Take Over

Submitted by Neil Chance
in
Career Management
Hi, Long time Pod listener, but this is the first time I have ventured on to the forums. The career crisis pod hit home for me. I am based in the UK and the credit crisis has hit the construction industry very hard over here and I have a lot of friends at various levels within that industry who have lost jobs and been out of work due to the current crisis. I have been in regular contact with them, but the latest pod has helped me focus on how I could support them even more over the coming months. This leads on to my situation. I have not been affected by the credit crunch/crisis in the same way as my friends in the construction industry. However I work for a company that has just been taken over, we are only a few weeks into the new regime. Its common knowledge within the business that job losses will be inevitable around a third of the current company will go, however we don't yet know who will go. Does anyone have any advice or tips on how I should face this situation? Has anyone been in this situation before? I am keen to stay in my role if possible and there seems to be good opportunities within the new taking over company. Thanks
Submitted by Tom Waltz on Friday October 17th, 2008 8:45 am

Have you listened to the layoff casts yet?

Basically, start building and contacting your network NOW, get your finances in order, update your resume, and in all ways, prepare for being out of work and/or finding something new.

Acquisitions are tricky. The story your management gets and what the new management actually intends may be very different. If you can move into a position in the new company, make sure you know what you are getting into. Just because they bought your company does not mean it's the same place. You may find the new company and its practices or policies very disagreeable.

Submitted by stephenbooth_uk on Friday October 17th, 2008 9:04 am

There's a cast about Managing during mergers and acquisitions ([url=http://www.manager-tools.com/2006/08/managing-during-mergers-and-acquis… 1[/url] and [url=http://www.manager-tools.com/2006/08/managing-during-mergers-and-acquis… 2[/url]). It might be worth giving that a listen, in particular the sections on building new relationships and reaching out. It is more about what to do before being acquired, as I recall, but still relevant after.

Where are you in the UK?

Stephen

Submitted by Neil Chance on Monday October 20th, 2008 3:59 am

Thanks for your feedback guys, i have those podcasts downloaded ready for listening this afternoon.

Motivation within the company is at an all time low, with no one yet knowing where there future lies. I have also noticed an increased level of hostility to the taking over company, due to the lack of information we are receiving etc, which i suppose is natural given the situation and the possibility of job losses.

I have updated my CV and i am currently scoping out the job market. I am keeping my options open as there could be some good opportunities within the taking over company, but we shall see.

Thanks again for your comments, i shall keep you updated on how things pan out.

Submitted by John Hack on Monday October 20th, 2008 7:04 am

May I recommend some additional courses of action?

Speak highly of the acquiring firm. Or simply say nothing bad if it's truly a grim situation. Don't join the chorus of hostility.

Keep your team focused and performing. This will get noticed.

Reach out to your new colleagues. Continue to network.

Even if you don't survive the acquisition, the above are the actions of an effective manager.

John

Submitted by Asterisk RNTT on Monday October 20th, 2008 1:25 pm

Great advice from John

In 2004, I got sucked in to the hating of the company acquiring us. The acquiring company was from my hometown and I knew at least 5 VPs who I grew up with, played hockey with, played rugby with, did our professional accreditations together.

Because I got sucked into the vortex of US Versus Them, none of these people went out of their way to help me out. I am still trying to recover. Become almost (I said almost) the most optimistic positive person in a 50 KM radius.

*RNTT