Steven Tari Posted September 22, 2011 Share Posted September 22, 2011 Well it's official. The news came out today that the company I've worked for for 28 years is sold. I try to stay ahead of things in my life but here lately things are getten real different. I've been told things aren't going to change much. But some of the things I've heard and saw, Makes me want to try to get one step on something I can't see comeing. So any of Y'all thats been thru this before how about shareing some knowledge of some real important things to know about. Things people uselly find out about after the fact. Any thing you know will be apreceated. Link to comment Share on other sites More sharing options...
Versatile Posted September 22, 2011 Share Posted September 22, 2011 A difficult situation at the best of times...even more so during an economic recession Stay calm and network with those you trust Some people who are afraid may get selfish and nasty Keep ears wide open for any management changes If a new boss appears...always appear genuine and open to change The Luddites are most likely to be 'let go' Good Luck.... Stay Positive.... V Link to comment Share on other sites More sharing options...
pippy Posted September 22, 2011 Share Posted September 22, 2011 I'd pretty much echo Versatile's suggestions; especially the one about being open to change. It's normal for a new management team to have new ideas and from my limited experience those who think 'Why should we change?' are looked upon less favourably than those who think 'Why not give it a try? Things might be better!' Best wishes with this situation. P. Link to comment Share on other sites More sharing options...
nitefly Posted September 22, 2011 Share Posted September 22, 2011 A difficult situation at the best of times...even more so during an economic recession Stay calm and network with those you trust Some people who are afraid may get selfish and nasty Keep ears wide open for any management changes If a new boss appears...always appear genuine and open to change The Luddites are most likely to be 'let go' Good Luck.... Stay Positive.... V Hi Steven, +1 on what Versatile said. I have been through what you are embarking on now and actually am about to go through it again. I used to work for well a established company in the UK (a global leader in the sector). They launched a global expansion initiative in 2006; Italy being one of the start-up countries and I was offered a position so relocated. It was suppose to be a 5 investment but 3 years in they decided to sell and leave Italy all together. I never fully understood why they sold out. In any-case the company was bought out by a smaller Italian based company (a competitor). Naturally I was very worried as I had also moved my family out here. Fortunately, I was in a good position as they needed me to help transition the retail estate from the old technology platform to their existing one. I was lucky and as it happens the transition went very well resulting in me making a good impression. I didn't do it on my own though and had help from my then boss (from the old company). That project finished a year ago now and I am now working for them. However, this company has also just been bought by another much bigger competitor! So here we go again. My advice would be to hold your nerve, there will no doubt be a lot of rumors and scaremongers amongst your colleagues, much of which may just be based on speculation. Try not to get roped into any of that but at the same time be empathetic toward any colleagues who take your console. Also, it helps to have someone you trust that you can talk to as an outlet for your fears and concerns - preferably not a work colleague unless it is someone you really trust. Also, whilst I had no real intention of getting another job, I prepared my CV and started looking around and even went for a few interviews. This helped me to get interview experience and also to boost my confidence. It never hurts to try an line up some options. Acquisitions usually take quite some time before any significant changes are made, especially in big companies. I am not sure what it is like in your country but in Italy there is loads of bureaucracy and this slows the change process down quite a bit. Use this time to try to line up some options if can, so at least are in a position to make choice if need be. Is this acquiring company a competitor? Either way, do as much research as you can about the company this will also help you encase you happen to meet a new manager and if given the opportunity, you maybe able to use that knowledge to show you are a proactive person - it will also demonstrate interest. It is always difficult in these situations to know what will happen. Just hold your nerve, be positive and do your work as best as you can. It is also entirely possible that it could all work out in your favor with the new company. Good luck! Link to comment Share on other sites More sharing options...
LPguitarman Posted September 22, 2011 Share Posted September 22, 2011 I've been working the same job for 25 years, with the same company that has been sold 3 times during my 25 year stay. You just keep doing your job and don't sweat the changes, and there will be changes. Luckily, I am in a division of the company that has been very profitable and our division was the main reason other people/organizations wanted to buy the company. As said previously, remain open to changes, and don't rock the boat. Good Luck Link to comment Share on other sites More sharing options...
cam011235 Posted September 22, 2011 Share Posted September 22, 2011 good luck mate i have heard from several americans its getting tough there..hope it goes ok for you Link to comment Share on other sites More sharing options...
Steven Tari Posted September 23, 2011 Author Share Posted September 23, 2011 I just wanted to thank y'all for your responces. Helped with the stress factor alot. So it's time to watch things on my feet, but don't over react untill it's time.Maybe I'll get a couple songs written during the experience. THANKS again. Link to comment Share on other sites More sharing options...
