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Message
Any advice on going through a corporate buyout?
Posted on 9/15/20 at 12:01 pm
Posted on 9/15/20 at 12:01 pm
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.
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.
18
Posted on 9/15/20 at 12:14 pm to The Spleen
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
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
Posted on 9/15/20 at 12:20 pm to The Spleen
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.
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.
Posted on 9/15/20 at 12:27 pm to The Spleen
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.
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.
Posted on 9/15/20 at 12:28 pm to The Spleen
(no message)
This post was edited on 12/27/20 at 2:48 pm
Posted on 9/15/20 at 12:30 pm to castorinho
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.
Posted on 9/15/20 at 12:30 pm to The Spleen
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.
Posted on 9/15/20 at 12:36 pm to TheWalkoff
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 9/15/20 at 12:37 pm
Posted on 9/15/20 at 12:46 pm to The Spleen
quote:Just keep in mind the world's three biggest lies:
Any advice on going through a corporate buyout?
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."
Posted on 9/15/20 at 12:53 pm to MikeBRLA
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.
Posted on 9/15/20 at 12:56 pm to The Spleen
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
If they fire her, she can find another job.
Sounds like she does not have input.
She needs to read the book LINK
Posted on 9/15/20 at 1:05 pm to makersmark1
Weird post
Posted on 9/15/20 at 1:19 pm to castorinho
She's about to get shite canned
Posted on 9/15/20 at 1:31 pm to jralspanky
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.
Posted on 9/15/20 at 1:33 pm to The Spleen
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.
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.
Posted on 9/15/20 at 1:43 pm to The Spleen
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% .
Posted on 9/15/20 at 2:02 pm to The Spleen
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.
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.
Posted on 9/15/20 at 2:23 pm to The Spleen
(no message)
This post was edited on 12/27/20 at 2:48 pm
Posted on 9/15/20 at 2:28 pm to MikeBRLA
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).
Posted on 9/15/20 at 2:29 pm to castorinho
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.
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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