Corporate acquisitions require a lot of legal support. For larger businesses with in-house legal teams, this might also include some outside help, as these transactions require careful planning and preparation. A lot can go wrong during a merger or acquisition, but with proper planning, you can reduce the chances of any issues and ensure that if they occur, you’re prepared.
In this article, we’ll explore how in-house legal experts and team leaders can work to plan a strategy for an upcoming corporate acquisition.
Refresh Your Team’s Knowledge
Having a team in place that can assist you and understands the workings of corporate transactions is imperative. If your team doesn’t all have experience in corporate mergers and acquisitions, or you don’t feel confident and up to date on the practice, then you could consider providing them with training. Short courses on the laws and economics of mergers and acquisitions can be fitted in around your workload, so you can improve your skills and ensure that everyone on your team feels confident before the process begins.
Research The Company You’re Buying
As obvious as it might sound, it pays to review the company that your firm is purchasing before the acquisition process is officially started. You can then understand what additional knowledge you might need and work out who on your team is the best individual to undertake certain tasks. Knowing about the company, its history, and the current owners will also help you to make informed choices as you progress through the acquisition process.
Seek Outside Help If Required
Sometimes, you might need external experts in specific elements of a merger, for example, if your company is buying an international company or you are buying an organisation in a highly regulated niche that you’re unfamiliar with, such as pharmaceuticals or finance. In these cases, you might need to work with an external legal expert to get advice and support during the acquisition. Communication and teamwork are two key skills every lawyer needs, and this is particularly true during major projects like a company acquisition and when dealing with outside contractors. If your team needs support from an outside agency, you need to prepare for this and find an external partner who can aid your team and give you the advice you require.
Prepare For Anything
For in-house legal teams, corporate acquisitions require a lot of hard work and dedication to ensure that everything runs smoothly throughout the project. Even with the best will in the world and all the preparation possible, things that are completely out of your hands still can go wrong. Using these tips and working to prepare as much as possible before the merger, you should be in a strong position, but you might find an issue. So, you need to be prepared for any eventuality and ensure that your process is flexible enough to accommodate whatever developments occur during the acquisition.
