How to do Merger

If you are a firm which is considering combining your business with another then how can you best prepare and execute?
Be clear and honest about why you are doing it
You may have clear objectives and a strategy in place to take you towards them, in which case a merger could be a way of executing the strategy. You may need rescuing. You may lack particular attributes in your business and be looking to add them. Any one is valid but make sure you know why and are willing to share the reason.
Don’t just talk to people you know
Most law firm mergers used to be started on the 14th tee and sealed in the club house between partners from different firms who knew each other. Bad idea. There are a lot of firms out there and even in small markets you will not know or understand all of them. Firms need to do proper market research to help them understand who is out there who might fit what they are looking for.
Have a clear process
Make sure you know in advance what information you want to exchange and at what stage. Make sure that at your end the key stakeholders know what the discussion and approval process will be and support it. One of the major cause of merger discussions failing is a loss of focus and direction part way through. One or both parties lose their way and the discussions run into the sand.
Don’t be like George Bush