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Evaluating cultures is never a simple process. Consultancies that specialize in these strategies may help improve the M & A process. According to Deloitte,“ The ultimate goal is for a new company to emerge from the integration process with a highperforming, sustainable culture with employees who are committed to growing and succeeding against the organization’ s strategic priorities.” •
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• Employee empowerment. Any transition can cause an abrupt shift in employee empowerment, which is defined as management’ s approach to providing employees the power to decide and act independently in their duties and responsibilities. The size of the organization and its management structure are usually very different when acquiring a smaller, often family-owned, agency.
• Inclusivity and communication. A cultural clash may be as simple as the difference between the communication styles of East Coast employees and Midwest employees. It can also go much deeper, such as language and customs barriers, work expectations and diversity and inclusion efforts.
• Professional development. Newer participants in our industry want to see a clear career path, more learning and an opportunity to make a difference in their communities. Without support, newer employees may seek other opportunities.
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Additionally, you may find that experienced employees in the acquired agency may not have the skills and knowledge that you expect once you have a chance to observe their output. This shortfall can cause significant E & O challenges and you must manage it head-on to protect the organization.
Evaluating cultures is never a simple process. Consultancies that specialize in these strategies may help improve the M & A process. According to Deloitte,“ The ultimate goal is for a new company to emerge from the integration process with a highperforming, sustainable culture with employees who are committed to growing and succeeding against the organization’ s strategic priorities.” •
The new Big I Mergers & Acquisitions guide is a handbook for preventing errors & omissions claims in insurance agency mergers & acquisitions.
KAIA members that are Swiss Re policyholders may download the guide for free at https:// www. independentagent. com / eo-guardian-2 / mergers-andacquisitions-guide /- where it is also available for purchase.
40 KANSAS INSURANCE AGENT & BROKER