Merging with complimentary business

[lookingforadvice]

There is no doubt that size does matter when it comes to business but have you ever considered merging with a complimentary business where the sum of the parts would be a greater than their individual value. As entrepreneurs and those working for ourselves, it can be difficult to let go of the reins but at some point your business mind should take over from your heart.

 

[DataGuardsman]

If you are looking to do any kind of merger you need to check they are GDPR compliant, and before that DPA 98 compliant in how the collected personal data (of either personal or business customers). The reason is that 99% of all UK businesses have little idea how to comply with the 99 GDPR rules or the 240 DPA rules let alone emarketing. It is the fact that each person whose data has been acquired without all the rules being applied has an automatic compensation claim of at least £1,000. So if you merge with a business that has 1,000 customer details there are probably £1m hidden liabilities sitting there. So checking will be vital.

 

[Needhelp]

Totally agree - GDPR is the next big hidden expense for many businesses that dont seem to understand the full consequence or take an "it wont happen to me" approach.