Green Elephants and DynamICK: How to succeed in the change aspects of mergers and acquisitions

Interview by Jeppe Kleijngeld published on the website of M&A Community Belgium

Green Elephants and DynamICK: How to succeed in the change aspects of mergers and acquisitions

70 percent of M&A transactions fail to deliver their promised value, and the culprit is rarely the numbers. It's the people. From clashing cultures to disengaged teams, the human element is where even the most meticulously planned deals unravel. So how do leaders turn the tide? By treating the 'soft stuff' as the hard stuff.

Mergers and acquisitions (M&A) are often seen as strategic moves to drive growth, expand market share, or achieve operational synergies. However, the success of these deals hinges not just on financial due diligence or legal frameworks, but very much also on the human element; the people, cultures, and leadership that define an organization. Research consistently shows that around 70 percent of M&A deals fail to deliver their expected value, and a significant portion of these failures can be traced back to poor integration of people and cultures.

This article explores how leaders can enhance success in M&A by prioritizing leadership, people management, and post-merger integration (PMI), drawing on insights from experts in the field: Karen De Boeck and Jurgen Maus of Green Elephants, and Peter Dick of DynamICK.

From agile to finance: the journeys behind the expertise

The paths of Karen De Boeck, Jurgen Maus, and Peter Dick to their current roles in change management and M&A integration are as diverse as they are inspiring.

Peter Dick, founder of DynamICK, describes his mission succinctly: "My role is change: I focus on change activities, optimizing tools and processes and empowering people through process transformation to achieve operational excellence." His background in finance gave him a unique lens, but it was the human side of change that became his true focus.

Karen De Boeck's journey began at the intersection of business and IT, where she worked as an agile consultant on transformation processes. Then she became a coach: "Where do we want to go? Why do we want this new future? What do we see in it? And how can we help people get there, without pulling or pushing? Resistance is often about wanting to protect positive things, rather than being against them."

Jurgen Maus's story is rooted in hardware engineering, where he spent a decade developing medical devices in a small, dynamic team. His collaboration with Karen De Boeck opened his eyes to the power of coaching. "The feeling of moving forward together, self-improvement, taking responsibility – that's what I wanted to bring to my current role."

This quest led him to leave his corporate role, join forces with Karen, and eventually co-found Green Elephants.

The human side of M&A: why the soft stuff is the hard stuff

The human element is where mergers and acquisitions often stumble, and the reasons are rarely obvious. Jurgen Maus explains that the challenges are often hidden in the details: "It's not always tangible. It's in the small things. For example, there's been a change in leadership. The leader's ideas are good, and if I sense-check it in the organization, everyone supports it. Yet, we're still off track because he or she didn't bring the department heads into the story. They're resisting. There hasn't been enough time spent together."

Peter Dick builds on this, emphasizing that the human aspect is far from soft: it's absolutely fundamental. "We must have the courage to address these things as well and bring them to the table. The problem often starts early: during initial discussions, the focus is usually on the harder business aspects, like finance, legal, operations. As a result, less attention is given to culture, leadership style, vision, or strategy. Once the deal is closed, the leadership is already steps ahead, while middle management and employees are still processing the change."

Karen De Boeck highlights a critical disconnect: while leaders often believe they're acting in the best interest of employees, the lack of involvement can backfire. "In reorganizations, many things are arranged with good intentions for the people. Yet, employees often say:

'Decisions are made over our heads, and there's no involvement.' People are at their strongest when they can contribute from their own uniqueness, creativity, and expertise. So why is there so little attention to this from the start?"

Spotting the red flags: where human aspects are overlooked

When experts like Karen De Boeck, Peter Dick, and Jurgen Maus enter an organization, they look for tell-tale signs that the human side of change is being neglected. Karen De Boeck explains that the absence of attention to people is often the most revealing indicator: "Where do you see attention being given? If the human aspect isn't part of that, you notice its absence. If a conversation focuses only on the 'hard' aspects – finance, structure, processes – and no one asks, 'What does this mean for the people?', then you feel the lack of attention."

Peter Dick highlights the role of HR as a critical signal. "If HR is at the table and the discussion goes beyond just employment terms, that's a good sign. If they're not there at all, that's a red flag. Are they focusing on communication? Are they involved early, or only at the end when the deal is done? Research shows that when HR is involved in major change processes, the chance of success increases."

The energy in meetings is another powerful indicator, according to Jurgen Maus. "You can tell a lot just by being in the room. Is there energy? Are people rolling their eyes? Is there participation, or is it just going through the motions?"

