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Solutions for ALL Businesses

The Power of Preparation: Having Your Records Management in Place for a Merger or Acquisition

11/18/2016

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Mergers and acquisitions are a cornerstone to business. Depending on the size of your business and the industry you work in, it’s likely your organization has considered a merger or acquisition, or you’ve been inquired about one.

While M&As can be an efficient solution, there’s a lot that goes into the process. One challenge you may face is the handling of records management. The need to streamline your systems between the two entities is crucial to a successful M&A. What do you need to prepare for when going through a merger or acquisition? Let’s start with having proper records management in place:

How do we make sure we have our records management in place before a M&A?
Let’s start with your core business system. Where does your workflow get processed? Are you primarily paper-based or digital? Ideally, both companies in a M&A situation operate on the same records management system, the same business system and execute the same records management procedures. There obviously isn’t a way to know how your future M&A partner is currently managing the records, but if you stay on top of industry best-practices, you’ll stay ahead of the curve.

So what can we do now to prepare?
  • Make sure your files are stored in boxes, labeled and can be easily accessed.
  • Which means you need your files to be indexed (scannable and searchable).
  • Your records should be easily migrated, if and when you have to move them.
  • Ensure you have top security on your records.

Why records management is crucial, especially during a M&A:
When two companies come together, one of the first steps taken is the merging of business systems. Do you feel comfortable with your current organization and management of your documents? If and when a M&A occurs, are you prepared to create a unified records management system? Having the right strategy in place can make the possibility of a merger far less disconcerting, and will benefit both companies involved.
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