Is your company about to go through the process of merging with another business or acquiring another company under your umbrella? If so, careful preparations are the key to ensuring a smooth transition for everyone involved. Mergers and acquisitions can present a number of legal, financial and personnel-related complications, but fortunately, you can help mitigate those complexities by following these key tips to simplify the process. Here’s what you need to do for a smooth, straightforward business transition.

1. Assemble the Necessary Paperwork Early and Consult With a Tax Accountant

Of all the difficulties companies face during mergers or acquisitions, perhaps the toughest to handle is the financial aspect. Unfortunately, both acquisitions and mergers can involve complicated tax handlings, and may require the consultation of tax professionals to sort out. In order to avoid potential penalties down the road, make sure to assemble the necessary financial paperwork early, double-check your calculations and consult with a professional tax accountant or tax lawyer in order to make sure you’re following all relevant laws and regulations to the letter.

2. Ensure Both Companies’ Valuations Are Accurate and Search for More Prospective Buyers

Another important financial and legal aspect of any merger or acquisition is the valuation of the company or companies involved. After all, if your company is purchasing another business, you want to make sure you’re getting a fair deal! Consider getting second opinions and double-checking valuations to make sure nobody is overpaying or underpaying in the deal. If you’re selling your company and feel that you’re not being compensated fairly, consider searching for more prospective buyers.

3. Work on Building Communication With Your Newest Team Members

Last but certainly not least, one often overlooked aspect of any merger or acquisition is the personnel involved. If you’re taking over another company, that means you’re acquiring potentially dozens or even hundreds of new team members. In order to build trust and stamina, work on building healthy, open communication with the new members you’re bringing on board.

Dealing with business mergers and acquisitions can sometimes present a financial, legal and logistical headache for managers and bosses in particular, but also for lower-level personnel and contractors. In order to save everyone at your company from potential trouble, it’s best to help mitigate complications by following these three crucial tips for a straightforward transition. By making sure your tax documentation is thorough and accurate, double-checking company valuations and focusing on healthy team building and communication, you can help your merger or acquisition go off without a hitch.