Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
C level notice period
Old 06-15-2016, 12:42 AM   #1
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 1,293
C level notice period

I am a C level exec with an employment contract requiring a minimum of 30 days notice. Other execs often give longer than 1 year notice periods, which seems excessive. I have some significant bonuses coming later this year and am heeding advice from others not to give notice without bonuses in hand. I don't want to burn bridges but want to retire ASAP after receiving said bonuses. Do you think if I prepare a recommended transition plan and document my projects in process that 30 days notice is sufficient? If not, what notice period do you think is reasonable? I do not want to consult after leaving but am willing to answer questions and/or spend a few hours with my successor once hired.
__________________

__________________
Scuba is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-15-2016, 02:01 AM   #2
Dryer sheet wannabe
 
Join Date: Feb 2014
Posts: 22
Agree that you should wait until bonuses are paid. 30 days is usually sufficient notice, especially if you have a good team in place. Once you give notice, 30 days may seem like a long lame duck period. If it's not sufficient then you'll have a discussion with the board to see if there is a different transition plan that makes sense. Don't sweat the notice period.


Sent from my iPad using Early Retirement Forum
__________________

__________________
rrppve is offline   Reply With Quote
Old 06-15-2016, 05:47 AM   #3
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,487
Quote:
Originally Posted by Scuba View Post
Do you think if I prepare a recommended transition plan and document my projects in process that 30 days notice is sufficient? If not, what notice period do you think is reasonable? I do not want to consult after leaving but am willing to answer questions and/or spend a few hours with my successor once hired.
30 days notice is reasonable to choose someone and then transfer ongoing projects and transition. Any time needed beyond that is spent dithering while selecting your replacement, not carrying out the transition. If they're not ready to find your replacement in 30 days, what difference would an additional month or two make?
__________________
MichaelB is offline   Reply With Quote
Old 06-15-2016, 07:22 AM   #4
Recycles dryer sheets
cooch96's Avatar
 
Join Date: May 2014
Location: Lakewood
Posts: 444
I'd say wait a full 24 hrs until after your bonus checks have cashed before giving notice. Minutes might be a bit tacky.

Having a prepared transition summary and checklist is professional. 30 days is reasonable. Taking phone calls to give advice after that is generous.

I think you have a good plan.
__________________
Why be normal when you can be yourself?
cooch96 is offline   Reply With Quote
Old 06-15-2016, 07:31 AM   #5
Recycles dryer sheets
 
Join Date: Oct 2012
Posts: 117
I agree that having bonuses in hand is most prudent but thirty days notice for a C-level exec is a bare minimum. My agreement requires 90 days which seems quite fair. 30 days is not nearly enough time to find a replacement at that level in most organizations and impossible if they go outside. Who knows, maybe you give 90 days notice and they cut you loose with pay sooner.
__________________
woodguy00 is offline   Reply With Quote
Old 06-15-2016, 08:17 AM   #6
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 1,293
Thank you all for your responses. I agree that my replacement is unlikely to be named within 30 days, but I really don't want to work 90 days past getting my bonus. I am willing to spend a bit of time with my replacement once hired to assist with transition if the company wants me to. I am glad that most feel my plan is reasonable.


Sent from my iPhone using Early Retirement Forum
__________________
Scuba is online now   Reply With Quote
Old 06-15-2016, 08:39 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,288
If 30 days was not sufficient, then they should not have set a 30 day minimum. It's their number, not yours. I don't think you should have any qualms about it.

Since you're not looking to work in the industry again, why worry? As some others have said in the past, with an extended notice, the company may just drag their feet. You are giving them some motivation to get on with it. You're doing them a favor!

If you have people there that you feel a personal connection to that might need to put in really long hours if you depart in 30 days, or a strong loyalty to the company, you might consider (but don't tell them) extending for 15 or 30 days past the original 30. But only if they were diligent in finding a replacement for you in those first 30. If an extension just allows them to drag their feet some more, fuggetaboudit, get on with your life.

The business owners I know who have sold their companies typically are put on staff for a year to help with the transition, but it usually amounts to very little time (like being 'on retainer'). I know of one case where there was so much disagreement on where to take the company, the new owners just bought the previous owner out of the remainder of his contract.

