Senior executives are constantly reviewing ways to grow the revenue line. An often overlooked option is to acquire or merge with a company whose product or service complements your business and immediately provides a considerable bump to revenue.
The prospecting for acquisition and/or merger candidates requires discipline, a broad network of business affiliations and the knowledge to access the candidate’s viability for such a transaction.
Meet with and discuss prospecting for acquisition and/or merger candidates with non-competing members of your business and social network. Attend seminars on the subject and network though the crowd (many the seed for a deal has germinated via a seminar). Arrange meetings with business corporate lawyers and ask if they or any of their fellow partners have clients that may benefit from a meeting.
Once an M&A candidate has been identified make an honest evaluation as to if you have the internal resources to manage to process. Often a CEO will outsource parts of or the entire M&A process, depending on in-house resources.
Posted by Michael F. Lombardy, Co-Founder & Director, C-Level Clone
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