Steve Morris has an interesting survival story to tell—at least in the context of c-stores. Once a c-store marketing executive, he endured multiple buyouts over his many years in the business. Today, he consults as president of Retail Management Inc., Saint Paul, Minnesota.
“I have been bought more times than Michael Jackson’s portfolio,” he said, noting how these dramatic moves involving major corporations can cause stress within the workforce. “You need to calm the field.”
The goal is to retain top-performing staff and continue to execute the mission, he said. “It’s important not to disrupt.”
But change is inevitable. “And so is the fact that people will lose their jobs,” he said. “There’s a reason any acquisition would make sense. Duplicate efforts, combining best processes and the best people … certainly a workforce reduction is part of that understanding, but at what level? That’s going to create anxiety.”
Morris remembers Irving, Texas-based 7-Eleven buying Speedway, Enon, Ohio, in 2021. He said Speedway had been the head dog, so it was a surprise—a shock really—when that deal occurred. “It was like Costco buying Walmart.”
All in all, an acquisition is a traumatic process that, he said, “takes years to work through.”