4 minute read
Your Company Was Acquired: Now What?
By Andrew Hay, CAMEx, CCAM-ND.PM
The common interest development industry in California is one that is ever changing and has its share of ups and downs. As we emerge from the pandemic where we learned the essential nature of our services, a growing trend of consolidation and acquisition has started to present itself.
Consolidation is not new to our industry; however, the rate of acquisition and size of companies that partake in this activity have both increased post-pandemic.
Our industry is lucrative to both those companies operating within the industry and those that are seeking to enter the space. For individuals who have chosen community management as their profession, this change poses new and familiar opportunities in managing their communities and in choosing where to work.
As managers, it is important to remember that building lasting relationships with clients and employers is key to success, promotion, and longevity in this industry. In this article we’ll discuss some tried and true traits that one must possess to successfully navigate an acquisition transition and ways to keep your board members focused on the task of governing their communities when faced with a change they didn’t sign up for.
Consistency is Key During Times of Significant Change
No matter what may be happening during an acquisition, those who consistently perform their duties will keep their clients happy and employers ecstatic that they have someone that they can rely on.
Have confidence in your abilities, and it will show. Being consistent is also valuable to your peers and subordinates. During a wave of uncertainty, consistency is the anchor to keep you and others grounded.
Embrace Change
Early in my career, I had a mentor who liked to paint the visual of hugging a humansized quarter. This image is something I use to remember that change is inevitable and that we have a choice to embrace it or to fight against it, but regardless of what we do, change will happen.
When you embrace changes that are happening during an acquisition, you not only make your own experience more positive, but you are able to translate that positivity into your board meetings. In doing so, your clients will remain upbeat and focused on what their roles are and will not create additional havoc in your day.
Find the positive changes that will benefit your clients and remind them of those when they may be struggling with a new way of operating.
Know the Values of Your Company Now and Align Your Clients to These Values
Most acquisitions are carefully planned out, and both, the exiting ownership and acquiring owners, look for cultural and value fits, including management styles and philosophies.
Take time to know what those are for your existing company so that as you learn the values and operations of an acquiring company (or the company your company is acquiring), you can relate these back to what has kept you with your organization for however long you’ve worked there.
Most clients choose to work with specific companies, because their management style is aligned with how the boards want to operate, so when common ground is found, it helps to build trust and lasting relationships even through transitions.
Staying True
Whether you work for a company that is acquiring others or is being bought by one, the reality is that the relationships that you build will help you ensure a long and successful career.
Being consistent, embracing changes and adversity, and knowing the core values of the company you work for will ensure that you can tackle each day with confidence and certainty, especially during uncertain circumstances.
Andrew Hay, CAMEx, CCAM-ND.PM
Andrew Hay, CAMEx, CCAM-ND.PM, is the Chief Executive Officer of The Helsing Group, Inc.
