Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
New company I work for got bought out by MegaCorp
Old 05-19-2016, 07:03 PM   #1
Recycles dryer sheets
 
Join Date: Nov 2011
Posts: 65
New company I work for got bought out by MegaCorp

Long time since I posted and just thought I would share this experience.

Started a new career last year along with a lot of major life changes to reduce the stress of my last career.

Got hired right away, and quickly learned that, apart from gross yearly income being lower (I am making about the same or more per hour, but a LOT less hours which is a good thing), I immediately was shocked at how much better this new job was to my last one in almost every other metric.

Less than a year after that, this small to medium sized and very profitable company gets swallowed up by MegaCorp, and they are making an enormous amount of changes, all of which are bad for all the employees that are not upper management.

It is shocking to what extent this job has gone downhill and how quickly it happened.

Expectations are being raised, bonuses and perks are all being cut or eliminated, everything is becoming more strict, people who have been here for over a decade were lied to and got scr***d. I used to love my new boss, and now it is abundantly clear that her, and the rest of management don't give a s**t about the rest of the employees.

There is absolutely no reason for any regular employee to push themselves to perform anymore, as the bonus that still exists is meaningless, and it will only result in higher expectations down the road. But you still have to smile and nod and pretend to go along with everything. You have to pretend to go along with the brainwash. We can no longer believe anything management tells us. Moral has taken a nose-dive, which is easily costing the company much more then they are saving with these changes but they don't see that.

I am fortunate to be in a financial position that I know I don't have to be here much longer so I can just focus on the remaining positives that still exist compared to my last career, but I feel awful for all my colleagues who have to endure this for years to come, and worst of all they have to do it with a smile. Goodness the corporate world is awful.
__________________

__________________
RioIndy is offline   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 05-19-2016, 07:30 PM   #2
Thinks s/he gets paid by the post
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 2,514
Sounds familiar. Welcome to Megacorp.
__________________

__________________
JoeWras is online now   Reply With Quote
Old 05-19-2016, 07:37 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,387
One Mega that I worked for had a storied history of buying good small companies that were doing well.... but then replacing key managers to bring in the "Mega-way" of doing business and promptly would run the acquiree into the dirt and destroy shareholder value. Saw it time and again.

One poor engineer had worked for Mega... decided that he didn't like the Fortune 500 and went to work for a promising start-up.... that Mega bought about a year later so he was back where he started.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
pb4uski is online now   Reply With Quote
Old 05-19-2016, 07:39 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Posts: 1,903
Welcome to the wonderful world of being FI. There is absolutely nothing better than having a healthy supply of F*****U money saved away. Makes for a great way to become philosophical about the terrific megacorp world.
__________________
ejman is online now   Reply With Quote
Old 05-19-2016, 07:40 PM   #5
Recycles dryer sheets
Greencheese's Avatar
 
Join Date: Oct 2013
Posts: 261
My old megacorp got venture capitalistized, things were never the same after that. But hey, that's life and sometimes a better opportunity pops along after a year or 2 that you never saw coming
__________________
Greencheese is offline   Reply With Quote
Old 05-19-2016, 08:04 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,250
Quote:
Originally Posted by pb4uski View Post
One Mega that I worked for had a storied history of buying good small companies that were doing well.... but then replacing key managers to bring in the "Mega-way" of doing business and promptly would run the acquiree into the dirt and destroy shareholder value. Saw it time and again.

One poor engineer had worked for Mega... decided that he didn't like the Fortune 500 and went to work for a promising start-up.... that Mega bought about a year later so he was back where he started.

That can be lucrative is done right...

I met someone when my mega bought out another smaller mega... this guy had worked for mega, got laid off during some restructure.... went to work for a small company which was bought by mega a couple of years later.. since he had previously worked for mega his tenure there was still there (you never lost your time worked for any benefits, they just stopped accruing when you left and started back up when you got rehired)... BUT, he got laid off again... but got a great package since his tenure was based on his long time with mega....

