In this part of the project management paper, a project closure approach will be designed for ABI. The closing will consist of obtaining all required consents (contracts) from the shareholders, regulatory bodies, and all third parties involved. As well, the definitive part of the agreement of acquisition of ABI by FAFS will be completed. To begin with, the closure will commence with assignment of customer and vendor contracts by receiving the written approval from those parties (Donald, 2009).
Licensing from the bank licensing body will also be received to effect timely closing.
Other transitional issues will be addressed before closing, including ABI payroll processing on behalf of FAFS. The closing should be done at a venue most convenient to both parties, most typically the headquarters city where the principal acquirer (FAFS) is located (Maharaj, 2002). In essence, the closing phase entails much more than just the organization, finalization, and signing of all the necessary legal documents – Confidentiality Agreement, Term Sheet, and Letter of Intent.
(Donald, 2009).
It also includes cruising through the entirely logistical bureaucracy of attaining all the required communications with all stakeholders, the process of retaining the key staffs, as well as identifying and finding solutions to the most immediate cash flow issues of the new business. Once ABI has included and addressed all issues of concern in the acquisition process to its own satisfaction and that of FAFS, the acquisition deal is executed through signing of the Acquisition Agreement by both ABI and FAFS.
In an official occasion, FAFS, the acquirer, and ABI, the acquired bank, will meet each bank with their legal teams, to exchange the document.
Every official responsible for signing a particular document at the closing of the acquisition should present themselves at the closing offices and should be available from the time scheduled for closing up to when the actual signing of the acquisition deal occur (Donald, 2009). For anyone sharing an official task on transaction, they should be present to critically review all the documents and take part in negotiations of possible final changes.
In fact, the attorneys of both ABI and FAFS will be required to partake in the last negotiations, preparations, and review of the closing documents, including the opinions of counsel, if deemed necessary (Maharaj, 2002). That is the detail of the closing of Project Integra. The following final section of this project management paper presents a summary of the various management issues addressed in this paper and concludes the paper findings.
Concisely, this project management plan paper, based on the management project risk simulation, explores the managerial responsibilities of the ABI Senior Manager, Projects, who is in charge of managing the landmark project of integrating the Service Delivery Networks of ABI and FAFS, a project given the codename Project Integra. The paper begins by exploring the appropriate managerial responsibilities of identifying, analyzing and mitigating actual and potential risks to Project Integra and formulates management responses to the challenges of the change in management objectives and the event of database specialists not reporting to work.
A project schedule of Project Integra is then developed and in it, the significant milestones of the project are identified in ten distinct phases. Additionally, the perceived risks of the project are weighed according to their perceived severity to the performance of the project, and other potential risks are identified and described. Towards the end, project indicators for measuring the performance and status of Project Integra are described, and finally, a project closure approach for the acquisition of American Bank of Indiana by First American Financial Services Group is designed.
This marks the end of the project management plan paper that seeks to pave way for successful integration of the Service Delivery Networks of the two banking corporations within the six-month-schedule and within the narrow resource limitations.
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