Find benefit for everyone
Fink, who describes himself as a consensus leader, took the idea beyond C-level executives before he started the search. Many leaders make the mistake of waiting until they’ve found a firm to ask everyone’s approval, but Fink says that conversation should come before the process begins.
He told his employees that the acquisition he was considering would not bump him out of the picture and that he would still run the company on a day-to-day basis. The only change would be more growth opportunities.
Even then, some employees hesitated. “The fear is that you’re simply trying to get them to go along and not telling them the whole story,” Fink says. “That isn’t necessarily based on me; it’s based on what people have seen in the business world.”
To satisfy those employees reluctant to buy in, you should offer an exit in return for their willingness to try. Fink asked his employees to commit to a 30-day trial after the sale. If they were unsatisfied, a severance package was on the table.
After that month, only two employees opted for the alternative. Fink is still working to keep the remaining employees satisfied.
“You have to act with brimming confidence just as you did before the sale,” Fink says. “If you say nothing’s changed, but when someone comes to you, you say, ‘That’s not my problem,’ or, ‘I’ll have to check with the new owners and get back to you,’ then something did change. You’re no longer as engaged.”
Your employees will be watching your actions and measuring them against the promises you made upfront, so be consistent. Don’t start taking longer vacations or even longer lunch breaks. They’ll notice your diligence slipping if you pass responsibility to the new partners.
Constant communication will keep them enthusiastic about the acquisition. Most employees will not have contact with the new partners, so you must act as the medium. In staff meetings and e-mails, share anecdotes you learn about the partners or provide details about decisions they helped you make.
Employees have to see the benefits directly, as well. Part of Fink’s deal with the firm was that employees would receive pay increases as the company’s revenue grew.
“You’ve got to keep showing them the benefits,” Fink says. “People will accept change if they can really intellectually believe that it’s going to not only make the organization better but, at the end of the day, help them.”
