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re: Any advice on going through a corporate buyout?
Posted on 9/15/20 at 2:34 pm to makersmark1
Posted on 9/15/20 at 2:34 pm to makersmark1
I had a job once where everyone was fired on a Friday.
Literally.
30 something people.
It was bad at the time. I was making good money, but I knew it could not last because upper management was incompetent.
Others were shocked to lose their positions.
It was sad to see people go though the pain of job loss while I cleaned out my desk.
No severance for anybody either. Just shut it down.
Literally.
30 something people.
It was bad at the time. I was making good money, but I knew it could not last because upper management was incompetent.
Others were shocked to lose their positions.
It was sad to see people go though the pain of job loss while I cleaned out my desk.
No severance for anybody either. Just shut it down.
0
Posted on 9/15/20 at 2:38 pm to The Spleen
Since she obviously trusts the CEO and expects to have a job going forward, there isn't anything for her to do other than wait. Tell her to chill and have a glass, or bottle, of wine.
Posted on 9/15/20 at 2:48 pm to AUHighPlainsDrifter
quote:
there isn't anything for her to do other than wait. Tell her to chill and have a glass, or bottle, of wine.
Yeah, that doesn't work with my wife. She'd be a lot more chill if someone would just tell her her role/position isn't changing. She's about 75% sure it is not, but that 25% of uncertainty nags at her.
Posted on 9/15/20 at 3:02 pm to The Spleen
I have realized one thing about work, no matter what company you work for you are still just a number.
Posted on 9/15/20 at 3:18 pm to AUHighPlainsDrifter
quote:
Tell her to chil
why do you hate OP? Posted on 9/15/20 at 3:26 pm to The Spleen
I was going to say that perhaps operationally, not much will change for a few months, and you came back to the thread with an update that says just that.
I'm sure it's hard on your wife. Change is hard on everyone, uncertainty is harder. And I hate to be "sexist", but women crave security more than men, so this type of change can really mess with their minds.
Just stress to her that while some things are out of y'alls control, that no matter what happens, she will be fine in the long run. Either the merger will give her new opportunities in a larger company, or she will bounce and find something else.
It's not a bad time to keep her resume up to date, and a little cash on hand.
I'm sure it's hard on your wife. Change is hard on everyone, uncertainty is harder. And I hate to be "sexist", but women crave security more than men, so this type of change can really mess with their minds.
Just stress to her that while some things are out of y'alls control, that no matter what happens, she will be fine in the long run. Either the merger will give her new opportunities in a larger company, or she will bounce and find something else.
It's not a bad time to keep her resume up to date, and a little cash on hand.
Posted on 9/15/20 at 3:28 pm to The Spleen
quote:
She'd be a lot more chill if someone would just tell her her role/position isn't changing.
Even if someone told her that, it doesn't mean it's true.
I was told something similar in a previous job. "We are so excited for you to be part of the team," and all that jazz. I figured they were lying, and when I quit they never back-filled my position. Other people believed them, stayed, and got eliminated anyway.
You just have to do your due diligence. They don't want people freaking out, so they might be telling you what you want to hear even if it isn't true.
Posted on 9/15/20 at 3:33 pm to The Spleen
quote:
Yeah, that doesn't work with my wife.
In that case, is she familiar with the Serenity Prayer?
"God, grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference."
Posted on 9/15/20 at 3:39 pm to The Spleen
Resume needs to be updated and start networking.
Posted on 9/15/20 at 3:54 pm to LSURussian
Sorry for the OT response but I thought the three biggest lies were:
1. I won't cum in your mouth
2. The check is in the mail
3. I'll have that on your desk first thing Monday morning
1. I won't cum in your mouth
2. The check is in the mail
3. I'll have that on your desk first thing Monday morning
Posted on 9/15/20 at 3:55 pm to The Spleen
While things may go south quickly, she should prepare some type of summary of her accomplishments quantifying her impact ASAP. She can use this to either protect herself or position for a better role if the oppty arises.
Her current boss might be completely checked out because he/she is on thin ice. Chaos is a ladder, she can use this opportunity to level up.
Her current boss might be completely checked out because he/she is on thin ice. Chaos is a ladder, she can use this opportunity to level up.
Posted on 9/15/20 at 4:02 pm to LSUfan20005
quote:
While things may go south quickly, she should prepare some type of summary of her accomplishments quantifying her impact ASAP.
Things started getting tough at my organization in March and have generally continued. I've stayed close to a person in leadership (making sure they knew the quantifiable benefit of what I've been working on) that I knew would be a decision-maker when the time came. We've had layoffs in the last few weeks, I'm certainly not out of the clear but it appears I made it through the first round.
Posted on 9/15/20 at 4:08 pm to LSUfan20005
I guess this thread was timely because she's gotten two separate communications today from the new brass. First one saying no operational changes until the first of the year, and now she has a meeting next week with people from the new company to discuss her role/get to know each other. She doesn't know if her new boss will be at the meeting. I told her she needs to prepare a folder of some kind to present to them outlining her accomplishments in her current role.
Question - she hasn't gotten a raise in 4 or 5 years. She has never asked for one because the benefits she had were more valuable to her. Now that she's likely to lose some of those benefits, how best to approach the pay thing? She will likely be working more hours, for potentially less money. It's not the new company's "problem" she never got a raise, but honestly she's severely underpaid for both her role and performance. She's made the office she runs the most profitable in their book of business, and done it with limited support from the main office. I told her she doesn't need to bring up that she never got a raise, but definitely bring up that her pay isn't consistent with the market or her performance.
