The small company I work for is being sold to a slightly larger company. I am a PLS, and the only licensee who will be going to the new company. I have never been involved in a situation like this, and was hoping some of you with more experience could give me some tips. Any suggestions on questions to ask, deal breakers/things to avoid, or requests to make would be appreciated!
Lots of variables in those situations so it's hard to give any advice.?ÿ My first most obvious question would be, "What did they really buy?".?ÿ
Did they buy for the client base??ÿ Did they buy the for records??ÿ Did they buy for the equipment or real estate?
First I'd like to wish you a good transition.?ÿ You said you were the only licensee that was making the move.?ÿ Are there other employees going along too??ÿ Will you be their supervisor??ÿ Are there current projects that will require completion?
There are lot of things that make a difference in the dynamics of such a situation.?ÿ But since you asked, I am going to be honest.?ÿ I've seen this happen a few times.
In one case a few employees from a company that had been purchased made the move to the newer and larger company.?ÿ For about six months they helped complete a couple of projects and incorporate the old firm's records with the new firm's records.?ÿ Then they all were promptly dismissed.
In another case a larger firm bought out a retiring surveyor's small but client rich business.?ÿ He had one licensed PC that had been the driving force for the last few years of the old man's business.?ÿ This PC went along with the sale by agreement.?ÿ I knew this PC well and remember he was none too happy, but went along for financial reasons.?ÿ
Within three or four years he was running the show with six or seven crews spread out over five states.?ÿ He eventually bought into the larger firm and worked there another 15 years until he retired.?ÿ He sends me Christmas cards with pics of him and his wife on their 60' catamaran in the Caribbean.
Things can go in any direction.?ÿ Your best bet is to communicate with the new management to determine exactly what it is they expect from you..and then do your best.?ÿ It doesn't matter where you work, you have to make money for your boss.?ÿ If you cost your boss money your days are numbered.?ÿ Just a stark reality in this world.
Good luck.?ÿ
In 2018 the PE I had been working for passed away suddenly. A few months later another engineer, one with a few more staff and a big national land developer as a client, bought out the company for the express purpose of a) acquiring more engineering staff (which didn't really work out)?ÿ and b) to add surveying to her suite of services.?ÿ I was the only PLS involved in the transaction.?ÿ
Nothing particularly alarming happened. There was a little cultural adjustment. They were used to sitting quietly in front of their screens all day, hardly exchanging a word. The boss came and went through her own door without a hello or a goodbye. That kind of bugged me - I'm used to a little more buzz and banter in the room.?ÿ
I must say that, since the purchase had been made mostly to bring me over, I did feel some extra pressure. Also just a bit of resentment. The clients would have followed me to whatever circumstance I might have chosen for myself. And in midsummer 2018 I could have had my choice of a dozen places to work. All I got out of the deal was wages and a lot of extra workload. And when a really good opportunity reached out and pulled me in this last summer I struggled with guilt over leaving. But I might have stayed there a long time without being unhappy.?ÿ ?ÿ ?ÿ ?ÿ
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Thanks Paden. There are other employees coming along, but I will only continue to supervise the survey staff. I have a few bigger projects that are close to being finished, but mostly small boundary projects.
Hopefully it turns out like your second example! I will certainly do my best however it turns out.
I feel similar to your situation. I believe several companies would be happy to hire me now, but I don't want to ruin the deal for my current (good) boss. Of course the new company may be great, and hopefully this is the best opportunity I could have wished for.?ÿ
@paden-cash your comment about "make money for the boss" is the truth. I've fired folks, who thought way more of themselves, and their "work" than I did.?ÿ
Very good commentary above.?ÿ
N
From a very biased perspective (very!): Been there, done that. Get out now. Well, you asked so I told you. ???? ?ÿ
Nice. I love the irony of when a small business whose owners sometimes preach loyalty, family values, workplace happiness over better pay, etc, then sell out to a corporation.?ÿ ?ÿ
Makes you think back to other opportunities you may've passed up over the years to stay content where you were.?ÿ
I hope it's a smooth transition and it ends up being a positive change for you.?ÿ
discuss the transition with the new owner.?ÿ Let them know your expectations and ask them about theirs.?ÿ Read their business plan if they have one. Discuss values and business ethics in a roundabout way.?ÿ Find out if they are a good match for you.
