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There's always a lot of talks when a big company is bought out. Rumors fly about who is getting fired, who gets paid more, and what the new company plans to do with the old one. If you're an employee of a company that's been bought out, it can be a terrifying time. You may not know what will happen to you or your job.
In this hub, we'll give you some tips on surviving a company buyout and keeping your job (hopefully).
Remain calm and don't panic
This is the first and most important thing you can do. If you start to panic, it will only make the situation worse. Remember that a lot of times, nothing actually happens when a company is bought out. The new owners may not even change anything.
If they do, it probably won't be immediate, so you have time to adapt. Be flexible; things will change, whether you like it or not. The new company may want to do things differently than the old one. They may have different policies and procedures. Be prepared to change the way you do things.
This can be hard, especially if you're worried about your job, but keep calm and maintain a positive attitude. If anything else, it will make it a lot easier to deal with whatever comes your way.
Keep your head down and do your job as usual
This is good advice for any time, but it's especially crucial during a company buyout. The last thing you want to do is call attention to yourself by making waves or doing something that will get you in trouble.
Just do your job and don't make any waves.
Avoid talking to other employees about the buyout, especially if you're unsure about what's going on
There's always a lot of speculation during a company buyout. People will talk about who is getting fired, who gets paid more, and what the new company plans to do with the old one.
Try to avoid these conversations as much as possible. If you don't know what's going on, speculating will only make you more upset. Plus, the new company may be listening to these conversations, and they don't want their employees talking about the buyout.
Don't sign anything without reading it first
The new company may ask you to sign a non-compete agreement or other documents. They may even offer you a severance package.
Whatever they ask you to sign, make sure you read it first.
If you don't understand something, then ask for clarification. Don't sign anything without knowing what it is and what it means for you.
Get legal advice if you have any questions or concerns
If you're worried about the buyout, you may want to get legal advice. This is especially true if you're asked to sign a non-compete agreement or some other document.
An attorney can help you understand what you're signing and whether or not it's in your best interests.
Keep track of all communications from the company
Keep track of all communications from your company about the buyout. This includes emails, letters, and meeting notes. These will be important later on if there are any questions about the buyout or your job.
You may even want to start looking for another job. Even if you're not sure if you'll be laid off, it's a good idea to start looking for another job. That way, you'll be prepared if the worst happens.
Allocate some time to update your CV and LinkedIn profile. Start applying for jobs that you're interested in. It's also a good idea to start networking. Attend industry events and meetups. Get your name out there and let people know what you're looking for.
Cooperate with the new management, but don't be afraid to stand up for what you believe in
Let's face it — you have a new boss, and they'll want to assert their authority over the company and the position that you're in. Rather than resist, it would be in your best interest to cooperate with them as much as possible. The new management might just see your position as invaluable and retain you following the buyout.
Of course, that doesn't mean you have to agree with everything they say. If you have a different opinion, express it respectfully. Document everything and keep track of any changes made at work, such as changes to your job description or salary. This will be important if you need to negotiate your severance package later on.
Don't share any confidential information with anyone outside of the company
Be careful about what you say to people outside of your company. This includes information about the buyout, your job, or the company itself.
If you share this information with anyone outside the company, you could violate your contract and put your job at risk (than it already is).
If you really need to talk to someone about it, your best bet is to reach out to your old coworkers — people you've worked with for a long time. After all, they may be your best source of support during this time.
Don't give up - buyout or not; life goes on!
Unfortunately, not everyone will be able to keep their job following a company buyout. If you find yourself in this situation, don't give up. Start looking for another job and keep moving forward.
Remember, a buyout doesn't have to be the end of the world. It can be a new beginning. Embrace it and see where it takes you!
Take care of yourself
Last but not least, don't forget to take care of yourself during this stressful time. Make sure to get enough sleep, exercise, and eat healthily. This will help you stay focused and be in the right frame of mind to handle whatever comes your way.
In conclusion, if you find yourself in the unfortunate position of being part of a company that's been bought out, remember these tips. You may not be able to control what happens to your job or career, but you can control how you react.
Stay positive, focused, and professional, and keep your head up – it may not be easy, but things will get better. Thanks for reading!
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Daniel Edulan Melana