During the past year, Qiuyan and Michael have talked about just how difficult and all-consuming it can be to start and build something from scratch…how much of the rest of one’s life suffers.
Sometimes it feels like there is no break. Nobody succeeds alone and working with good partners is key to success. This acquisition is the culmination of a very positive partnership and long-standing working relationship. Yet, no partnership guarantees success and negotiations take a lot of time and energy. In some cases, you kind of go from partners to frenemies to partner again. The entire process can be very interesting.
When are you the friend? When are you the enemy? When are you negotiating for your staff and yourself and when are you negotiating for the overall business. It is a bit of an art and a dance.
Prive’s business is B to B focused, while Hive Up was B to C…focused on Financial Literacy and Training and Prive’s clients have realized over time that their Customers need this training and education and that Hive Up provides and will continue to build the tools to do this. This training is also Client Engagement…and this is where things start getting interesting…tools and channels. The combination of Prive’s technology and Hive Up’s retail client access felt like a really synergistic fit. An overall strategy of Digital Engagement combined with Digital Advice was solidified.
The conversation delved a bit deeper into what the acquisition means to Qiuyan personally…as she has been building her own companies now longer that she had worked at Goldman Sachs.
How Does That Feel?
There will be an adjustment period from being the boss to operating inside a more structured environment. Open and honest communication with her bosses is the key. As always, there is a necessary balance. Getting used to a process, but one that is buffeted by more resources.
They raised the topic of what was it like when the acquisition was announced to the Hive Up staff? Some used it as a mechanism for leaving. Some see the cultures as different and not aligned with their career goals…This is natural and to be expected. Then there is the issue of integrating new people together and simply having the existing staff of the acquiring company joins the staff of Hive Up on projects and initiatives. All of these things have the potential to be a bit unsettling…