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re: Anyone been through a company buyout?
Posted on 6/30/17 at 6:27 pm to Tarik One
Posted on 6/30/17 at 6:27 pm to Tarik One
yep, your gone, they just want you to keep working your arse off right up until they fire you so they make more money taking everything over.
get another job immediately. unless the new company has already agreed to give you a raise and promotion, then you are about to be shown the door with everyone else
get another job immediately. unless the new company has already agreed to give you a raise and promotion, then you are about to be shown the door with everyone else
0
Posted on 6/30/17 at 6:31 pm to Tarik One
Yea definitely start looking. The company I work for just made a huge aquisition that is going to result in a ton of people from the company we aquired getting laid off (as well as people from my company). It is impossible to avoid.
This post was edited on 6/30/17 at 6:34 pm
Posted on 6/30/17 at 6:47 pm to Tarik One
I see it a lot. I also see that earners and producers are kept. If the hours you work are billable you are safe.
Admin gets laid off some but usually a minimal number. It makes sense to leave people who have client interaction in place for a smooth transition. Mid and upper level management can stay or easily get a head shot.
I also see a lot of companies like Goldman Sachs buy companies that they have no idea how to run. They leave people in place that made bad decisions in the past, thus continuing the bleeding.
Admin gets laid off some but usually a minimal number. It makes sense to leave people who have client interaction in place for a smooth transition. Mid and upper level management can stay or easily get a head shot.
I also see a lot of companies like Goldman Sachs buy companies that they have no idea how to run. They leave people in place that made bad decisions in the past, thus continuing the bleeding.
Posted on 6/30/17 at 7:06 pm to Tarik One
quote:
we are NOT preparing for a similar 4th of July.
Don't trust them, bro. The firework stands shut down every 4th of July. Start looking for a new job.
Posted on 6/30/17 at 7:17 pm to ThatMakesSense
You sir nailed it. W-2 employment is at-will. People are fungible commodity. Most companies prefer to have 10 morons doing the job of one competent person. It's seen as spreading out risk.
Posted on 6/30/17 at 7:24 pm to Tarik One
Bought by private equity?
They will send a few people to cut dead weight
Repackage and sale later
They will send a few people to cut dead weight
Repackage and sale later
Posted on 6/30/17 at 7:27 pm to Tarik One
I've been through one Chap 7 liquidation, one chap 11 reorganization, and one acquisition
The telecom industry was going through a massive shift in the early 00s
My advice. Don't believe a damn thing you're told and find a new position asap
The acquisition wanted me to move to St. Louis....yeah... Frick that shite
The telecom industry was going through a massive shift in the early 00s
My advice. Don't believe a damn thing you're told and find a new position asap
The acquisition wanted me to move to St. Louis....yeah... Frick that shite
This post was edited on 6/30/17 at 7:29 pm
Posted on 6/30/17 at 7:33 pm to Hangit
quote:
I also see a lot of companies like Goldman Sachs buy companies that they have no idea how to run. They leave people in place that made bad decisions in the past, thus continuing the bleeding.
If your company generates a lot of cash (e.g. Manufacturing, distribution, etc.) you are a sitting target for those guys. Basically, as long as there is left over cash to service debt and any capex required they make money.
Posted on 6/30/17 at 8:20 pm to Tarik One
Yes. We were public and went private. It wasn't so bad except the firm that bought us cheapened the product we sold and then began micro managing everything which made it difficult to operate the business from its distinct location and market.
No one was laid off. But the company fundamentally changed only to be made a publicly traded company again four years later.
No one was laid off. But the company fundamentally changed only to be made a publicly traded company again four years later.
Posted on 6/30/17 at 8:23 pm to Tarik One
Four times, still with the company. Briefly owned by KKR.
Posted on 6/30/17 at 8:25 pm to Tarik One
Umm freshen up your resume
Posted on 6/30/17 at 8:33 pm to Tarik One
Jump ship. One of my companies was bought out while I was there and everything went to shite real fast. One of the products I was selling was incredibly seasonable (i.e. you're not selling much in the Fall or Winter) and the new head of our division (the former one who was awesome was fired at the start of the buyout and put in one of their employees) told us in mid-October to sell 10 more of these per day to make up for the lackluster year, despite there being absolutely no market unless you lived in Florida or South Texas. After she left, the RDs said "look obviously we know that's impossible, so just ignore what she said. We'll (the 3 RDs) take the fall."
They laid off a quarter of the workforce (along with one RD) about 3 months later right after Christmas. The writing was on the wall, so I found another job and left. The entire division has been totally liquidated at this point to where everyone is out of the job, and that bitch is now sitting comfy back at the parent company after laying off 300+ people.
Start packing your shite.
They laid off a quarter of the workforce (along with one RD) about 3 months later right after Christmas. The writing was on the wall, so I found another job and left. The entire division has been totally liquidated at this point to where everyone is out of the job, and that bitch is now sitting comfy back at the parent company after laying off 300+ people.
Start packing your shite.
Posted on 6/30/17 at 8:42 pm to BayouBengals18
quote:
ut of U.K.)private equity firm in NY o
several years ago we were sold to a private equity firm from NY. Their intent was to flip us for a profit, which meant aggressively growing the business whether it was smart business or not, and cutting people and quality of benefits to reduce cost. We were sold in about 2 years. From there it's been cyclical layoffs and threats to sell or relocate. The worst period of layoffs involved about a two month span where a HR rep and security would spend Friday's plucking people from offices and cubicles notifying the they were terminated.
Posted on 6/30/17 at 9:55 pm to reb13
quote:
If your company generates a lot of cash
I am witnessing that now. They bought one for $1.2 bil that generates $1.2 bil in cash flow. With "expenses" they showed a loss of $24 million last year. Shuffling and creative paperwork are amazing.
Posted on 7/1/17 at 6:27 pm to Tarik One
quote:
we are NOT preparing for a similar 4th of July. XXX has come aboard to expand our reach and our mission.
That part looks to have been 'strategically' written. They'll be 'technically' correct b/c they won't be laying off anyone on the specific date, but w/in 90-180 days of the bouyout becoming final, I guarantee you things will be changing.
I've dealt with this twice and both times I received almost similar letters and verbiage as this. HR is there to do 'what's best for the COMPANY' they won't give a rats arse about individual employees. While you may not lose your job, I'd def start contingency planning, just in case.
Posted on 7/1/17 at 6:30 pm to Tarik One
Yes. I was fortunate. I kept my job with a 20% raise, 
Posted on 7/1/17 at 6:42 pm to Kcrad
I worked for a smaller company that was bought by a larger company. We were all brought in for a "shoot for the moon" type pep rally. (They were big in slogans)
President of the company that bought us told us how great and successful we were and they were not going to change a thing.
I nudged the guy next to me and said, "We are all in big trouble now." A year later massive restructuring. I was one of the luck ones who survived but had friends who did not.
President of the company that bought us told us how great and successful we were and they were not going to change a thing.
I nudged the guy next to me and said, "We are all in big trouble now." A year later massive restructuring. I was one of the luck ones who survived but had friends who did not.
This post was edited on 7/1/17 at 6:43 pm
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