So.. our company is going to be sold

ShaneTheMaster · 08-14-2008, 03:13 PM

Anyone have any experience with this? Basically, the large parent corporation has announced that it is selling the company I work for (which is a subsidiary of a subsidiary), and that they expect a sale in the next six months.

Is it a slam dunk that the parent company will start cutting expenses when in this situation? How concerned should IT employees be with regard to raises, budgets, and god forbid, layoffs?

I would not say people in the department are panicing, but there is a little concern.

JediKooter · 08-14-2008, 03:22 PM

It probably depends on how much redundancy happens when the new company buys your company and the 'uniqueness' of your department.

I worked for Advanta Mortgage in San Diego in the IT department and about a year after I left, Chase Manhattan bought Advanta Mortgage including the IT department. Basically, they shut down the IT department in San Diego (with the exception of a few programmers) and those who were offered to stay moved back east somewhere, the rest were indeed laid off.

Edit to add: It would be wise to make sure your resume is up to date.

Huckleberry · 08-14-2008, 03:33 PM

Dude, you work for a newspaper*. Do a little research.

* - educated guess

Fidatelo · 08-14-2008, 03:33 PM

While every situation can be different, what JediKooter said is pretty standard.

Tekneek · 08-15-2008, 09:26 AM

Start looking. Now.

At best, they stop hiring for non-critical (meaning the business would collapse if that position was not filled) positions and stop approving anything in the budget beyond the minimums required. Training and travel budgets could be slashed to zero, if they existed before...and everything picks up and returns to normal when the transaction happens. I even worked at a place where budgets went up and we were encouraged to spend more money after a merger...

At worst, the day of the sale they give virtually everyone a pink slip and a kick in the ass, along with a half hour to get all their shit out the door.

Either way, don't spend this time wondering what will happen next. Start looking and take control of your own destiny. If keeping you (or anyone else) is critical to the sale of the company, they will come up with retention plans to keep you around (which will mean extra money). If they don't, you're expendable and potentially on the chopping block anyway.

JPhillips · 08-15-2008, 09:33 AM

If you're really disgruntled, now's the time to stock up on ammo and camo.

Noop · 08-15-2008, 09:34 AM

Quote:

Originally Posted by Tekneek

At worst, the day of the sale they give virtually everyone a pink slip and a kick in the ass, along with a half hour to get all their shit out the door.

I'm reminded of him upon reading that particular section of your post.

NoMyths · 08-15-2008, 09:35 AM

Quote:

Originally Posted by Tekneek

Start looking. Now.

At best, they stop hiring for non-critical (meaning the business would collapse if that position was not filled) positions and stop approving anything in the budget beyond the minimums required. Training and travel budgets could be slashed to zero, if they existed before...and everything picks up and returns to normal when the transaction happens. I even worked at a place where budgets went up and we were encouraged to spend more money after a merger...

At worst, the day of the sale they give virtually everyone a pink slip and a kick in the ass, along with a half hour to get all their shit out the door.

Either way, don't spend this time wondering what will happen next. Start looking and take control of your own destiny. If keeping you (or anyone else) is critical to the sale of the company, they will come up with retention plans to keep you around (which will mean extra money). If they don't, you're expendable and potentially on the chopping block anyway.

Great advice.

JonInMiddleGA · 08-15-2008, 10:04 AM

Quote:

Originally Posted by Tekneek

Either way, don't spend this time wondering what will happen next. Start looking and take control of your own destiny.

Solid advice.

ShaneTheMaster · 08-15-2008, 11:12 AM

Thanks for the replies. I have already update the online resume, and have already gotten a call.

The company is doing well, though. The parent corporation is looking to pay off debt, and they know they can get a but load of money from a sale of our company. We just built a $220 million dollar hi-tech factory.

So, I think there is cause for some concern, but I generally agree with what everyone has said.

I will explore other options, but I won't jump on the first thing that comes along at this point.