Question - she hasn't gotten a raise in 4 or 5 years. She has never asked for one because the benefits she had were more valuable to her. Now that she's likely to lose some of those benefits, how best to approach the pay thing? She will likely be working more hours, for potentially less money. It's not the new company's "problem" she never got a raise, but honestly she's severely underpaid for both her role and performance. She's made the office she runs the most profitable in their book of business, and done it with limited support from the main office. I told her she doesn't need to bring up that she never got a raise, but definitely bring up that her pay isn't consistent with the market or her performance.
Posted on 9/15/20 at 4:21 pm to The Spleen
quote:
I told her she doesn't need to bring up that she never got a raise, but definitely bring up that her pay isn't consistent with the market or her performance.
I'm not sure an initial meeting is the right time.
She needs time to show her new bosses what she can do, and what her value to the company is.
quote:
I guess this thread was timely because she's gotten two separate communications today from the new brass.
Who knew your wife's company was run by an MT baw? =)
Posted on 9/15/20 at 5:35 pm to The Spleen
quote:
she's severely underpaid for both her role and performance. She's made the office she runs the most profitable in their book of business, and done it with limited support from the main office
If this is true it sounds like she should have quit a long time ago. No point on staying around for crappy benefits.
Posted on 9/15/20 at 5:41 pm to The Spleen
I’ve been part of one and from the get go was told don’t worry we have a position for you. After 6 months of very little communication from management about the overall plan I was let go along with a ton of other people. Right up until the end they acted like everything was fine and would stay the same. I’ll never make that mistake again. I had some co-workers jump ship early and I thought they were crazy but if it happened again I’d start applying for other jobs the day they announced a merger.
The company only wants the assets, they don’t want the payroll attached.
The company only wants the assets, they don’t want the payroll attached.
This post was edited on 9/15/20 at 5:43 pm
Posted on 9/15/20 at 6:43 pm to The Spleen
Our division was bought by a new company a year and a half ago. I was pretty sure my position was safe because we are in market intelligence/consulting and our main asset is the knowledge of our content people. Basically everyone who produces content has been safe, administrative jobs like accounting, marketing, and IT were the main ones impacted. Surprisingly none of the sales staff was cut. I had a job interview with another company around the time we were sold but I’m glad I stayed on, the new company is much better than the old.
I guess my advice is it’s not always bad. There will be growing pains and some staff will definitely be eliminated but sometimes it’s for the better to trim the fat.
I take that back, some content people were cut but it was the obvious underperformers who deserved it.
I guess my advice is it’s not always bad. There will be growing pains and some staff will definitely be eliminated but sometimes it’s for the better to trim the fat.
I take that back, some content people were cut but it was the obvious underperformers who deserved it.
This post was edited on 9/15/20 at 6:47 pm
Posted on 9/16/20 at 11:10 am to PillPusher
Just to clarify, she's getting assurances from the CEO that hired her that she has a position in the newly formed company going forward, most likely in her current role. Given the new role he'll have where he can hire his own staff, and the mountains he moved to hire her originally, we both feel he is being straight with her. And if it came to the new folks pushing her out, he would find a spot for her in his area most likely.
Posted on 9/16/20 at 1:23 pm to The Spleen
Corporate mergers/buyouts always result it cutting redundancies at some point. There are a lot of redundancies in management.
Posted on 9/17/20 at 3:39 am to The Spleen
Taking a month+ to hammer out what should be Day 1 post-Closing transmittals to employees doesn't bode positively if she needs urgent peace of mind. Though if she is primed for the chopping block, glacial integration pace may bode well for you both financially. 
She should accept that she won't have genuine peace of mind until the op model changes mentioned as coming next year are implemented and she's still standing in a role that makes sense. At this point post-Closing the buyer may (still) only have ballpark assumptions around synergies they expect to realize. With the keys and unlimited access (see: next week's meeting) they are likely now figuring out if the redundancies they had in mind make sense (and put names to them).
Regardless, even if the buyer itself perceives her job as safe today, everything is subject to change. Embrace the ambiguity.
She should accept that she won't have genuine peace of mind until the op model changes mentioned as coming next year are implemented and she's still standing in a role that makes sense. At this point post-Closing the buyer may (still) only have ballpark assumptions around synergies they expect to realize. With the keys and unlimited access (see: next week's meeting) they are likely now figuring out if the redundancies they had in mind make sense (and put names to them).
quote:
Just to clarify, she's getting assurances from the CEO that hired her that she has a position in the newly formed company going forward, most likely in her current role.
quote:Such language would generally be atypical within the scenario you've described. Key employee continuity language might make sense if there's an earnout in play and the seller needs assurances that the management team will remain intact, but if that were the case she would likely have been brought into the the fold pre-Closing and not still be so in the dark. Such language is also outright unnecessary if he has business unit autonomy and could hire her on his own. Not saying he's full of shite or doesn't have her interests in mind, but some of that doesn't logically add up.
her CEO supposedly spelled out in the contract that certain employees were untouchable
Regardless, even if the buyer itself perceives her job as safe today, everything is subject to change. Embrace the ambiguity.
This post was edited on 9/17/20 at 3:51 am
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