My employer is for sale so what should I be concerned about?

[cantdrv55]

My main concern is that we might get bought out by a bigger competitor. We have the largest marketshare but there are much bigger manufacturers out there. My performance reviews have always been very good. I'm in my mid-forties. I've been in the company for 16 years. I've held five positions and every move has been an advancement. That also makes me very well rounded.

What else should I be thinking about?

[Paul_Heery]

You need to be very concerned about the distinct amount of incremental revenue that your current company realizes by having you employed. If you are being bought by a larger competitor, there is a very good chance that they have enough engineering, support, manufacturing, etc. people in place already. One of the things that makes an acquisition attractive is that the acquiring company can leverage the infrastructure that they already have. The redundant personnel from the acquired company have already been identified to be let go before the deal is ever completed.

However, if you are actually generating some revenue, that has already been identified as well. If it is incremental and significant, that gives you a greater chance of sticking around.

[cantdrv55]

Great info, Paul. Thanks!

[Tim Hancock]

We have been bought twice... Each time my benefits have been reduced and raises have become non existant company wide.... Better than getting unemployment or flipping burgers, but not by much.

[kaisen]

Tim, with your talents you should be SELF employed. Honestly!

[Paul_Heery]

I would also recommend that you write your resume now. That way, you have gone through the exercise of quantifying the impact that you have had on your current organization. During the due-diligence exercise that the acquiring company will perform, it is not uncommon for them to come through under the guise of performing an "attitude survey" or some other thinly-disguised ruse. If you have already prepared your accomplishments, you won't flounder when someone asks, "What do you do around here?" Plus, you'll also have your resume ready.

[stomachmonkey]

Originally Posted by kaisen

Tim, with your talents you should be SELF employed. Honestly!

Yeah, I 2nd that.

You have the job that I want to retire into.

Nice workshop with everything you need to build whatever you want. Lots of toys to tinker with.

Seemingly unencumbered by out of control teens.

A supportive wife that you appear to sync well with.

But I was told once, don't do for a living what you enjoy as a hobby/for personal enjoyment, and it's kind of come true for me. YMMV.

[1990C4S]

You should be concerned that they will find someone who can do 2/3 of your job at half the salary.

Start looking for work, just to see what's out there. Without a realistic idea of the marketplace you won't be in a position to make decisions 'on the spot' when the changes come.

[cantdrv55]

I get calls from head hunters pretty regularly. I have an updated resume. I have a sick feeling that everyone will have to interview to keep their job.

[flatbutt]

If they determine that your function is redundant you will need to interview. Best of luck bro.

[asphaltgambler]

In the car business; (dealers) this occours a lot. The new dealer principle often wipes any prior positions, length of tenure, etc. Everyone has to interview to make the cut. Recently a local Ford dealship was sold. On the first day where ownership transfered; everybody had to take a drug test. Testing was done on site. 5 service guys, 2 sales guys and a manager all failed. they were escorted out

The remaining bunch had to interview to see if they "fit" - 2 more weren't hired

[kaisen]

Originally Posted by cantdrv55

I have a sick feeling that everyone will have to interview to keep their job.

[Tim Hancock]

Originally Posted by stomachmonkey

But I was told once, don't do for a living what you enjoy as a hobby/for personal enjoyment, and it's kind of come true for me. YMMV.

After about ten years of occasional side business working on airplanes, I have to agree. I now dread the weeks when I have someone else's airplane in for an inspection or repair.... I keep my fingers crossed on every compression check hoping I do not need to pull an engine or cylinders for repair and my butt always puckers when I hear a "breaking news story" of a local airplane crash.

That said, when faced with the volatility of today's workplace, it is somewhat comforting knowing one has other skills to fall back on if one's employer goes tits up.

Hope it all works out for you Cantdrv55... I know how scary it can be as I went through this a few years back.... many sleepless nights and several bottles of Vodka later it all worked out to some degree.

[KFC911]

Originally Posted by cantdrv55

... I'm in my mid-forties. ...

What else should I be thinking about?

Your next job ... It's not a "given", but be prepared...good luck!

[Turbo_pro]

Originally Posted by cantdrv55

....snip.....
What else should I be thinking about?

The price?
If it's for sale and you know the business, look to buy.

[Seahawk]

Originally Posted by cantdrv55

My main concern is that we might get bought out by a bigger competitor. We have the largest marketshare but there are much bigger manufacturers out there. My performance reviews have always been very good. I'm in my mid-forties. I've been in the company for 16 years. I've held five positions and every move has been an advancement. That also makes me very well rounded.

What else should I be thinking about?

The financial basics you have probably covered in terms of 401s, retirement coverage, if any, beyond the 401, medical, accrued vacation, etc.: Concentrate on those legally binding (if any) coverages that are part and parcel of your company being sold. The details should be in your employment contract.

On your 401, make sure any roll-over issues to your new employer are understood...lot's of landmines here.

Paul H covered a bunch as well, so did others.

A good technique is to do some homework on the purchasing company so you can be educated on their culture, benefits, etc. way in advance of the purchase to help in your decision making process.

I know my advice was pedestrian, but often restating the obvious helps. I really wish you luck.

[TechnoViking]

Great advice so far. If I were you, I'd get serious about your resume and job searching. Hope for the best from your new company but prepare for the worst.

Go to a career counseling firm that also does resumes. Don't worry about the money, pay them.

Get your resume re-worked and up to date by a pro. Do some mock interviews. Prepare your "elevator speech" to quickly communicate your value to anyone in 30 seconds.

And start searching jobs/networking now. Spend an hour a day. Job searches can take 6 months or more, so get started now. Worst case is you get offered a job!

Finally, research and document your company's policy for severance pay. Find out what others have actually been paid in the past. Insist you get at least that if it comes to it.

You are lucky you have a head's up so you can prepare. Take advantage of it.

[cantdrv55]

Lots of great advice, really. Thanks fellas.

I've just updated my resume again by adding some attaboys I've won over the years. My company's stock value has increased overnight, not by much but enough so that I am now thinking about moving my retirement money out of the company stock in my 401k.

I've perused the website of some of the would-be buyers to see if they have products that overlap with ours. Some are direct competitors, a couple are huge conglomerates looking for entry into our industry. I am hoping we end up with one of those. Funny, I was just thinking last night that although I love my job and get compensated pretty well, I don't think I can keep doing it for 20 more years. Careful what you wish for, right?