Mergers, much like marriages, are most successful when there’s a good fit. Compatibility is essential, but it’s not just about financials or operational efficiencies—it’s also about being committed to building a shared culture together. Mergers and acquisitions (M&A) are transformative events that can redefine a company’s trajectory, enabling it to scale operations, enter new markets and enhance its competitive advantage. However, integrating diverse corporate cultures and histories comes with significant challenges.
A 2017 survey from major consulting firm KPMG revealed that cultural issues are one of the most difficult aspects of mergers and acquisitions. Many companies struggle to effectively address this key integration area.
This is where the power of storytelling and heritage comes into play. By leveraging historical records, artifacts and authentic storytelling, companies can create a cohesive narrative that unites employees, honors legacy brands and reinforces corporate identity. Used effectively, heritage can help preserve the essence of an acquired company while aligning it with the overarching mission and values of its new parent organization, ultimately facilitating a smoother transition and fostering a unified corporate culture.
The Storytelling Advantage: Transforming Mergers and Acquisitions
With approximately 970 branches primarily in the Midwest, Huntington National Bank exemplifies strategic growth. Huntington’s dedication to expanding its capabilities and services came with the intricate challenge of elevating its brand and culture. As the company marked its 150th anniversary, it sought to refine its appeal and bolster its ability to attract and retain employees and customers.
History Factory partnered with Huntington Bank to develop a storytelling campaign for its anniversary celebration. However, at the start of its anniversary year, the bank announced the acquisition of FirstMerit Bank—the largest in its history. New acquisitions have always been a crucial part of Huntington’s narrative. Effectively integrating the histories of acquired and merged banks, including FirstMerit, into the storytelling during this transition helped unify diverse corporate cultures and reinforce a shared purpose.
The strategy’s success was evident: Huntington’s anniversary microsite attracted more than 25,000 visitors, its coffee-table publication reached 7,000 recipients and social media efforts garnered more than 1.5 million impressions across various platforms. The content library History Factory developed for Huntington included interviews with employees, leaders, nonprofit partners and customers, showcasing its investments in communities across its footprint.
Steps To Easing the Challenges of Integration
Navigating a merger or acquisition demands more than aligning operational goals. Leveraging storytelling, archives and heritage can ensure a smooth and unified transition and cultural integration. Check out these steps to making your merger or acquisition easier:
- Conduct a cultural audit: Assess the values and practices of both companies through surveys and interviews.
- Develop a unified narrative: Use heritage to create a story that integrates both companies’ histories and values.
- Communicate regularly: Share the unified narrative often through updates and Q&A sessions.
- Preserve and celebrate heritage: Create an accessible archives of historical documents, artifacts and stories from all entities to leverage before, during and after the integration.
- Foster employee engagement: Encourage collaboration through storytelling workshops and the development of strategic archival plans.
Explore how History Factory clients have leveraged heritage storytelling to navigate mergers and acquisitions:
Anniversary Publication Celebrates 150 Years, Paves Way for Expansion
Authentic Content Solves the Puzzle for a Brand Pursuing an Anniversary Message
Conclusion
Incorporating heritage storytelling into the M&A process can significantly ease the challenges of integration. By conducting a thorough cultural audit, crafting a compelling unified narrative and maintaining regular communication, companies can align their strengths. Celebrating the unique legacies of each organization and engaging employees in the process can foster a sense of belonging and unity. This approach not only facilitates a more seamless transition but also cultivates a cohesive corporate culture that honors past successes while driving future growth.