Setting goals can be essential to effectively guiding a business and achieving growth. One survey revealed that a majority of small business owners surveyed do not set and track business goals and also report they have no achieved their visions for their businesses. It is important to set and distinguish short-term versus long-term goals. Long-term goals should be based on a three to five year plan.
Mergers and acquisitions can be a big step for any business. The national banking industry, for example, has seen a wave of mergers due to increased costs and competition. The consolidation activity throughout the banking industry has also had an impact on the banking industry in Louisiana. Nine banks in Louisiana have either agreed to or completed acquisitions over the past two years. The smaller banks in Louisiana that will be acquired will likely be purchased by institutions headquartered in Baton Rouge and other major Louisiana cities.
Business growth and opportunities can take many forms, including through acquisitions and mergers. An international insurance broker that has completed more than 300 acquisitions worldwide in the past 12 years has also purchased multiple well-established Baton Rouge insurance agencies. A local man who worked for the company's first Baton Rouge acquisition has now become the company's regional president. In a recent interview, the many said that not much in the way of day-to-day operations changed after the Arthur J. Gallagher & Co. purchased the company he worked for back in 1991.
Growth opportunities can be exciting, yet also complex at times, which is why understanding the process of buying a company can be important. A bank that began in Baton Rouge recently went public; the initial public offering grossed $46 million and included the issuance of 3.3 million shares. The bank began as a single branch and now has 11 locations in southern Louisiana; the company plans to open two more branches over the next two years. The corporate strategy that the company is employing moving forward is to grow in existing markets, but also to grow through the acquisition of small banks.
Acquiring new businesses is a positive step for most companies which is why it is important that acquisitions be executed properly.
A newly formed strategic merger with a Baton Rouge outdoor-lifestyle company and an Illinois outdoor products company was recently announced. The merger is between Plano, a fishing accessories and outdoor sports storage system company, and Synergy Outdoors, based in Baton Rouge, which specializes in outdoor-related brands.
When a company seeks to expand its share of a market, they may consider the possibility of acquiring a competitor. While the complexities of an acquisition may expand when dealing with larger businesses, it is a strategy that even small to mid-sized businesses in Louisiana can utilize if properly managed. Yet, for all their complexities, acquisitions occur regularly in the business world and can help companies meet their business goals.
Complex business transactions require careful consideration and special attention in order to avoid unwanted results. Poorly negotiated Mergers, for example, may lead to business litigation, wasted time and money, and a situation where neither party is happy with the resolution. In some instances, the merger may be disallowed from occurring. Therefore, when one considers acquiring a new business or buying a company, he should consult with an experienced business transaction attorney.
Businesses around Baton Rouge face acquisitions or mergers on a daily basis. And it's probably safe to say that most transactions are dictated by rules and regulations by different government entities. Sometimes the decisions made by the government can determine if a merger even takes place. Be it federal, state or city, someone always has a hand in these and some even end in business litigation.
In the business world, there are mergers and similar transactions that take place on an almost daily basis. For business owners in Baton Rouge, there are concerns to keep in mind throughout complex business acquisitions. There are regulatory concerns, concerns as a competitor, and many other things to keep an eye on when pursuing business goals.