Steve Sefton Speaks on California Community Bank Acquisition at North County CEO Forum
Recently, I had the pleasure of presenting alongside UT San Diego vice chairman & CEO John Lynch at a North County CEO Forum about mergers and acquisitions. I was asked to speak on our recent acquisition of California Community Bank, and I believe that the information I shared may be of interest to many of our blog followers. Below, I’ve summarized some key points from my presentation. I welcome your questions and comments.
- Culture – identify shared values and business philosophies between the two merging firms. Highlight, reinforce and endorse those values to your employees and your customers.
- Brands – assess the brand strength of each of the two merging firms. Are they powerful and recognizable? Carefully consider how you will reconcile them into one brand while maintaining the best attributes of each.
- Trust – a firm merger or acquisition creates uncertainty. Prioritize building trust with your employees and clients. Stay ahead of the “chatter” with regular, thoughtful communication, and make time for one-on-one meetings with your employees. They are your brand ambassadors to your clients.
- Leadership – all the aforementioned points rely on strong leadership. Identify the individuals who will lead the transition early in the process and provide them with the resources and knowledge they will need to execute the objectives of your merger or acquisition plan.