I'd give a little waiting period on those bonuses, then go on and enjoy your new life! A few weeks (days?) in, I'll wager you will be wondering why you were even concerned about any of this!

edit/add: With the other execs who gave a year or more, it might have been an ego thing. "They can't get by w/o me! I'm too important! They will need at least a year to find someone even close to my ability! They might have to hire two or three people to replace me!"

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 06-15-2016, 08:57 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Mar 2011
Posts: 3,708
I was also C level of a $500MM company. Your plan sounds good but some companies don't want anyone around after notice is given; be prepared for it being your last day even if they pay you for an extended period.

Don't confuse 'notice' with getting paid while sitting at home.

My company's approach was "3 hours should be enough to clean out your office"; we didn't want 'martyrs' or 'dead men walking' lingering for several weeks or worse yet, encouraging the "take me with you" crowd.
__________________
Living well is the best revenge!
Retired @ 52 in 2005
marko is offline   Reply With Quote
Old 06-15-2016, 09:08 AM   #9
Full time employment: Posting here.
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 696
I would not give notice until you are fully prepared for the answer to be "and security will help you pack right now". Usually that's reserved for folks transferring to competitors, but not always. Do you have any other limitations on bonuses even after paid, wherein portions may be required to be returned if leaving shortly after? Some companies have these clauses. If you can talk confidentially to HR once you are ready, it might be good to make sure you know all the fine print.

Most likely you will be replaced with an interim/acting person as companies typically move slower for C-level. A good plan for transition is good no matter how long you are giving, but you know your MC best and their propensity for dithering. I saw many C-level announcements of "and we've asked them to stay to complete the major milestones and drain their soul before they go" so expect them to counter and be prepared to stand firm.
__________________
Aerides is offline   Reply With Quote
Old 06-15-2016, 09:10 AM   #10
Full time employment: Posting here.
Jack_Pine's Avatar
 
Join Date: Apr 2013
Posts: 834
I am C Level and have just started this process. I guess it depends on your relationship with them. I just met with President yesterday and have loosely agreed to a year exit plan. During which time I will help hire and orient the new VP. This is in exchange for some extended health care and immediate vesting of my investment in the company.

They are discussing with the board today.
__________________
The Constitution. It's not just a good idea...it's the law.
Jack_Pine is offline   Reply With Quote
Old 06-15-2016, 09:15 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,899
How much notice are they required to give you if they fire you?
__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 06-15-2016, 09:19 AM   #12
Full time employment: Posting here.
Sojourner's Avatar
 
Join Date: Jan 2012
Posts: 732
If you are C-level with a small company and have a long history with them and they are heavily dependent on your skill set, I would offer a longer transition-out period than 30 days. Especially if this will be coming totally out of the blue, leaving them completely unprepared. I worked out a friendly arrangement with my previous employer (with whom I had a good relationship and did not want to burn bridges) and ended up staying on part-time for 6 months helping with the transition. It worked out great and in the end, everyone was satisfied.
__________________
Sojourner is offline   Reply With Quote
Old 06-15-2016, 09:27 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,288
I think being a C level exec carries a bit more responsibility than an ordinary busy bee down the line... especially if you have worked there for a good amount of time...

As long as you are not going to someone else, then I think a 90 day notice is more appropriate.... but with the understanding that you will be taking some days off every week after 30.... IOW, you become a part timer after the 30 and get full salary.... that leaves it up to them to determine how long they wish to pay you full salary for a part time worker... and, you can adjust how many days off you want to take if things look like they are dragging too much...


BTW, did YOU have someone you were grooming to replace you If not, then that is not a good sign of a C suite exec... there should always be transition plans in place....
__________________
Texas Proud is online now   Reply With Quote
Old 06-15-2016, 09:38 AM   #14
Thinks s/he gets paid by the post
 
Join Date: May 2014
Location: Utrecht
Posts: 2,213
This is a company culture and personal preference thing.

What I've seen in Europe (from up close) is anything from immediate to six months, with a large difference between theoretical stop and reality stop.

It also depends on the strength of the management team and certain reporting cycles.

For example, for a CFO it is frequently handy to stay for the current accounting cycle. A CEO can go immediately if someone from the supervisory board is willing to step down, or the CFO is willing to step up.

