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Hi, so my company is officially up for sale. It's happening. We don't know the buyer, yet. There will be a formal auction this fall.

We had expected this might happen for awhile, but now its a reality, and it hits me really hard that, while i am a manger in charge of 17 people in this highest single revenue generating segment of the global business, i have no job security whatsoever other than that my bosses like me and i do a good job.

A new owner could come in with their own ideas and a lack of understanding of what i do and what my team does, and just do away with me. I have no contract. I don't think i'd even get a severance, unless it was the goodness of their own heart.

Its possible in the event of a merger with a competitor or synergistic peer, the new owner could simply want one of their own people to takeover my role. Also, i have little reason to believe a new owner would really understand what it is I do and my team does.

I run a very niche service that deals with esoteric and nuanced subject matter. Our own sales team and current CEO doesn't even understand the minutia of what i do, so how can i have confidence an outsider would.

What should i do? Look elsewhere ASAP? Just relax and have faith? Demand a contract from my current bosses that locks me in from leaving but also provides me some gurantees in terms of severence if i'm laid off?

donm's picture
Training Badge

First off, don't "demand" anything right now. That's a recipe for being shown the door.

Breathe in. Breathe out.

OK. You don't know anything yet. You're letting your fear of the unknown invade your thought process. Whom do you know that might be able to help you in the event you lost your job? Do you have a network? Do you have customers who might need your skills?

You need to step back and think. Get your emotions out of the way of your thinking. This is not the end of the world, and you have at least a couple of months to prepare. Many folks get blind-sided by layoffs, so you're one up on that side of the equation. You need to determine what your options are and determine what you can do to improve your situation if you do lose your job. If you find something more secure, you can go before the auction. If you have a plan, then if you do lose your job, you already know what you'll do.

Keep your plans, thoughts, and preparations to yourself. Often before a company is sold, the management reduces the workforce to make the balance sheet look better. Don't put yourself on the short list for pre-auction termination due to your actions this week or next.

mike_bruns_99's picture
Licensee BadgeTraining Badge

Camby, the biggest exposure I think you have is:

"I run a very niche service that deals with esoteric and nuanced subject matter. Our own sales team and current CEO doesn't even understand the minutia of what i do, so how can i have confidence an outsider would.""

My guess is that you are very high "C", low "I" on the Disc model.  If so, this may be unnatural to you, but you need to be able to explain what you do in a way a High-I understands it.  Business and strategic terms, not minor details or minutia as you call it.  

You are very right that the new owner will be skeptical about activities he doesn't understand.  If you, your boss, and your CEO don't understand it, a new owner has no chance and won't take the time.

You need to be able to explain the highlights of your team's value in a 30-second elevator speech.    

The fact that your team generated revenue is great, but doesn't tell the whole story. Why does the market value your services? What is the cost?  What is your competitive advantage?

 

 

maura's picture
Training Badge

I agree with Mike.  If you like your job, and are good at it, and if you want to show loyalty to your team and protect THEM as well as yourself (by the way, guess what, this isn't just about you), then you've got to get started making a case for your and your team's value.  If even your current CEO and sales team don't understand what you do, that's a problem.l  How can THEY go to bat for you and your team, when they can't explain your value?

Start now.  Yes, work your network and make sure your resume is in order.  But your primary focus should be to work harder at your current role and think harder about the future of the company, buyout or not. 

1. If you don't have it already, create a skills matrix that shows each of your 17 employees, what they can do well, and what OTHER stuff they would be good at taking on.   Play up any unique skills and internal experience that might be hard to replace.  Include yourself on that matrix.

2. Get the word out better about what you do so that your sales team and CEO have clear talking points about your value and what you're bringing to the table.  If they think it's every man for themselves, they could throw you under the bus if they don't understand that they need you (the plural "you", including your team).  The way to mitigate that risk is to make sure they understand that they need you. 

3. Work your internal network so you get as much intel about what's coming as possible - and share what you are able to if you know information that can help them in return.  Not in a gossipy way, but in a "lets look clearly at the facts we know so we can keep people from panicking" kind of way.  This could mean a new, bigger role for you and/or your teammates, but only if you get onto the right people's radar.