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The Spleen
Alabama Fan
Member since Dec 2010
30385 posts
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Any advice on going through a corporate buyout?
This is for my wife as it has her super stressed out. Her company got bought out about a month ago. It's closer to a merger as the new company is keeping a majority of the staff, including my wife.

The problem is there hasn't been much communication with most of the staff. She's in management and still doesn't know what her new role may be, or if she'll just stay in her current role. She doesn't know if there will be a change in her benefits package. She has no idea who her new boss will be.

Is this normal a month after the official announcement? She's frustrated as well that her current boss knows all of these details, but can't/won't let her know what's going on. She comes home in a really bad mood every day and I'm just looking for something to tell her to calm her down. She doesn't like change, and I've never been through one to offer much advice.


JDPndahizzy
LSU Fan
JDP
Member since Nov 2013
1208 posts

re: Any advice on going through a corporate buyout?
Sorry to hear about the buyout but glad to hear she still has a job!
I agree a month after announcing it seems there would be more information available but encourage her to stay calm and keep at it... Each company is different in the way they plan/ share information. Good luck


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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
69496 posts

re: Any advice on going through a corporate buyout?
A month with no communication is alarming. How big are both companies?

As far as benefits, it's not usual to see a new benefit package after closing. They'll adapt one of the two moving forward. So if she can find that info on the company's website that should give her some idea.

I've gone through this before but, outside of the headcount reductions and re-org, everything else was pretty clear early on.


Larry Gooseman
LSU Fan
Houston Heights
Member since Mar 2014
1934 posts

re: Any advice on going through a corporate buyout?
My wife is going through the same thing. She works at Noble Energy, they're being bought by CVX.

At first, very limited comms, some of her delusional corporate peers thought they'd have a position available at CVX and were excited about the prospect of working there. Then the severance packages were communicated.

What you're describing is exactly what we went through late July/early August. It's a tough time, sorry I can't give anything but empathy.


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TheWalkoff
LSU Fan
Baton Rouge
Member since Jan 2019
175 posts
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re: Any advice on going through a corporate buyout?
First off, her anxiety is completely normal being on the “bought” side and it’s also normal for people to resist change. It’s going to suck for about 6-12 months, but if she keeps an open mind, her new situation could end up being better.

These mergers usually take 6-9 months to complete from the announcement, to the legal acquisition date, then the conversion date. As the conversion date approaches, her new position should become more clear. Her boss was probably given the gag order until all of those details have been worked out.

Worst case scenario, her position gets eliminated and she’s let go. If this happens, she’ll likely be given a severance package, 6 months pay is the norm but I wouldn’t rely on that.


The Spleen
Alabama Fan
Member since Dec 2010
30385 posts
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re: Any advice on going through a corporate buyout?
quote:

How big are both companies?




Her company was about 200 employees across 4 or 5 offices, all in-state. The other company is larger, but I don't know a whole lot about them. Their main office is out of state, but they have a large presence across Alabama. The CEO that hired her is taking over the state for the new company.

A month does seem abnormal to me, and there has been some communication, just not much. She was able to negotiate in some cush benefits when they hired her 9 years ago, so she's also super worried about losing some of those.


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MikeBRLA
LSU Fan
Baton Rouge
Member since Jun 2005
12538 posts
 Online 

re: Any advice on going through a corporate buyout?
quote:

It's closer to a merger as the new company is keeping a majority of the staff, including my wife.


I wouldn’t fall for this if I were you. Hate to be the bearer of bad news but she needs to be updating her resume and putting some feelers out for other jobs.

Hopefully she doesn’t get let go but it’s SOP during any merger/acquisition to tell everyone their jobs are safe. The bottom line is they have HR consultants in there looking at every position and are trying to eliminate as many as possible to cut costs. Again, don’t shoot the messenger, just being honest.


The Spleen
Alabama Fan
Member since Dec 2010
30385 posts
 Online 

re: Any advice on going through a corporate buyout?
quote:

These mergers usually take 6-9 months to complete from the announcement, to the legal acquisition date, then the conversion date. As the conversion date approaches, her new position should become more clear.


Right on cue, she just texted me that they just made a company wide announcement basically saying everything is staying the same through the end of this year. No layoffs, no operational changes, etc., and in the coming weeks they'd been announcing their planned changes for the first of the year.

quote:

Worst case scenario, her position gets eliminated and she’s let go. If this happens, she’ll likely be given a severance package, 6 months pay is the norm but I wouldn’t rely on that.




Deep down, I think this is what she's hoping happens, especially if there is a 6 month severance.
This post was edited on 9/15 at 12:37 pm


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LSURussian
LSU Fan
9 acres of paradise in Baton Rouge
Member since Feb 2005
121965 posts
 Online 

re: Any advice on going through a corporate buyout?
quote:

Any advice on going through a corporate buyout?
Just keep in mind the world's three biggest lies:

1) "I'm from the government and I'm here to help you."

