Tactics to influence senior mgmt / PMI
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I would like to have your thoughts on how to influence (or even if you think it is possible to do so) senior leaders once Day 1 is there to lower their expectations on the speed of the integration as well as the financial impact of the integration?
I think in this case, overcommunication is key. It’s important to lay out the facts very clearly, such as this project will cost $XX and cannot happen until XX date. If you layout a clear plan with clear contingencies and commit to reporting on progress regularly, hopefully that will build confidence in the process. It’s difficult to redefine “success” as something that may not be accomplished within the first quarter, but it should be communicated to ensure expectations are where they should be.
I agree that over-communication is important, and must be done with senior leaders as early as possible. The financial expectations of the deal are defined and bought off by management early to drive the deal, and as DD and Integration Planning starts, the financials should be revisited and amended based on what is learned. Additionally, an integration roadmap should be defined early and supported by all IMO functional leads with SMART, realistic goal timing. Steering Committee meetings can never start too early, so sharing updates to the financials and roadmap early in the process establishes senior leadership as part of the planning team, thus minimizing pressure later since they should know exactly what goes into executing the integration. (Of course there will always be the “faster / cheaper” demand from management, but at least they have some background as to what it would take to actually do so and still be successful)
I echo the importance of overcommunication and regular reporting. In addition to the above, I would highlight single point of accountability for the PMI at the senior management level (this would often be the person who will end up carrying the acquired business in his/her P&L), transparency around bad news as well as good news to build trust and to avoid last minute surprises.
I agree with all of the previous recommendations. Additionally, I think that identify a single owner would be beneficial. By creating accountability, there will be direct leadership in driving to the goal.
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