Until a month ago, I worked for a very large and diverse corporation. Our function, like a side project, was very different from the company's core function. In the past couple of years, some very bad management took over our function. The project lost 2 million last year and we were sold to a company whose main function is, what we do. With that said:
It's been a month, and we have yet to see a transition team,or even see new paperwork. Has anyone ever been in a situation like this ? Ideas ? Advice ?
(Off Topic) In a Quandry
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last commentTo be bloody minded but to act in your own self interest - brush up your resume and make sure cv are up to date; network like crazy; and search the market aggressively but quietly for alternate employment in your field. Unhappily, cost cutting reigns supreme when takeovers happen and special attention is paid to loss making divisions. Wish you the best.
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A couple of tip-offs could be the handling of vacation time off (if it requires prior approval, etc.) and company expense account(s) changes. Too bad the economy is in the shape it's in at present = not a good time to go job hunting!
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Having been on both the acquiring and acquired sides of this particular problem, farmerart has the right of it. The common denominator has been the elimination of the employees from the acquired company. In all likelihood, your company was bought for it's client list, assets, name or some other feature that really has nothing to do with the people who work there. If you are very lucky, there may be a transition period where your new company evaluates who they want to keep. It will be a short list.
There will be layoffs, and they will comprise a significant percentage of the people who work there now.
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I agree with farmer and gmd - I have been involved in this sort of thing myself. They will undoubtedly be looking to gain economies of scale from this transaction and are likely buying the client list more than anything.
It is common for companies to merge acquired targets over a period of time in order to minimize friction and disruptions. Just because they are not yet pounding down the door does not mean that they are not collecting data and analyzing ways to maximize profit margin from the combined client base.
You should indeed start polishing up your resume and quietly start reaching out to find potential alternatives. However, also keep your eyes open for ways in which you can help the new company with the transition. All too often, employees of acquired companies put up resistance when new mandates and changes come down. Those who are the most adaptable (and helpful) often stand the best chance of surviving through the cuts.
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Dudester: I should have been more frank with you in my initial reply. While building my own company I bought two smaller operations strictly for their assets. My industry (oil and gas) is brutally cyclical and after taking over these two smaller companies I let all the employees go. Brutal as I said but a fact of life in my industry. I don't know what industry your company is in, but the larger and more bureaucratic the company the greater the chance of some employees being retained. Again, I wish you the best.
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Do you possess goodwill with customers that could be converted to profit for the new ownership? The acquirer is evaluating the situation...gives you time to show what you can do. Seems like they would have a firm plan in mind and would put that plan in action immediately. I suppose they just lost another $167k fiddling around for a month....
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