Now, it is when mega bought small mega and guess who was there Yep, him again... so he was on his third severance package from mega... and we are talking about a really good salary and over a year (maybe 1 1/2 year) of pay each time...
__________________
Texas Proud is offline   Reply With Quote
Old 05-19-2016, 09:38 PM   #7
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,316
Sorry to hear the new gig is suddenly in the crapper.

Many mature Megacorps survive and thrive by buying places like yours. Then sucking the blood and life out of the smaller business.

Sucks, but seems to be standard . Like wolves and coyotes killing livestock , it can't be changed.
__________________
Lakewood90712 is offline   Reply With Quote
Old 05-23-2016, 01:23 AM   #8
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 433
Yes. You might be able to engineer a layoff. There's a site called "financial samurai" and he talks about that... among lots of other things.

Big companies tend to have procedures for those things and after an acquisition they tend to be nervous around losing lots of people so if you play your cards right you might be able to make some lemonade from the lemons...

Sent from my HTC One_M8 using Early Retirement Forum mobile app
__________________
petershk is offline   Reply With Quote
Old 05-23-2016, 05:10 AM   #9
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Sorry to hear it. It's all too often these days and it's how many Megacorps grow -- not by innovating themselves but by buying out smaller companies. R&D departments have been largely replaced by M&A departments.

There aren't many sadder days in a career than when a small, often privately-held company (which has the flexibility to, you know, care about its employees without angering investors by being "too generous") gets bought out by a behemoth beholden to Wall Street and its penny pinchers, destroying the smaller company's culture and working conditions in the process.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 05-23-2016, 08:03 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Feb 2012
Posts: 1,102
Ugh. I spent my career more on the client side of the local government utility engineering consulting firms, but also about 5-6 years with the firms, always the employee owned ones (not publicly owned, aka megacorp). I saw the buyout of employee owned firms which invariably accrued great gains to upper management/ownership but the change for the rank and file was generally devastating. Saw people get laid off, flee to other employee owned firms, only to have that firm purchased.

As a client of these businesses, I would avoid the publicly owned firms in selection processes (but you can't SAY that's why, you find other ways). It was always a relationship business, you needed to trust who was doing your engineering work and that it was to your primary benefit. I recall incidents when errors were made and the employee owned company ate it, which of course earned respect and loyalty. Publicly owned firms? Not. Would try to figure out how to gig the client for the error. I'm done with it all but would never work for or hire one of the publicly traded firms.
__________________
H2ODude is offline   Reply With Quote
Old 05-23-2016, 10:42 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 2,085
I've never known how megacorporations in their infinite wisdom can be so dumb when it goes to acquisitions--especially when they're already fine performing operations.

They think their way of doing things is the only way to do business.

I worked for a medium size megacorporation, but we were very profitable and efficient. I don't know anyone that worked as hard as we did. We bought a old, stale unprofitable business with good products. They moved headquarters to our new partner and actually gave them management control. We were never a kick ass company again, and the new merged company paid big money to "retire" every experienced employee over 55 years old.

I'm just glad they're still in business and able to put $125 million or so per year into retiree defined pensions to pay all of their experienced older employees." The buyout and poor decisions ended up being the best thing to happen to 100's of us.
__________________
Bamaman is offline   Reply With Quote
Old 05-23-2016, 12:27 PM   #12
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
As always, you have to evaluate the good versus the bad. Make a move if needed.

__________________

__________________
MasterBlaster is offline   Reply With Quote
Reply

Tags
career change, megacorp


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
What's the first album you ever bought (not bought for you)? Midpack Other topics 53 10-09-2013 03:37 PM
Megacorp vs small company Ready Life after FIRE 21 07-19-2013 10:34 AM
Work dilema regarding Megacorp request to plan long term when I only have short term Al in Ohio FIRE and Money 32 07-05-2013 04:10 PM
You know you work for Megacorp when... Eager Beaver Other topics 78 07-23-2010 03:40 PM
Company e-mail: Megacorp health plans changing ziggy29 Health and Early Retirement 12 10-31-2007 04:54 PM

 

 
All times are GMT -6. The time now is 09:48 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.