As owner of a closely-held business, you have created a company culture and have systems and a brand in place that have brought you success. You are accustomed to being responsible primarily to yourself and your partners and associates.

There are times when it makes sense to join forces with another business and create something better for both entities. When you find the right partner, a merger can help both firms reach their clients and customers in a way that can enhance your performance.

Here’s what you should consider if you are thinking about a merger for your business.

Look for a mutual benefit

When you are looking to merge your company with another, it is essential to find a match that will benefit your business. As you are considering options, pay attention to the benefit the other company will have, as well.

Both sides should have clear goals and intended benefits that appear to be achievable through a merger. If the benefits the other party will receive are unclear, it could be a warning that the merged business may not succeed as planned.

Avoid rushing into it

There are always times of stress when you own a business. If a merger makes sense for your business, you want it to be the result of intentional action, not simply a reaction.

If someone approaches you about a merger, you might be well served by shopping your company more broadly before moving forward.  If you are looking for a  streamlined path to grow or expand, a merger may be an efficient solution. If you are experiencing a downturn in your business, a merger may or may not be the optimal path to success. While a merger may be the best choice, make sure you take time to consider other options such as organic growth with additional capital or debt, acquisitions, dispositions and different types of mergers.

A merger can help you expand your business or add the support you need. When you are considering merging your company with another, take your time and make sure it is an agreement that will benefit both businesses.