Bender 4 Life Posted September 23, 2011 Share Posted September 23, 2011 a new owner/management is seldom if ever beneficial for the workers(but may be much better if given some time) be nice to every new face you see......that person may just be your new boss (learned from personal experience) stay busy, you ARE being watched & evaluated don't get involved in the politics of the sale, new owners, be darn careful what you say to EVERYBODY.......this is the one time that your best workmates are the very ones that will shank you when your not looking, in hopes of advancing themselves w/the new company just use common sense......and whatever you do, do it well, this is a great time for a little "apple polishing". i've been through 3 owners and 3 "management teams" in my 27 yrs(almost) with my employer, quadrupling my pay during that time. the very fact that you have 28 yrs in your career already says a lot about you, and it's impressive. they didn't keep you for that long w/o reason. good luck to you ! Link to comment Share on other sites More sharing options...
TommyK Posted September 23, 2011 Share Posted September 23, 2011 The people (usually the buyer) who say, "Nothing will changed," are lying to you. The Nazi's said the same thing when they gained control of the Bundestag. They say 'Nothing will change,' to minimize valued employees from bolting and to calm worries of your company's customers. If nothing needed to be changed the company wouldn't have had to be sold. In order to make the company profitable, THINGS HAVE TO CHANGE. In all likelihood top management will be gone in six months. If they couldn't save the sinking ship, why would the new owners keep them around? They will usually keep the CFO, chief financial officer around as he knows where all the money is. And, bean counters are not usually decision makers about the direction the company goes. A CFO is, for all intents and purposes, a highly paid flunky. They give advice as to how much money they have to spend, but don't make the decision as to how to spend it. They just write the checks they are told to write. Advice: Learn all you can about the new owners. Network with your suppliers and your current customers to see what you can find out about the new owners, especially if they were the competition. Figure out how they do business, then figure out how YOU PERSONALLY can help the new organization fit that business plan. Update your resume and Re-write your resume to fit the new company's goal, include how you can help the new company fit that goal. If the company decides to remain in business, you will likely have to go through an interview process, even if it is to retain your current job. Some folks get indignant that they have to interview for their current job, a job they've been doing for umpteen years, but that is the way it is. If you get a pissy about it, you've already lost your job. You will have to fight for your job. Keep a copy of your updated resume handy. You may get a spur of the moment interview. Updating your resume is a great way to prepare for an interview. And for God's sake do the updating at home. If you have time to work on it at work, you aren't busy enough. Above all act and feel positive about the change. If you exhibit that deer-in-the-headlights look you will likely be seen being scared that you cannot justify your existence and are therefore expendable. Quite honestly, you should feel good about it. The alternative is that the doors could have been closed. Unless you already wear a coat and tie to work, dress better than you have been. And clean up your desk. Find out who the real buyers are and what their history is. The named buyer may be a front or shell for an investment firm. Some investors, usually an individual, but sometimes an investment firm, have a propensity to buy a companies on the cheap, then sell the assets before closing the doors for good. The functional equivalent of a auto salvage yard. If this is the case, start looking for a new job NOW, no, YESTERDAY. If the buyer is an investment firm, they may also be genuinely interested in improving the current company with the intent of re-selling, the functional equivalent of an auto body shop. Get your house appraised, interview realtors. Your new position within the company may require a move. But don't put your house on the market just yet. If you are asked to train someone to do your current job and you are not training for someone else's job, your days are numbered. You can either train the pimply faced punk ... as slowly as practical to stretch out your time on the payroll, or just say, "*%% you" and leave now. I wouldn't make any new purchases requiring monthly payments for the time being until this shakes out, 18 - 24 months. Go easy on Christmas gifts and fall in love with Stay-cations. Good luck to you man. I've been there, it ain't fun. Link to comment Share on other sites More sharing options...
TommyK Posted September 23, 2011 Share Posted September 23, 2011 And if you get a pink slip. Feel confident you are employable. even at 40 or 50 something. I recently read that employers are profoundly disappointed with younger employees being undependable and poorly qualified. Link to comment Share on other sites More sharing options...
The RandyMan Posted September 24, 2011 Share Posted September 24, 2011 A lot of good advice here. Honestly wish I could offer some valid advice. I'm on the other side of the fence, though. Working for the same very large company for 30 years. Along the way, I have watched them acquire a couple of smaller companies. The company I work for is actually a pretty good company, not like some others. For the most part, they've done what they could to assimilate employees into our culture as painlessly as possible and to keep as many of the "tribal knowledge leaders" as they could. But nonetheless, there have been casualties along the way. That being said, I hope the positives role your way. If I could offer any advice at all, it would be to expect, and be open to, change. Let them know that you are willing to work with them, and they will be more willing to work with you. Be flexible but never compromise your principles. Display your talents and be confident in doing so. Make sure they know that they will be better off with you than without you. I honestly hope that things work out for the better for you, one way or the other. Link to comment Share on other sites More sharing options...
damian Posted September 24, 2011 Share Posted September 24, 2011 Wow.......Lots of advice.................I am aware that you do have solid skills, which are not replacable........ It's a changing working world...............hmmm........ Link to comment Share on other sites More sharing options...
