Anyone been thru a corporate merger/buyout?

[Jenn]

The rumors are flying that the company I work for is being bought out. My husband and I both work there - so it could be a double whammy if we lose our jobs. What should I expect?

We have both been there for 15 years - he is upper mgmt (but not high enough to be involved in the buyout discussions), so I think he will get a decent package.

I have been part-time for the last 2 years in a support role. I stepped down from a full time roll higher on the ladder when I had my second child. Would a part-timer even get a package - or do you just get layed off?

 

[Steve H.]

Yep, went through one a couple years ago. I'm still here (with the new, merged company) but it's been a rough go for a long time (the economy crumbled pretty much right after the merger).

It really sort of depends on what "side" of the "merger" (let's face it -- they're ALL buyouts) you're on. If it's your current company that maintains control, you might have a better chance of sticking around. The first thing that's usually cut is redundant jobs (e.g. those roles that both companies have). If you're in the controlling company, often that is the one that stays and the other guy goes.

 

[debster812]

Jenn,

You can PM or email me with ANY questions you have. I have been involved in Corporate Mergers/Acquisitions 8 times now. I have always (so far, and fortunately) been on the Buyer's end, not the Buyee. But here is what I can tell you.

Your DH being upper management should get a decent package. Larger if he stays through the entire transition, less if he is gone in the first wave.

You might actually keep your job longer. Part Timers, with smaller salaries, and limited benefits are beneficial to keep on. You know the ins and outs, and it does not cost the new company much to retain you longer.

It also depends on how the company that may (or may not) be buying your company operates. There may be no changes for quite some time.

Good Luck! And please let me know if there are any other questions I can try to answer.

Debbie

 

[Jenn]

We would be the ones being bought - don't know yet by whom.

 

[floridaminnie]

Been there twice and it can be stressful at times!

 

[LuvTigger]

I've been on both ends too when I used to work for a bank. Basically, when we were the ones bought out, we basically had two options: (1) if we chose to leave, they offered a pretty decent compensation package, even for the tellers (I think the part timers were compensated too -- that part gets a little complicated); or (2) reapply if we wanted to stay with the acquiring company. All of the people in my branch chose to reapply and stayed on, though some were shifted to other branches. I know quite a few people in upper management who chose not to stay because they didn't care for the way the acquiring company was handling things.

So that's from a banking industry perspective. I hope things work out well for you, please keep us posted!

 

[I <3 Eeyore]

My company went through one this Spring. A friend and I both worked there and were laid off on 6/23 as part of a 'cost reduction' measure. I don't want to cause any more worry for you, but it's smart to be prepared. The company had completed some expected cuts about a month earlier and we were led to believe they were done and our department was being spared. Neither of us was prepared when it happened.

 

[CamColt]

I used to be in banking, so yep, Im familiar.
I started out in a very small community bank and we got bought out by a midsized community bank with its headquarters in the next town over. This worked wonderfully for me. I went from a "Mickey Mouse" company to a real company. My job there was wonderful. I had great benefits and when DS was born I was able to go part time, with the days and hours I wanted. I had it made.
Then we got bought out by a big bank and while they offered me a couple different positions, it would have meant a total of 3 hours commuting a day and I decided it wasnt worth it, time to become a SAHM. For staying on until the end, I was a given a small package and I was able to collect unemployment for about 9 months. In the end, that bank got bought out less than a year later and most of the people who had stayed on from the previous bank were let go.
Good luck and dont panic. I know it is very worrisome, but as I found, things have a way of working out for the best.

 

[Jenzebelle]

I've been through it twice in the past 8yrs- both as a buyee.

The first one was great - no one lost their job and we got additional benefits. The economy was a lot better back then and I think that had a lot to do with it.

The company I am at now was once a division of Motorola. We were going to be completely shut down, but instead they sold us. About 60% of the company was laid off prior to the sale and another 10% just this past April.
In the long run, we are much better off after being sold because for all intents and purposes - we are our own company instead of being a division.

 

[doxdogy]

Been through the exiting of a line of business and a sale with the same company. Nothing changed both times.

 

[PamOKW]

It also has a lot to do with why you are being bought. If it's to acquire the company then the redundant departments (accounting, human resources, etc.) might be at risk. However, if the company is being bought to shut it down, then severance packages are the about the best to be hoped for.

 

[jsmith]

been there done that-three times while working at the "same" job. All three times we ere aquired by a bigger fish who wanted our product( teleconferencing) to either make them selves attactive as a merger partner or to dominate the sector-(telcom). First time we did not even notice-we kept our company name, same benefits every thing. Second time a few people lost their jobs but they were mostly people with poor attendance records and so on. The benefits got better and we got good salary increases. Third time we were aquire by one of those start ups with huge market cap and management that did not have a clue, they just wanted to get rich. The company has been a corporate scandal, we have been in chapter 11 for 18 months and no end is in site, we have had 7 rounds of layoffs and are down to 15% of our staff at the time of the merger. Beware of a great package. Lots of the folks who got let go early in the process got great packages-some of them for up to a year-but the chapter 11 filing invalidated those and most of them only got one check and then nothing.-So it can really go either way!