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Started By
Message
Anyone been through a company buyout?
Posted on 6/30/17 at 4:08 pm
Posted on 6/30/17 at 4:08 pm
A recent email was sent to all current staff which included Q&A:
Question:
Are we preparing for a repeat of layoffs this same time as last year?
Answer:
Last year this time, we experienced a significant layoff that was difficult for employees and leadership but necessary to position us on more stable footing. Please rest assured that we are NOT preparing for a similar 4th of July. XXX has come aboard to expand our reach and our mission. Although no one can guarantee that jobs will remain the same, XXX is in the process of acquiring YYY’s infrastructure including technology and people and sees both as an asset. It is critical that we continue to demonstrate the value of our enterprise including the people, processes and technology.
Maybe it's time to move on before it's too late...
Question:
Are we preparing for a repeat of layoffs this same time as last year?
Answer:
Last year this time, we experienced a significant layoff that was difficult for employees and leadership but necessary to position us on more stable footing. Please rest assured that we are NOT preparing for a similar 4th of July. XXX has come aboard to expand our reach and our mission. Although no one can guarantee that jobs will remain the same, XXX is in the process of acquiring YYY’s infrastructure including technology and people and sees both as an asset. It is critical that we continue to demonstrate the value of our enterprise including the people, processes and technology.
Maybe it's time to move on before it's too late...
30
Posted on 6/30/17 at 4:10 pm to Tarik One
IF your employer is acquired I bet you're technically fired and then rehired before being fired once and for all.
Posted on 6/30/17 at 4:25 pm to Tarik One
quote:
Question:
Are we preparing for a repeat of layoffs this same time as last year?
Answer:
Last year this time, we experienced a significant layoff that was difficult for employees and leadership but necessary to position us on more stable footing. Please rest assured that we are NOT preparing for a similar 4th of July. XXX has come aboard to expand our reach and our mission. Although no one can guarantee that jobs will remain the same, XXX is in the process of acquiring YYY’s infrastructure including technology and people and sees both as an asset. It is critical that we continue to demonstrate the value of our enterprise including the people, processes and technology.
Translation (if you are a publically traded company)-
"We'll probably wait until the end of FY18 to see how the numbers are coming in, then if we aren't going to meet our benchmarks, we'll do it in Feb and March to give our CEO something to offer investors on the Q4 call after delivering the bad news."
Posted on 6/30/17 at 5:02 pm to Tarik One
Yep. About 80 people lost their jobs. The company who bought out the company I worked for didn't retain any employees. Before the buyout , everyone got a severance check (size depended on length of time with company) and a "Good Luck".
It sucked.
It sucked.
Posted on 6/30/17 at 5:18 pm to Tarik One
They're trying to keep the wheels on and avoid a mass exodus until they get their plans together. The e-mail didn't give anything definitive, just an optimistic tone. I doubt that whoever sent that really has any type of realistic idea of what is going to happen. I would say that layoffs are likely as they almost always happen due to duplicate jobs/skill sets. This is definitely a good time to start looking and maybe you can time it where you can make a move but also get a severance. Waiting for the other shoe to drop is definitely not the play.
Posted on 6/30/17 at 5:19 pm to Tarik One
Twice. One was a positive thing, the second was a dumpster fire and the reason that I left the company eventually.
Posted on 6/30/17 at 5:21 pm to Tarik One
Is your position redundant after the acquisition or do you have a special skill set the acquiring company values?
Posted on 6/30/17 at 5:22 pm to Tarik One
What company?
Posted on 6/30/17 at 5:23 pm to Tarik One
Yes, I have.
Everybody that was fired was Manager or higher, but not all of the higher-ups were fired. Many seemed like terrible ideas at the time.
And they were. Some people truly are 'essential. It got messy.
Everybody that was fired was Manager or higher, but not all of the higher-ups were fired. Many seemed like terrible ideas at the time.
And they were. Some people truly are 'essential. It got messy.
This post was edited on 6/30/17 at 5:24 pm
Posted on 6/30/17 at 5:25 pm to Tarik One
Been through a "merger" as an acquired employee once. Some older employees got packages and poor performers were let go. Since then the giant we are now part of has acquired a few other companies, little effect at our location. We'll see how the next mega merger we have coming in August goes. Hearing we won't see much of anything change.
Posted on 6/30/17 at 5:30 pm to Tarik One
Did you get your hardback copy of Who Moved My Cheese yet?
Posted on 6/30/17 at 5:50 pm to Tarik One
If you know you deliver value, don't get worried, if you are a Safety Engineer, prayers sent .
Posted on 6/30/17 at 5:57 pm to crazycubes
Depends on the company
Posted on 6/30/17 at 5:59 pm to Tarik One
Yeah,
And I immediately started looking for a new job. You will always be "them" which is not what you want.
And I immediately started looking for a new job. You will always be "them" which is not what you want.
Posted on 6/30/17 at 6:02 pm to Tarik One
I was a fry cook at fast track when they got bought out but luckily the new owners kept me on. Any of you baws need a payday loan?
Posted on 6/30/17 at 6:03 pm to Tarik One
quote:
XXX is in the process of acquiring YYY’s infrastructure
You work for a zipper company that just got bought by a porn company?
Posted on 6/30/17 at 6:05 pm to Tarik One
Blah blah. Just find a new job.
You're a fricking # in anyone's system, except your own.
Once you learn that, you will have no fear in life..tough to comprehend in the beginning, but once you do..set sail for smoother waters.
You're a fricking # in anyone's system, except your own.
Once you learn that, you will have no fear in life..tough to comprehend in the beginning, but once you do..set sail for smoother waters.
Posted on 6/30/17 at 6:06 pm to Tarik One
Funny you ask this, because I just found out today that the company I work for(based out of U.K.) is selling all of its North American assets to a private equity firm in NY that's supposedly backing our execs over here.. Since we're keeping the same leadership, I doubt we see much change besides the name on our shirts and maybe a few high level people..
Posted on 6/30/17 at 6:07 pm to Green Chili Tiger
quote:
quote:You work for a zipper company that just got bought by a porn company?
XXX is in the process of acquiring YYY’s infrastructure
I almost upvoted. But YKK is the zipper company. Close though.
Posted on 6/30/17 at 6:25 pm to Tarik One
They will keep everyone around long enough for knowledge transfer. In acquisitions, the old employees are not kept in the future forecast.
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