Designing a custom workflow and toolset that will support the specific needs of your M&A initiative is key. With this play, the program management team establishes a standard for process flow aligned with the overall goals and objectives.
Project Management, Program Leads, Additional Stakeholders
As with most plays, first ensuring teams understand and buy into the overall goals and objectives of the deal is of the utmost importance. In this case, this alignment also includes identifying program requirements and constraints.
In this step you want to configure and customize your tools (such as DealRoom) to fit the specific needs of your particular M&A project. If you are unsure of the best tools to leverage or how to customize your process flow, you might consider consulting an Agile M&A advisor.
After foundational training, role-based training events should be held as part of this step in an effort to augment the initial foundational training. The goal here is to enable an adequate level of support for the tools throughout the project. For example, application administrators may require additional knowledge regarding tool management. The project manager may require hands-on coaching to understand how to apply Agile techniques to different team-level events.
Managing details and ensuring that everyone is working on the highest priority tasks throughout the diligence process is one of the largest challenges during a live deal.
During execution, team leads will collaborate to reassess priorities based on overall progress and newly discovered work items. Maintenance of a quality backlog is critical to team-wide collaboration and the prioritized backlog is all about how the team approaches projects.
A team standup is essential for the transfer of essential knowledge, transparency, efficiency, and risk reduction.
Implementing retrospectives, a fundamental Agile practice, can enable practitioners to extract important lessons from M&A deals and proactively enforce them to improve future outcomes.
Kickoff meetings can be used to launch various aspects of the M&A lifecycle, but are most commonly associated with due diligence; it should be noted here that the commencement of diligence is often a source of difficulty for many organizations
When approaching a deal and assembling the teams involved, always remember: the earlier the integration staff is brought into a deal, the more likely the deal is to meet its ultimate objectives.