Every willing M&A practitioner in your organization
Team collaboration, Database, Playbooks, Computer
Define the mission and vision of your center. Everyone involved should have internal alignment on what it is you are trying to achieve. Your center could focus on one phase of a deal, or even end-to-end. You have to clearly define the vision so you can also identify the people that you want to work with.
After identifying the key people that can help you, you need to get their commitment. Building a center requires a lot of time and effort, and it is your responsibility to get those involved excited about the benefits of having a center.
Develop or choose a database system where all the knowledge and information for the center will be stored. It has to be intuitive and easy-to-use because there will be copious amounts of data stored there and team members will need to be able to access the information easily.
One of the most important aspects of a center is maintaining this repository box of knowledge. You have to continuously update the database with best practices and new lessons learned, and some tools need more frequent updates than others. Assign core team members to be specifically responsible for maintaining and updating the information in the center.
Launch your center so that everyone can start reaping the benefits. Communication is vital. Let your team members know that the M&A Center of Excellence is up and running. You have to educate the center’s users about the benefits and provide directions on how to use it.
You also need to develop a curriculum and train your teams, business leaders, and pretty much anyone who will be using the center. It is essential to educate them on what tools you have, how to find them, and who to go to for additional support.