Jkw777 From , joined Dec 1969, posts, RR: Posted (9 years 1 day 7 hours ago) and read 3178 times:
Hi there guys and girls,
On Wednesday morning my Managing Director and Operations Director, who owned 50% of the company each, announced that they had been in negotiations with a much larger company for about 6 months regarding a possible sale of our company. They confirmed that as of 10:30pm the previous night they closed the deal and everything was completed. They then left the premises and that was that.
I knew about this the night before as I was chatting with a colleague who is also a friend of mine. Initially I was shocked, and when they finally announced the news I was even more so shocked.
So now, my 31 man company has joined a 600 man company as a subsidiary. We're actually a subsidiary of Northgate Rebus & Moorepay who are two rather large enterprises.
Right now it's too early to tell what the scope will be, but, maybe a move of premises and a few redundancies. I know my job is safe, but I'm concerned about people in other departments who are likely to get made redundant. This all depends on how things shape out though.
What I don't like is how sudden my MD and OD walked out of the premises, and left the new guys to introducing themselves and taking the reigns. I know business is business, but I was actually relatively sad to see this happen.
I'm worried about my company, who were really small in the sense we all knew each other and there was a real good sense of a team, becoming one of these Small/Medium enterprises where we have our own ID cards, there is an automated help desk, and we're just another number in the system and not recognised for what I do as an employee.
The only good thing is, my paths are now much wider and I can go places with this new company. If I work at it I can find myself moving onto other options where as before, the only real sorta "promotion" I'd get if someone was to leave. That happened to me three times in 4 years.
Anyway, what I'm trying to say is, anyone have this happen before? How did you feel? What was the outcome? Anything anyone can share with me would be much appreciated.
Many thanks, and thanks for taking the time to read!
BaylorAirBear From United States of America, joined Jan 2005, 2913 posts, RR: 47
Reply 1, posted (9 years 1 day 6 hours ago) and read 3153 times:
I've never been bought out/absorbed, but I can relate. For the past three years, I did sales for a small surveillance firm. So small, in fact, that I was the only employee aside from the owner, who did everything else.
It was cush, and I made a ton of money. I moved up in apartments, vehicles, lifestyle, etc. One day he says, "I'm shutting down." That was that. I was out of a job then and there. $100,000 contracts that I had with major companies simply evaporated.
He offered me a buy out, where the company would then be mine, but the deal he wanted was ludicrous. So, I settled for whipping his ass, and getting a new job.
Texan From New Zealand, joined Dec 2003, 4308 posts, RR: 51
Reply 3, posted (9 years 1 day 3 hours ago) and read 3097 times:
My company was purchased last year. We have actually seen an increase in business and jobs. Still received a pay raise, have my job until I feel like it (which happens to be tomorrow ), and the environment has not changed. We have been pretty lucky: the new company said, show us how you do business, what you do, and your potential. We'll refine the processes to maximize profits but stay out of the day to day operations of the individual business units. Good deal for us!
"I have always imagined that Paradise will be a kind of library."
Jkw777 From , joined Dec 1969, posts, RR:
Reply 4, posted (9 years 1 day ago) and read 3039 times:
Quoting Texan (Reply 3): My company was purchased last year. We have actually seen an increase in business and jobs. Still received a pay raise, have my job until I feel like it (which happens to be tomorrow ), and the environment has not changed. We have been pretty lucky: the new company said, show us how you do business, what you do, and your potential. We'll refine the processes to maximize profits but stay out of the day to day operations of the individual business units. Good deal for us!
That's the same attitude our new owners have. They want to see what we do and they're gonna refine it, apparently. As long as a few things in the pay department stay the same, I'm happy to play it their way!
So you're resigning tomorrow eh? Good luck with that!
ScarletHarlot From Canada, joined Jul 2003, 4673 posts, RR: 55
Reply 5, posted (9 years 12 hours ago) and read 2987 times:
My company was bought by a competitor in April 2003. The Seattle office was closed in May of 2004 and we were all laid off. I was fortunate. I was high up enough in the company and my group stuck around long enough that my severance package ended up being nearly six months of pay. I was off work for six weeks, and then started a new job at one of my clients. Ironically, I now manage the work effort of the competitor who bought my prior employer - they are our outsourcing vendor. And recently I was promoted and now I manage six people - five of whom I worked with in my prior job.
It all worked out in the end for me, very well, really.
Levent From France, joined Sep 2004, 1718 posts, RR: 4
Reply 6, posted (9 years 12 hours ago) and read 2979 times:
I was in a situation like this in 2001, while working in my first full-time job. I worked in the Dutch office of a multinational company. One morning we got an email from the head office in Norway that the company had merged with its former American rival, and it said in a "by the way" sort of manner that our office would be closed in four months time.
While we got the email, some hot shots were travelling from the US to our office to discuss the matter further. The Managing Director of our office was there with us, but did not say anything about it. I think it was wrong to inform us through an email instead.
Anyway, the way they played it was by offering the ones of us who would stay in the office till the end an extra bonus. They offered me a transfer to another place, but with no pay increase and no bonuses while life there was more expensive. Besides, my girlfriend would have had to give up her job too. I was fed up and started looking for something else right away, and got another job within a month.