanding and none left. Mistakes were made and I’ve learned a lot. If you’re heading this way, here’s my two cents:
- Make sure there’s a solid integration plan with clear timelines.
- Really dig into the buyer’s processes and figure out how everything’s going to mesh.
- Get everything in writing, so everyone’s on the same page and sticks to the plan.
- Have a Brian to lean on and fight your corner.
Get in touch
If you’re looking for a specialist to help you with your exit planning, The Exit Partnership can help. Email contact@theexitpartnership.co.uk or call 0113 4656 111 to find out how.
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