Just fyi, I had a large firm offer to buy us 20 yrs ago.?ÿ It would not have been a good move for our employees.?ÿ Their first directive to me was put that gps purchase on hold.
Is the current owner going to stay on and have certain involvement in the running of the bigger company or stay on as just another worker??ÿ There may be an agreement about the current owner staying for a certain period and then leave at a specific time, such as hitting 65.?ÿ In that case, things may remain somewhat normal for that same duration of time.?ÿ Once the former owner is out of the picture you can expect significant changes.
In your specific case, as the only licensee involved, they may put you over a group of workers but tell you exactly how you will sign off on work that you have not supervised directly.?ÿ Would you feel comfortable risking your license in such cases?
And there is the big question. You should have been brought into the conversation early on. The biggest issue in this transaction is how well the new owners idea of 'responsible charge' matches yours. Trying to work that out after the buyout can lead to bad blood, and will more than likely leave numerous dispute land-mines out there with your name on them.
The conversation does not have to be adversarial or contentious, but it must happen before any projects start with the new bosses. You don't want so much as one days work done before you are on the same page.
Nice. I love the irony of when a small business whose owners sometimes preach loyalty, family values, workplace happiness over better pay, etc, then sell out to a corporation.?ÿ ?ÿ
Makes you think back to other opportunities you may've passed up over the years to stay content where you were.
I hope it's a smooth transition and it ends up being a positive change for you.?ÿ
My brother likes to tell me "You'll never get rich working for someone else".?ÿ ????ÿ
Depends on your definition of rich.?ÿ It is possible to amass more money than is necessary to live comfortably while working for someone else.
You don't get rich by just having a lot of income.?ÿ You get rich by having reasonable income or more, and not spending it all.
You don't get rich by just having a lot of income.?ÿ You get rich by having reasonable income or more, and not spending it all.
You also *are* rich if you have sufficient income *and* a satisfying work life (which implies a good balance between work and everything else).?ÿ Making a lot of money doing something you hate is a bad bargain as far as I'm concerned.
Shoot me an email if you'd like to discuss. I sold my company 3 years ago and agreed to stay on for 5 years. I can speak from first hand experience.
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The Hack
Thanks for the advice. I'm putting together an outline of questions to ask, and I put your recommendations on it.?ÿ
They do not want the current owner to stay on. I'm hopeful that they will value me as the longest term employee, and only licensee.?ÿ
I will certainly make sure I know exactly what they want & expect, and make my requirements to sign off known in advance. I've always had direct control over any project I signed, so I plan on that continuing.?ÿ I will put clarity on this issue on my outline of questions.?ÿ
My current boss has been good about keeping me in the loop. They are still early in the process, but it's looking more and more like a done deal.?ÿ
I sold my company in 2017 to my main competitor and went to work for them ...?ÿ then they sold to a much larger out of state firm.?ÿ I tried to make a go of it, but middle management in a large firm just wasn't my cup of tea.?ÿ So in January I went back out on my own and am loving it again.?ÿ ?ÿ
Be sure to dig into what the plans are and where you fit in.?ÿ Ask lots of questions about what they are planning.?ÿ ?ÿYou are interviewing THEM for the job at this point.?ÿ ?ÿGet things in writing about where your likely path lies with them.?ÿ ?ÿ GET A RAISE!!?ÿ ?ÿNow is the best time to get a substantial raise.?ÿ If you don't, you'll be chained to a percentage of COLA or some other metric (IMHO).?ÿ ?ÿ?ÿ
Andy?ÿ?ÿ