G McBride Posted September 24, 2011 Share Posted September 24, 2011 I purchased my company two years ago after being an employee of this company since 1983. Not a lot of things changed and most of us have worked at this company for ten years or longer. The only time I worry when a company changes hands is when a private equity group buys the company and removes all of the people that know anything about the company and how it does business and replaces them with a PHD that knows nothing about the business he is supposed to change. We all remember those promises of Hope and Change. Hows that working out for all of you?? Just do your job as you have always done and don't be afraid to offer up your opinions to the new owner if asked. Link to comment Share on other sites More sharing options...
Unionman Posted September 24, 2011 Share Posted September 24, 2011 Well it's official. The news came out today that the company I've worked for for 28 years is sold. I try to stay ahead of things in my life but here lately things are getten real different. I've been told things aren't going to change much. But some of the things I've heard and saw, Makes me want to try to get one step on something I can't see comeing. So any of Y'all thats been thru this before how about shareing some knowledge of some real important things to know about. Things people uselly find out about after the fact. Any thing you know will be apreceated. Lots of good advice in these replies. I think that being a team player really makes for a great work environment and if you can show them that that is your work method, that could help. I'm lucky I have a union that acts as a check and balance and keeps the bad guys from increasing poverty in America. Link to comment Share on other sites More sharing options...
Steven Tari Posted September 24, 2011 Author Share Posted September 24, 2011 Lots of good advice in these replies. I think that being a team player really makes for a great work environment and if you can show them that that is your work method, that could help. I'm lucky I have a union that acts as a check and balance and keeps the bad guys from increasing poverty in America. Yeah Thats Why for the first time I'm taken a second look. I've been in the union from the first. But now I'm under managemant. Being put in Security because of back sugery. So just wondering what the'll do for a broke down horse. Give me a chance to use my knowledge or just shoot me to put me out of my misery. I just want to thenk Y'all again for the killer advise. Link to comment Share on other sites More sharing options...
feldkeen4 Posted September 24, 2011 Share Posted September 24, 2011 The same thing happened to me this month. I've repaired elevators for 20 years, this is the 4th company all from one application. 3rd time I've been sold. This time however we were bought by a union company. So next week I'll be joining the union. Time will tell how this will work out. Since I have over 8 years in the trade I'll get a mechanics card without their schooling (apprenticeship program). We will be brought on board through the organizing provision so they want everyone to stay and be happy. They don't want other companies who are considering organizing to feel like they are voting for the union an not being sure they'll keep their job. You'll just have to hope for the best, good luck. Link to comment Share on other sites More sharing options...
stein Posted September 24, 2011 Share Posted September 24, 2011 Yeah Thats Why for the first time I'm taken a second look. I've been in the union from the first. But now I'm under managemant. Being put in Security because of back sugery. So just wondering what the'll do for a broke down horse. Give me a chance to use my knowledge or just shoot me to put me out of my misery. I just want to thenk Y'all again for the killer advise. Did the switch to management remove you from the union? Did this happen before the new owners or after? That would be some good info right there. Link to comment Share on other sites More sharing options...
Steven Tari Posted September 25, 2011 Author Share Posted September 25, 2011 Did the switch to management remove you from the union? Did this happen before the new owners or after? That would be some good info right there. The switch put me out of the union. Yes it happened the earler part of this year. I just wonder if they'll have unions. From what I've read were going to hooked up with a yard in Cal. working on ships and also subs. So well see. Link to comment Share on other sites More sharing options...
stein Posted September 25, 2011 Share Posted September 25, 2011 The switch put me out of the union. Yes it happened the earler part of this year. I just wonder if they'll have unions. From what I've read were going to hooked up with a yard in Cal. working on ships and also subs. So well see. Being as it happened before the new owners probably means nothing. If it had been the new owners, it might raise suspicions that they were planning on going non-union and planning on keeping you. The union might have more info on what is going on or what will happen perhaps. I am not sure how it works in your trade, but often the company has to be either union or non-union. If there are conflicts with that issue, the new company may make efforts to turn it into a non-union shop. Or, the opposite could be true if they are truly wanting to keep the operation going, so they would be working with the union to sort some things out. Knowing what is happening in that area might be some good info on the intentions of the new owners. Link to comment Share on other sites More sharing options...
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