Whether it’s for strategic reasons or to strengthen your position before a future sale or investment, merging can be a powerful way to accelerate growth. Careful planning, cultural compatibility and strong leadership are hallmarks of successful mergers that create value for years to come.

The process starts with an evaluation of potential candidates. You’ll use data from this stage to decide on a proposal, which will guide your valuation and financial possibilities. From there, it’s on to due diligence, which involves investigating key areas of the business that could be problematic.

At this point, you’ll identify any issues that need to be resolved before the final deal. It’s a good idea to include an independent adviser or consultant who can help you assess the company’s financial health and uncover any hidden costs that might be attached to the acquisition.

If you have chosen to merge with a different company, you’ll have to close your current business bank accounts, apply for new state and federal tax IDs and re-register your business name. You may also need to change your business address, re-register licenses and permits, and register any changes to your physical assets with UCC1 and UCC3 filings. Finally, you’ll need to create a post-closing integration plan for the combined entity. This includes establishing processes and systems, integrating teams, and communicating transparently with staff, customers and other stakeholders about the changes to your business.