ShaneTheMaster · 08-15-2008, 11:13 AM

Quote:

Originally Posted by Huckleberry

Dude, you work for a newspaper*. Do a little research.

* - educated guess

Wrong answer! Your close, though.

08-14-2008, 03:22 PM	#2
JediKooter Coordinator Join Date: Dec 2004 Location: San Diego via Sausalito via San Jose via San Diego	It probably depends on how much redundancy happens when the new company buys your company and the 'uniqueness' of your department. I worked for Advanta Mortgage in San Diego in the IT department and about a year after I left, Chase Manhattan bought Advanta Mortgage including the IT department. Basically, they shut down the IT department in San Diego (with the exception of a few programmers) and those who were offered to stay moved back east somewhere, the rest were indeed laid off. Edit to add: It would be wise to make sure your resume is up to date. __________________ I'm no longer a Chargers fan, they are dead to me Coming this summer to a movie theater near you: The Adventures of Jedikooter: Part 4 Last edited by JediKooter : 08-14-2008 at 03:23 PM.

08-14-2008, 03:33 PM	#3
Huckleberry College Starter Join Date: Dec 2001	Dude, you work for a newspaper. Do a little research. - educated guess __________________ The one thing all your failed relationships have in common is you. The Barking Carnival (Longhorn-centered sports blog) College Football Adjusted Stats and Ratings Last edited by Huckleberry : 08-14-2008 at 03:33 PM.

08-14-2008, 03:33 PM	#4
Fidatelo Pro Starter Join Date: Nov 2002 Location: Winnipeg, MB	While every situation can be different, what JediKooter said is pretty standard. __________________ "Breakfast? Breakfast schmekfast, look at the score for God's sake. It's only the second period and I'm winning 12-2. Breakfasts come and go, Rene, but Hartford, the Whale, they only beat Vancouver maybe once or twice in a lifetime."

08-15-2008, 09:26 AM	#5
Tekneek Pro Rookie Join Date: Nov 2000 Location: USA	Start looking. Now. At best, they stop hiring for non-critical (meaning the business would collapse if that position was not filled) positions and stop approving anything in the budget beyond the minimums required. Training and travel budgets could be slashed to zero, if they existed before...and everything picks up and returns to normal when the transaction happens. I even worked at a place where budgets went up and we were encouraged to spend more money after a merger... At worst, the day of the sale they give virtually everyone a pink slip and a kick in the ass, along with a half hour to get all their shit out the door. Either way, don't spend this time wondering what will happen next. Start looking and take control of your own destiny. If keeping you (or anyone else) is critical to the sale of the company, they will come up with retention plans to keep you around (which will mean extra money). If they don't, you're expendable and potentially on the chopping block anyway. Last edited by Tekneek : 08-15-2008 at 09:29 AM.

08-15-2008, 09:33 AM	#6
JPhillips Hall Of Famer Join Date: Nov 2002 Location: Newburgh, NY	If you're really disgruntled, now's the time to stock up on ammo and camo. __________________ To love someone is to strive to accept that person exactly the way he or she is, right here and now.. - Mr. Rogers

08-15-2008, 11:12 AM	#10
ShaneTheMaster High School JV Join Date: Jun 2006 Location: Tampa, FL	Thanks for the replies. I have already update the online resume, and have already gotten a call. The company is doing well, though. The parent corporation is looking to pay off debt, and they know they can get a but load of money from a sale of our company. We just built a $220 million dollar hi-tech factory. So, I think there is cause for some concern, but I generally agree with what everyone has said. I will explore other options, but I won't jump on the first thing that comes along at this point. __________________ ShaneTheMaster GM, Savannah Kings (WOOF2) Ex-GM, Austin Rage (USFL) Ex-GM, Cincinatti Bengals, (Replicated NFL) Ex-GM, Tampa Bay Surge, (WLAF) Last edited by ShaneTheMaster : 08-15-2008 at 11:17 AM.

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