It’s Monday morning. With your Starbucks coffee in hand, you arrive to work ready to start the week off right.
But before you settle down at your desk or cubicle, you notice the worried faces of your co-workers. As you read your email, you find out why – there is a mandatory meeting in the conference room at 9:30 a.m. sharp. Everyone must attend.
Now you’re anxious too.
As you and your colleagues begin entering the conference room, you notice your owner standing next to two men in suits. You never saw them before.
The owner is smiling. The men in suits are smiling. But as they begin to speak, you’re not smiling.
That’s right – your company has been acquired. Or maybe you’re merging with another company.
Acquired or Merged, it makes no difference. Your life is now going to turn upside down.
Up until now, you had the prefect life. You have the prefect spouse, the prefect kids, the prefect neighborhood and the prefect car.
But things are not going to be prefect anymore.
While the owner is smiling because now he can afford to take that vacation to Hawaii he always wanted, you’re not smiling because you’re worried if you can afford to pay your rent or mortgage next month.
How do you survive an Acquisition or Merger?
1). Don’t panic – Listen carefully to want the new owners are telling you. Maybe it’s not going to be all bad as you think. I’ve gone through acquisitions and mergers where my compensation plan and benefits actually improved. Sure, there were some layoffs, but most people kept their jobs.
2). Don’t be a jerk – Don’t spread rumors, but listen to rumors. There’s a difference. You don’t want to be the jerk causing panic, but on the other hand you need to keep your ear to the ground to find out if you’re going to lose your job or not. Like it or not, trust is the first victim of an acquisition or merger. The new owners will have to earn your trust, not the other way around.
3). Ask intelligent questions – Don’t ask if you’re going to be laid off. That’s rude. But do ask “What are your short-term and long-term plans of the sales department or the company?”
Other questions may be –
“Are you planning to make any changes to our products or services?”
“Are you planning to keep our location open or close it in the near future?”
“Are you planning to come up with new quotas in the near future?”
Read between the lines. Watch the body language. Are they avoiding eye contact? Are they giving you conflicting answers?
Check out “8 Great Tricks for Reading People’s Body Language,” by Travis Bradberry
4). Update your resume – and make sure your LinkedIn profile page is also updated. For example, now would be a good time to add that photo that you keep forgetting to post on your profile.
Good advice from “8 Steps to Improve your LinkedIn Profile in 2016,” by Lauren Batcheck
Also, check out Knock ’em Dead Resumes: How to Write a Killer Resume That Gets You Job Interviews by Martin Yate.
5). Check your Interview clothes – it doesn’t hurt to make sure your interview suits or dresses still fit. Maybe it’s time to buy some new ties, polish your dress shoes, and get some second opinions on what to wear on interviews.
6). Research the Company – does the new owner have a history of “grabbing and trashing” companies? That is, is your new employer acquiring a lot of companies and then laying off or closing those entities down? You can Google to find out. You can also check Glassdoor. You can also go on LinkedIn and see if a lot of employees “left” for new jobs. If the companies acquired by your new employer are located in small towns or cities, check the business section of the local newspapers and see if they reported on major layoffs or shutdowns.
Also check out this site from “The Magnet” on “The Top 5 Sites for Employer Reviews & Ratings.”
7). Take Home your Performance Reviews – Make sure you print out and take home all of your previous reviews and other documentation that shows you did well in your current job. (Or you could also email them to your personal email address). If layoffs come suddenly, you may not have time to access your performance records before you are denied access to your work computer.
8). Ask for a Letter of Recommendation – Now would be a good time to ask your manager for a letter of recommendation, or better yet, have him write a positive recommendation on your LinkedIn profile page. Make sure you have your manager’s personal email and phone number in case he gets laid off before you do. Sure, you might find him on LinkedIn or Facebook, but he probably wouldn’t be in a good mood to respond to you.
9). Keep your enemies close and your friends closer – that old saying will mean a lot once the announcement is made about the acquisition or merger. You will see a sudden swift in everyone’s mood. Anxiety, fear and mistrust will begin to take over. You will see a major upswing of brown-nosing, especially with the new bosses. Old feuds that have been simmering for a while will erupt without warning. You’ll hear nervous laughter in the lunch room as someone shares another juicy piece of gossip. As you walk down the hallway, conversations will suddenly stop until you walk on by. Old alliances will fall apart and new ones will be created.
Bottom line – Watch your back!
10). Keep an Open Mind – as I mentioned above, not all acquisitions or mergers are bad. I’ve gone through several in my career, and I ended up with a better comp plan and benefits package. Sometimes, I would find myself with a better manager and an upgraded sales pipeline or territory.
Acquisitions and Mergers are a fact of life these days. In the long run, the best way to survive one is to always be learning, always be networking and always be looking. If you continue to learn, maintain your network of contacts, and keep your eyes open for new opportunities, you should be safe.
Here are some links to help you –
“Acquisition and Merger Process Through the Eyes of Employees,” by Terhi Maidell
“How to Merge Corporate Cultures,” by Tim Donnelly
Note: If you like my post, please read my book – Advice for New Salespeople: Tips to Help your Sales Career.