Merging cultures: the art of creating a shared identity

When two companies merge, the assumption is often that their cultures will naturally blend into one. Peter Dick challenges this notion, arguing that culture doesn't just merge, it evolves. "You have to assume the culture will change after an acquisition. When you bring two cultures – or two value systems – together, they don't stay the same. They merge somewhere in the middle. The question isn't which culture is better, but how you bring people along into this new shape so they feel at home in it." The goal, he emphasizes, is not to choose between cultures but to create a new, shared identity where employees from both sides feel valued and aligned.

Jurgen Maus introduces the Six Batteries of Change model as a way to approach this transformation. Rather than trying to dictate culture from the top down, he advocates for a behavior-first approach. "Usually, HR tries to shape a culture by asking, 'What's important to us?' But it's the other way around. Culture is formed by how people behave. The power lies in asking: What behavior do we experience? What do we accept? When two cultures clash, it's interesting to explore: Where does this come from? What do we like, what don't we? How do we want to behave? What do we react to?"

He stresses that leaders must create an environment where these questions can be openly discussed. "If people are afraid to put issues on the table, you're stuck. Leadership means fostering a space where these things can be named."

Karen De Boeck highlights the importance of alignment at the top. "If the leadership team doesn't share a common story or dream, the rest of the organization won't either. If people still refer to 'Company A' or 'Company B,' the 'us vs. them' narrative persists. But if leaders unite behind a new vision, people will follow."

The alignment scan: uncovering hidden gaps before they become problems

One of the most practical tools for assessing cultural and operational fit in M&A is the alignment scan, a diagnostic method used by Peter Dick and his team. "It's a basic scan where we look at about ten points – both hard and soft aspects – to see where the companies stand", he explains.

The process involves scoring on a scale of 1 to 5, with representatives from both the acquiring and acquired companies evaluating not only their own organization but also their perceptions of the other. The scan can be deployed as early as the negotiation phase, offering a snapshot of how each side views itself and the other. The value lies in proactive awareness: "If you know there's a difference in leadership style or vision, you can address it upfront. It's better to prepare for it than to realize six months later that it wasn't handled properly."

Karen De Boeck adds that this process sparks meaningful conversations. "You might find that both sides see certain traits in themselves that they actually want to change. If the other party also notices these, it becomes easier to align on what's important in the new company. It's about fostering that dialogue."

The people factor: speed, balance, and the human touch

Speed is critical in M&A, but Peter Dick emphasizes that rushing without understanding the organization can backfire. "Of course, you want to move quickly, but you also need to get to know each others organization. We dig deeper, observe, and ask: Who is important? We give it time, to see who stands up, who takes initiative, and where the potential really lies. This helps us make informed decisions."

The Six Batteries of Change model requires balancing attention across all six dimensions – top team, strategy, structure, healthy culture, execution, strong connection with employees – to drive progress both top-down and bottom-up. "Creating added value means retaining the right people, setting up the right structure, and ensuring the story, the dream, is clear and carried by the organization. Communication is key. It will never be enough or perfect, but it's essential. And if you don't have the answers yet, be transparent about it: 'We don't know yet, it still needs to be elaborated, and we'll get back to you when we do.'"

Jurgen Maus highlights the importance of the first 100 days as a window of opportunity to build structures that foster continuous improvement. "People expect clarity, but what's even more important is creating a system where feedback and participation becomes part of the culture. The integration phase opens a door to ask: What's important now? How can we keep improving across all levels?"

The interplay between results and well-being is non-negotiable, as Karen De Boeck asserts. "We don't believe in choosing between results and well-being: they're inseparable. Pushing only for results, people can disengage. Focusing only on well-being keeps people close, but without challenging each other. The two reinforce each other, working well together drives results, and pursuing results together builds collaboration. Neglect one, and it undermines the other."

She critiques superficial team-building efforts that don't address underlying tensions. "After a fun team outing, the same workplace conflicts resurface the next day. The real work is bringing those frictions to the surface, respecting each other's perspectives, and asking: What are we here for? That's where we find common ground."

Ultimately, Peter Dick stresses that hard and soft aspects must work together. "If you overemphasize the hard side, you lose people. If you overemphasize the soft side, you lose results. The combination is what works: the right customers, the right people, and a shared vision."

This article is based on insights from Karen De Boeck and Jurgen Maus (Green Elephants) and Peter Dick (DynamICK), experts in change management, leadership, and post-merger integration. 

More information about their knowledge and services can be found on https://www.fusiesenovernames.be/wie-zijn-we/