2) "The check is in the mail."

3) "No one's job will be affected by the merger."


The Spleen
Alabama Fan
Member since Dec 2010
30385 posts
 Online 

re: Any advice on going through a corporate buyout?
quote:

I wouldn’t fall for this if I were you. Hate to be the bearer of bad news but she needs to be updating her resume and putting some feelers out for other jobs.


Normally I would agree, but her CEO supposedly spelled out in the contract that certain employees were untouchable. We have no reason to doubt him. He really wasn't interested in selling when they approached him, so he supposedly threw a bunch of stuff on the table to see how serious they were, and they agreed to all of his requests. Guess we'll see.

But she is updating her resume, just in case. As I mentioned, she has some extra benefits she was able to negotiate when she was hired that she is likely going to lose that could result in a pay reduction. So she's keeping her options open.


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makersmark1
Auburn Fan
earth
Member since Oct 2011
8811 posts

re: Any advice on going through a corporate buyout?
It’s a job.

If they fire her, she can find another job.

Sounds like she does not have input.

She needs to read the book LINK


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
69496 posts

re: Any advice on going through a corporate buyout?
Weird post


jralspanky
Fargo
Member since Apr 2009
1116 posts

re: Any advice on going through a corporate buyout?
She's about to get shite canned


The Spleen
Alabama Fan
Member since Dec 2010
30385 posts
 Online 

re: Any advice on going through a corporate buyout?
quote:

She's about to get shite canned


We'd both be fine with that if they gave her a decent severance package. If they are going to let her go, I wish they'd go ahead and do it now though. Tired of her coming home every day in a crabby mood.


FinleyStreet
Georgia Fan
Member since Aug 2011
6378 posts

re: Any advice on going through a corporate buyout?
I've been through a few of these.

She needs to think about whether or not her role already exists within the company that bought her company. For example, if she is a payroll manager, is there another payroll manager already? If her role is more of an overhead position, will it get absorbed into corporate? She also needs to ask the question: "If I'm running this business, what positions would I eliminate and is mine one of them?" It's usually pretty obvious as a lot of jobs will be duplicative and/or overlap.

One thing companies will do is to bring everyone on at first but then gradually eliminate their positions over the next year or so.



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20
FlyingTiger1955
LSU Fan
Member since Jan 2019
644 posts

re: Any advice on going through a corporate buyout?
Are the companies publicly traded? If so, the filings with the SEC will lay out the merger plan. If not public companies, probably have to wait until they’re ready to reveal. I was with a company that merged and accepted a severance package. It was pretty generous. No doubt some employees will opt to accept that. Overall, the companies reduced total workforce by 41% .


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Hermit Crab
Gonzaga Fan
Under the Sea
Member since Nov 2008
6206 posts

re: Any advice on going through a corporate buyout?
Are these public companies, or banks that would require regulatory approval? that may be the reason that communication has been limited, since they aren't 100% sure it will all get approved.

I've been through a buyout once, and although I kept my job and got a raise, If I could go back in time I would have made a move to a new company.


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TheWalkoff
LSU Fan
Baton Rouge
Member since Jan 2019
175 posts
 Online 

re: Any advice on going through a corporate buyout?
quote:

f they are going to let her go, I wish they'd go ahead and do it now though


This, my friend, is the reason companies keep these things close to the vest. They need the people they’re going to let go until they actually let them go.

The most likely scenarios is they’ll give the layoffs a few weeks notice, but make them stay through the end of the year to receive their severance.


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Bestbank Tiger
Tulane Fan
RTWFU
Member since Jan 2005
53272 posts

re: Any advice on going through a corporate buyout?
quote:



I wouldn’t fall for this if I were you. Hate to be the bearer of bad news but she needs to be updating her resume and putting some feelers out for other jobs.

Hopefully she doesn’t get let go but it’s SOP during any merger/acquisition to tell everyone their jobs are safe. The bottom line is they have HR consultants in there looking at every position and are trying to eliminate as many as possible to cut costs. Again, don’t shoot the messenger, just being honest.


You should always be ready to hit the ground running, merger or no.

Since the transition takes several months, the buyers have the advantage of letting employees bail on their own. Which means fewer buyouts and fewer layoffs (the latter cause an increase in unemployment tax rates).


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30
makersmark1
Auburn Fan
earth
Member since Oct 2011
8811 posts

re: Any advice on going through a corporate buyout?
I’m sorry this is happening to y’all.

It is harsh.

I guess what I’m trying to say is don’t let something you cannot control, control your happiness.

At the end of the day, we are all subject to being put out of a position. It happens all the time.

It may lead to something better.


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