The place I work sold out

I work part time as a mechanic on company trucks . I have been there on and off part time full time since the late 80s. Its not a big deal what happens to my job I have other stuff to do. I went to school with the owner we had a meet and greet with the new owners yesterday. There are close to 60 employed where I work. I guess I have been lucky most of the places I have worked everyone became very close like family .

The places I was fortunate enough to work at were similar to yours. Family feeling. Great people to work with and for.

The meeting with the new owners went ok but there they screwed up . They gave us all a paper telling about the company . It also told about employees benefits health insurance . They ask if anyone had any questions. A girl stood up and said how soon will we have health insurance after you take over? One of the owners stood up not knowing what to say and said they needed to figure it out. No health insurance ???? This really spoke volumes about them to me.

In my experience, insurance doesn't kick in right away for new hires. Since you aren't really new hires, it might be different and if this is their first time buying out another company, it's possible they may not have thought of this situation until now.

I know they had a lot to think about but health insurance is a BIG deal. I bet we don't end up with any.

It could just be they haven't looked through all the benefits yet. Usually 3 month's wait and sometimes 6 for new hires. A new owner taking over may not be able to drop existing benefits?? The other thing is they will need the good employee's if they want to succeed so wouldn't cut benefits.

Welder Dave said:

It could just be they haven't looked through all the benefits yet. Usually 3 month's wait and sometimes 6 for new hires. A new owner taking over may not be able to drop existing benefits?? The other thing is they will need the good employee's if they want to succeed so wouldn't cut benefits.

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I have never had insurance there. They had it at one time but said they had to drop it because of some employees bad health and smoking.

ive been through a couple buyouts/takeovers in the 40 years ive been working at const eq dealers.
never lost any benefits, seniority, pay or vacation time. both times it happened we were better off with the new owners.
raises to the employees they wanted to keep. and a lot of "dead wood" was cut away.
shop facilities/buildings were upgraded, shop equipment was upgraded/replaced, service trucks upgraded ect.

The last place I worked had a venture capitalist group buy into it. It didn't really change anything for us in terms of the job.

Yet.

I want to figure out how to get a venture group to buy me out in about five years. I need to talk with someone smart on how to prepare to make that happen.

I worked at a shop that got bought by a fairly new outfit that was buying several companies in different industries to grow their name. They were sponsoring chuckwagon races and a driver at the Calgary Stampede and basically acting like they were on top of the world. Then rather quickly they ran into big problems and were scrambling trying to sell off some or all of the businesses. I worked at a vessel shop. Someone in the office or a salesperson from the new owners said or did something that really pi$$ed off probably their biggest million dollar customer, CNRL. They lost that business. The company was for sale a short time later. The manager who came from the former ownership had an impromptu meeting on the shop floor with the employee's. He said they were waiting to see if the owners will accept a 3rd offer to buy the business. He said all 3 were good offers and they'd be stupid not to accept the latest offer. Nope, the company went into receivership because they thought it was worth a lot more than the offers. Anybody from Alberta remember Serval? Riches to rags in no time flat. The company I worked at was Well's Hall Fabrication which became a division of Serval Process Industries. They kept the name because Well's Hall was well known in the industry. I still have a company jacket from there. The idiot that ordered it put down medium instead of large so it was a little small. It might fit me now though since I lost about 5 inches due to repairs to my spine with bone cement. The same guy was huge and they lost money on his jacket. It was a 5 times extra large. I think employee's paid about $50 to get a Letterman style jacket.

A venture capital group bought out Les Schwab---several that work have admitted
{You told us so, about like you said it would be}.

Our local grocery store chain, Three Bears Alaska was recapitalization by Westward Partners, a Seattle-based private equity firm which is woke to the highest degree.

The new Seattle owners think guns are icky and are not going to maintain their FFL. So, no more ammo when I stock up on rabbit pellets and pop tarts.

An equity firm is running Rona/Lowes in Canada now.

Welder Dave said:

An equity firm is running Rona/Lowes in Canada now.

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Hopefully the local Rona doesn't change. I am not driving all the way into the city every time I need a 2x4 lol.

I couldn't care about the stupid term with a {W}. What I do care about is the greediness,
greedy dirty little hands and stinking fingers, goes with noses covered in brown, filthy little
wretches.

They dont take over till i think the end of next month but the old owner hired a guy to over see the fuel delivery and propane . He is a worker and has been helping with stuff outside the office and they have another delivery guy. Every thing is getting used more so alot more brake downs and stuff getting fixed up. Its making more work for me witch is bad i have other stuff to do. Then on top of that if i had some of my other jobs done i wouldnt mind spending alot of time there but i need dry weather and its raining alot. I have at least a years worth of stuff i could do out side this job. I dont think it would matter much if i didnt work there as far as money gos i have income from scrap iron and selling stuff .

Coaldust said:

Our local grocery store chain, Three Bears Alaska was recapitalization by Westward Partners, a Seattle-based private equity firm which is woke to the highest degree.

The new Seattle owners think guns are icky and are not going to maintain their FFL. So, no more ammo when I stock up on rabbit pellets and pop tarts.

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IIRC Alaska has a mandatory law that you must carry a functioning gun (with ammo)
on every small air-o-plane.
Makes perfect sense.

If the transition from owner to owner ends up bad it's the previous owner that is typically at fault as they didn't stipulate the carry over of time worked and immediate start of benefits in the purchase contract