Avoid these 3 Huge Mistakes & Get Started with Our Merger Communication Timeline Checklist

Navigating the complexities of a merger requires clear, careful communication to ensure both members and employees are informed and prepared for the transition. In this blog, we’ll explore three significant pitfalls to avoid when communicating about an upcoming merger, and offer a comprehensive Merger Communication Checklist & Timeline to streamline the process. From understanding the realistic timeline to effectively managing initial communications and assembling a capable merger team, these insights will help you ensure a smoother merger experience. Let’s dive into these key areas and learn how to manage your merger communications more effectively.

1. Gaslighting the Timeline

It’s easy to gaslight yourself and others into thinking the merger will take less time than it actually will. Often, third-party processes and deadlines control merger timelines. 

This is especially true when waiting for the NCUA or if changes are needed to: core systems, online banking, or if there is going to be a mass reissue of debit and credit cards.

 Timelines that are too short or too long significantly impact the merger experience for members and employees. A lengthy timeline often results in a lack of action because there is no urgency. A short timeline creates chaos and anger. 

The timeline should include training and support employees need to help members and to successfully navigate any changes in their jobs/roles.

2. Mishandling the First Communication

One of the biggest mistakes we’ve seen in merger communication strategies is bombarding members with WAY too much information in the first communication. Announcing a merger along with a series of to-do’s and changes creates anxiety, anger, and in some cases panic. 

The first communication should inform the recipients that the merger is taking place and there is nothing they need to do at the present time. This gives them time to process the information without making immediate changes. 

It should let them know that a merger team is working on their behalf to ensure the least disruption possible and future outreach will be sent when/if any action is needed. Include a brief FAQ, even if many of the answers state ‘The merger team is working on this and will choose a solution with the least disruption possible’. 

When branches are consolidated or staff are transferred your internal and external communications will need to reflect those changes in a positive manner, highlighting the benefits of these changes, while also addressing potential areas of concern from customers, members or internal staff. However, these kinds of changes should probably NOT be communicated in your first messaging to customers, members or staff. Keep the first message mainly positive and upbeat!

This first communication is typically sent 3-4 months before the merger's effective date, however, a longer timeline could be necessary depending on the extent of changes taking place and actions required of the membership.

3. Insufficient Merger Team

Each area of operation should be represented on the larger merger team by people who understand HOW systems and processes work. If your merger team is too small, valuable time can be lost, and additional communications needed, when decisions are made for a second or third time because the person with knowledge of procedural intricacies wasn’t on the team to begin with.

A communication team is a critical sub-team that NEEDS to have a seat at the table every step of the way during your merger.

With the vast number of decisions and changes made during a merger, a dedicated communications sub-team decides what, how, and when information is communicated to the members and the order in which members are asked to take action. They take the information from the merger meetings, craft communications, and create a rapid feedback loop from the front-line staff that keeps the merger team updated on the membership pulse. 

The team should consist of Marketing to craft communications, and the people responsible for front-line support teams to gather feedback productively. The communication team collaborates with product and system experts throughout the different stages of communication to ensure the accuracy and completion of necessary steps.

Don’t go it alone! Mergers and acquisitions require industry-specific experience and knowledge to be successful. The team at FI GROW Solutions can help. Contact us today!