CHICAGO — Mergers and acquisitions are shaking up the events industry, with companies such as Hellman & Friedman, Apollo Global Management, Inc., and AVIXA making key investments.
You might be wondering: What should I do if my company is acquired?
To help you answer this question, Trade Show Executive’s (TSE) Young Professionals Corner connected with B.J. Enright, CEO of Tradeshow Logic, which was recently acquired by Messe Muenchen, and TSE’s July cover star, to create an Acquisition Survival Guide.
“The events industry continues to evolve, and acquisitions are a natural part of that evolution,” Enright shared. “As events become more global, more technology-driven and more complex, companies often need additional scale, expertise and resources to compete effectively. When done well, acquisitions can create stronger organizations that offer clients more capabilities, employees more career opportunities and the industry more innovation. They can provide access to new markets, new technologies and new ways of thinking.
“Like any major change, success depends on execution. Culture matters. Communication matters. Leadership matters. The organizations that are most successful are the ones that remain focused on their people while pursuing the strategic goals that made the acquisition attractive in the first place.”
Tips for Surviving an Acquisition:
1. Listen to Leadership and Stay Observant
“Listen to what your leaders and the new owners are telling you about the acquisition — why it makes sense, what will change [and] what’s in it for you?” Enright said. “And then watch closely to make sure that the actions match the words. This is a time for you to learn as much as you can about the new company and what new opportunities may exist for you. Do your homework. Pay attention to what is being communicated internally, but also conduct your own research — read articles, follow social media feeds, take every opportunity to meet new colleagues — [and] get a feel for the company’s culture. Make your own decision about how you feel about your new company. There will be change, but it just might be really great change.”
2. Work on Your Personal Brand — and Accept Some Uncertainty
Enright explained that growing, improving and seeking new opportunities to improve your personal brand, and keeping your LinkedIn bio up to date, is a good practice.
“There is really no way to prepare,” Enright said. “Acquisitions have to be kept totally confidential to protect all parties. As an example, when my family sold Andrews-Bartlett to GES, I found out the night before the announcement. Anything you hear before a formal communication is just rumor. If you have always trusted your leaders, then trust them now. Give them the opportunity to help you make an informed decision about your future.”
3. Prepare for New Opportunities
“Acquisitions can offer real career growth and opportunity,” Enright said. “This is what you need to be listening for. In our case, there are opportunities for bigger roles and responsibilities globally. For young professionals, Messe Muenchen has a program called GROW which is offered to the top young performers from headquarters and each subsidiary, and provides the opportunity for these top young professionals to travel internationally and really jump start their careers. Depending upon the strategic reasons for the acquisition, there may be many new opportunities that weren’t possible before.”
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4. Accept Change
Enright added that no matter how great an acquisition is, it will bring change.
“Change is uncomfortable. Remember that your leadership is going through a lot of change too. Be sure to ask as many questions as you have. But, try to be patient and understanding. Your leadership team may not yet know the answers,” Enright said.
5. Strategies to Lean into:
- Be open-minded and curious. Don’t be afraid to ask questions.
- Be positive and lead by example to help others adapt to change.
- Be visible. Volunteer for projects, introduce yourself to new colleagues and make sure people know your skills and interests.
6. Strategies to Avoid:
- Don’t feel like you need to prove yourself. Just be yourself. Your work and contributions will speak for themselves.
- Stay away from the rumor mill. Speculation creates unnecessary anxiety, and more often than not, it’s wrong. Focus on facts and what is actually being communicated.
- Don’t pile on. It’s fine to acknowledge concerns, but don’t add fuel to the fire. Be part of the solution, keep an open mind and form your own opinions.
“One of the best pieces of advice I can offer is to approach an acquisition with an open mind,” Enright added. “I’ve experienced acquisitions from multiple perspectives throughout my career — as someone whose family business was acquired and now as a leader whose company has been acquired. What I’ve learned is that every acquisition is different. Some create challenges. Some create tremendous opportunities. Most create a little of both.
“Focus on what you can control: your attitude, your performance, your willingness to learn and your ability to adapt. Those qualities will serve you well regardless of who owns the company.
“An acquisition marks the end of one chapter, but it can also be the beginning of a much bigger one.”
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