I'd say the boring adult thing: outline how much longer you think you are needed, and make a proposal based on that. Then enter positive discussions

And just to hedge your bets: start the discussions after your bonus is paid out. Because you never know ..
__________________
Totoro is offline   Reply With Quote
Old 06-15-2016, 11:10 PM   #15
Full time employment: Posting here.
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 563
I would write the letter and give the 30 days notice (formal compliance with your contract). Then I would work out a plan with whoever it is that you report to. Unless there has been some relationship issues, I'm sure you'll be able to develop a plan that meets both of your needs and your expedited time frame.
__________________
Jerry1 is online now   Reply With Quote
Good advice here
Old 06-15-2016, 11:41 PM   #16
Recycles dryer sheets
 
Join Date: Jul 2014
Posts: 98
Good advice here

Op, good advice here. My own C-level contractual agreement is 180 days but as others have pointed out, be prepared for anything. Only you know the culture and what is really likely to happen with your colleagues. My personal take is 30 days is too short and 1 year is much too long in a fully retained capacity. Some type of "advisory capacity" is different for a year or even more, although many of those are unnecessary and gratuitous.
__________________
timemoveson is offline   Reply With Quote
Old 06-16-2016, 01:17 AM   #17
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 1,293
Thank you all for your opinions. The 30 day notice period is a mutual requirement. What I would really like to do is give notice now, effective shortly after I get my bonus. That would allow me to provide a longer notice period but still allow me to leave on my desired timeline. However, there is too much at stake and I can't take that risk. I think I will just wait to give notice but stick with my planned timeline for leaving. I am quite confident the company will survive!


Sent from my iPhone using Early Retirement Forum
__________________
Scuba is online now   Reply With Quote
Old 06-16-2016, 06:12 AM   #18
Recycles dryer sheets
Greencheese's Avatar
 
Join Date: Oct 2013
Posts: 261
I agree with everyone here as to wait until all bonuses are safely in your account before giving notice. Afterwards be as flexible as you feel is acceptable for staying 30+ transition days. If they want to work you 364 days to get a another year of work and avoid next year's bonus well then they should pound sand after 30 days exactly
__________________
Greencheese is offline   Reply With Quote
Old 06-16-2016, 06:22 AM   #19
Recycles dryer sheets
 
Join Date: Aug 2013
Location: Cocoa Beach
Posts: 406
Quote:
Originally Posted by ERD50 View Post
If 30 days was not sufficient, then they should not have set a 30 day minimum. It's their number, not yours. I don't think you should have any qualms about it.
+1
Wait until all your bonuses have cleared into your accounts (to be safe) and then go with whatever your written corporate requirements are (what is actually specified in your written employment contract), not a day less and not a day more (Why would you deviate? Do you really think they care? They are a company, they will survive without you).
Provide your developed Recommended Transition Plan and document your projects already in process (be prepared that their thoughts may not match yours, their thoughts win and what do you care....you will be gone in 30 days or less).
Be already prepared in case their response is that you will end that day, just in case (never hurts to be prepared).
Once you leave, enjoy the rest of your life.
__________________
Lucantes is offline   Reply With Quote
Old 06-16-2016, 06:56 AM   #20
Full time employment: Posting here.
Jack_Pine's Avatar
 
Join Date: Apr 2013
Posts: 834
I will chime back in on most folks 30 day thoughts. If I had bonus in-hand and had a luke warm to bad relationship with them I would say that is the mininum. Liek I said before I am doing a year for a couple of reasons.
One the relationship is very good and I have hired or brought most of my folks to this corp. It will probably take way longer than 30 days to find a replacement let alone get him/her acclimated. (and make my people comfortable)
The other thing is now that we have this agreement I feel totally different about the job. I still take it seriously and take responsibility but it seems much easier to deal with. It was getting old after many years. (I am in IT, btw)
__________________

__________________
The Constitution. It's not just a good idea...it's the law.
Jack_Pine is offline   Reply With Quote
Reply

Tags
notice period


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
How can this happen during global warming period? mickeyd Other topics 8 10-18-2008 11:37 PM
If you have a Mortgage, Pay or lose the place. Period. newguy88 FIRE and Money 32 03-05-2008 11:37 PM
Are we in a similar 1932-37 period? Orchidflower FIRE and Money 37 01-24-2008 01:25 PM
What was the worst ecomonic period you had to suffer through wildcat FIRE and Money 53 08-04-2007 08:35 AM
Quarantine Period TromboneAl Health and Early Retirement 17 02-27-2007 10:51 PM

 

 
All times are GMT -6. The time now is 12:28 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.