“Business as usual"? Not during an M&A process

An M&A deal isn’t just about balance sheets and synergies; it’s about teams facing uncertainty, leaders making decisions that shape careers and cultures, and competitors watching closely, ready to seize any opportunity to gain an edge.

Beyond the big headlines and billion-dollar figures, there’s a story rarely told: the one of the people experiencing the process from within. The leaders trying to navigate rough waters while asking their teams to carry on as if nothing is happening, and the employees—unaware of the deal’s inner workings—grappling with a paralyzing uncertainty.

"Business as usual" becomes a utopia.

2025: A Key Year for Mergers and Acquisitions

All signs indicate that 2025 will be a record year for mergers and acquisitions (M&A), with forecasts exceeding $5 trillion in global transactions. Companies across all sectors are looking to consolidate to gain market share, expand into new areas, and remain competitive in an ever-changing environment.

As noted in KPMG’s global M&A report: “The M&A market in 2025 will be marked by agility, resilience, and a focus on value creation, as organizations rethink their strategies to adapt to changing market demands.”

The Hidden Cost of an M&A: The Human Impact

An M&A is probably one of the most stressful processes in a professional environment. And while financial and legal aspects are widely discussed, the emotional toll on people is rarely addressed.

Marketing and communication teams are often among the most exposed. On one hand, they are responsible for maintaining client trust and protecting the company’s reputation. On the other, they must manage internal uncertainty—both their own and that of their colleagues.

Daniel Casal, Managing Partner at Bud Advisors and an expert in M&A within the advertising sector, puts it succinctly: “I recall a particularly revealing case in the merger of two creative agencies. The lack of a post-integration strategic plan, ineffective communication, and poor leadership led to 90% of the acquired company’s team leaving within a year. When talent is the greatest asset in an acquisition and you lose it, the cost in terms of value is simply devastating.”

This is not just a matter of poor strategy execution; it is a crisis of trust. When uncertainty is poorly managed, people do not wait for things to become clear—they seek new opportunities elsewhere.

Transparency: Even When There Is Little to Say

One of the biggest mistakes leaders make during an M&A process is thinking that if there are no updates, it’s better to stay silent. But silence is never neutral. When information is lacking, people fill the gaps with assumptions, often generating more anxiety than any bad news would.

However, transparency does not mean having all the answers. It means being present, communicating honestly, and acknowledging that, in many cases, even decision-makers are navigating uncertainty.

What Works in These Contexts?

• Reinforcing the “why” narrative: Even if the details of the process change, the long-term vision should remain a constant anchor.

• Admitting what is unknown: Saying “this is not yet defined” is better than avoiding the conversation. Honesty builds trust.

• Opening channels for feedback: There may not always be immediate answers, but creating spaces for people to express doubts and concerns is an act of leadership.

OKRs: A Compass in the Middle of the Chaos

In a constantly changing context like an M&A, it is easy for teams to lose their sense of direction. What is the priority? Where should energy be focused? How do we know if we are on the right track?

This is where OKRs (Objectives and Key Results) make a difference. They are not just a management tool; they are a way to align the entire organization around clear, measurable, and, most importantly, meaningful goals.

During an M&A, OKRs help to:

• Maintain focus: Define what truly matters, both operationally and culturally.

• Connect teams: When each area understands how its work contributes to the success of the process, the sense of disconnection decreases.

• Measure real progress: Instead of relying on perception or intuition, they allow the evaluation of whether change objectives are being met through data.

Culture, Not Just Finance: The Lesson from Omnicom and Publicis

One of the biggest mistakes in an M&A process is assuming that if the financials align, everything else will follow suit. The failed merger between Omnicom and Publicis, two giants of the advertising industry,  serves as a clear reminder that cultural compatibility is just as crucial as financial logic.

Álvaro Cabrera, CEO of re.set and with over 25 years in the advertising sector, reflects on this experience: “One of the key factors that prevented the merger’s success was not a lack of financial logic, but rather the cultural clash between the two companies. For months, they tried to move forward without addressing deep differences in their ways of operating, which led to insurmountable internal tensions. Due diligence often focuses on the numbers while neglecting cultural analysis. However, if values and work styles are not aligned, integration becomes an uphill battle.”

The Key Lies in Leadership: Strategy + Empathy

An M&A is not just a financial transaction; it is a test of leadership. And not just strategic leadership, but human leadership.

Because behind every organizational chart, there are people—people who want to know if their work still matters, if there will be room for their growth, or if what they have built over the years will disappear overnight.

At re.set, we believe that agility is not just about moving fast; it is about moving with purpose. With the right approach, an M&A can be more than just a transaction—it can be a transformation. A turning point to grow, innovate, and redefine what it means to work better.