| I believe a good acquisition should be “normalized” in within a quarter—and quickly profitable. I believe a good acquisition should be “normalized” in within a quarter—and quickly profitable.
In this episode, I’ll share with you a few elements of a system we use with our clients that has allowed them to normalize the culture and get everyone playing nice in the sandbox together within a week and assure the acquisition hits its financial expectations the first year.
If you’re the kind of leader:
• Who feels like you have your marketing, hiring and sales franchise systems optimized and creating a powerful, predictable result, stick tight because we’ll talk about how taking those to an even higher level will create an impressive impact on profit.
• Alternatively, if you have a sales system, marketing system, and hiring system, but you don’t feel like you are optimizing results from those and you’re sure there are a few “secret handshakes” you are missing, you’ll love today’s session because I’ll show you how you build those systems in a way that you know that you know you have optimized anything to do with revenue.
• If on the other hand, your sales system is, “hey lenders, make a few calls every month,” and they have no idea how to land quality credits at premium pricing, but instead throw things at the wall and hope they stick, you are about to invest your best few minutes of the year.
There are a few challenges to preparing your systems for acquisition so that it is effortless with little chance for drama or upset.
• First, banks often do an acquisition because they have a problem, and the acquisition is intended to SOLVE the problem, whether it is deposit growth or loan growth.
• Second, many banks have revenue and culture systems—they just aren’t quite producing the “top 10% of peers” results you were hoping for.
• Third, there are often some egos of the executive team that don’t allow for the humility to really look at each area to optimize. It’s like an athlete competing for the Olympics who is unwilling to hire a coach because they proclaim, “I can do it myself.” You know how that will work. Have you ever seen a gold medalist there without their coach?
It seems like one of these obstacles is in the way of acquisition preparedness for almost every bank that is getting close—putting the acquisition at great risk.
I’m now going to give you four steps that will help you prepare for a successful acquisition and dramatically lessen the risks of a good acquisition going bad.
If you apply these culture alignment steps at least three months before you do an acquisition, you can have an extremely strong chance of beating the odds where 87% of acquirers fail to meet their financial projections. You can sleep easily, knowing that you have a strong probability of having your acquisition be a success.
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Connect with Roxanne at
Extraordinary Banker:
Emmerich Financial:
Roxanne Emmerich, CEO of The Emmerich Group
Thank God It's Monday
The Emmerich Group Inc
One Liberty Corporate Center, 6625 West 78th Street, Suite 200, Bloomington, MN 55439
(952) 737-6730
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