Company was bought out - stick around or leave? (employee, profit, unemployed)

[Jobster101]

Hello!

Recently my place of work for almost a decade was bought out by a competitor. Now the new owners have said all the right things so far (not much will change right away, etc, etc) but I know most acquisitions don't end well for the "acquired" employees. That being the case, do you guys think that I should start searching for a new position now, or stick around for awhile to see how things shake out?

Thanks

[mdovell]

Keep your eyes peeled and I'd say start looking. I would have to ask though is the company based out of another country? I worked for one that was and well because the currency changed it meant profit was less and thus new hire pay dropped about 10%.

Even if domestic I'd keep an eye on those that ran the original company. Promises are not always what they seem to be.

[ramostam]

I went through this and am now unemployed, they came in and SAID EXACTLY WHAT was said to you! Well actually they said nothing was going to happen in the first year, and then they came in with a bang! Are they a large corporation? I worked for a family owned business, with 15 stores then we were bought out by a company that had 350 stores. We went from being the corporate office, to being ants on the bottom after that first year. It was CRAZY!!

[MPowering1]

They've already told you that things are going to change, and it's difficult to predict what that change will mean. You have to protect yourself economically, so I would begin looking for a job.

[RVD90277]

uh...they always say that nothing is going to change so just keep doing what you are already doing, etc.

the first jobs to go are usually the non-critical roles where there is a lot of overlap - HR, recruiting, support staff, etc.

as another poster said, keep an eye out...

[davebarnes]

Be Prepared.

1. Start your job search now.
2. Stop spending and save money.
3. Be the best employee they have.
4. Research: How to negotiate a severance package.

[ramostam]

Originally Posted by mpowering1

they've already told you that things are going to change, and it's difficult to predict what that change will mean. You have to protect yourself economically, so i would begin looking for a job.

Originally Posted by rvd90277

uh...they always say that nothing is going to change so just keep doing what you are already doing, etc.

The first jobs to go are usually the non-critical roles where there is a lot of overlap - hr, recruiting, support staff, etc.

As another poster said, keep an eye out...

ditto both of what they said ↑↑↑↑↑

To add one last thing any promises they make GET THEM in writing, even if you trust management that "came" over. I know sounds logical, but I didnt do it (I know what a dumb a**)

[jade408]

Originally Posted by ramostam

I went through this and am now unemployed, they came in and SAID EXACTLY WHAT was said to you! Well actually they said nothing was going to happen in the first year, and then they came in with a bang! Are they a large corporation? I worked for a family owned business, with 15 stores then we were bought out by a company that had 350 stores. We went from being the corporate office, to being ants on the bottom after that first year. It was CRAZY!!

I'd say start looking!

A few jobs ago I worked at a small family owned place that got acquired by a big foreign-owned company. We had about 15 people at the time.

Within the first month little stuff started to change. And I started looking for a new job soon after. I left 3 months after the acquisition, and my last weeks were terrible.

One person was offered her job back only if she took 1/3 of her current salary and converted to hourly. After 6 months, 4 of my peers, who were well regarded by our managers were fired. After a year, almost everyone I worked with, besides the company owners were gone due to layoffs or horrible conditions. The owners left as soon as they met their retention obligations after 2 years. After 2.5 years all of the people I worked with had left the new company.

No matter how much they claim it won't change, it will, especially if any of the following is true:
1. significant size difference between the companies
2. different company cultures/work environments
3. if the old company rolls up into an existing business unit

So be very wary and start putting your feelers out!

It just so happens I saw one of those former co-workers this week. He commented, as he introduced me to a new colleague, I should have jumped ship when you did to avoid getting fired (it took him a few months to line up a new opportunity, but it all worked out!).

[sjdemak]

Large companies acquire small ones fire most of the employees, and run it with less people. Find another job.. Unless your a key person.

[Jobster101]

Thanks for the insight so far everyone. Just to give a little more background, my company is actually pretty large, but was bought by an even large company that also happens to be a direct competitor.