Insights on M&A and contract roles

Anonymous

November 6,2023 at 7:20PM UTC

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Insights on M&A and contract roles

I started with this company on a contract basis in August. News came last week that we are splitting the business units following a failed buyout. As a result of all these, my path to an FTE role which was supposed to have happened a week ago is not happening anymore. My current project is on hold and I have also changed direct managers in a span of >10 weeks. What do you make of these changes? Seems a bunch of red flags but I would like to really stay to learn from this role/company more but business conditions are uncertain. I have reached out to my now manager but I have not gotten a solid answer as to directions going forward and have not been doing anything in 2 weeks. I feel very outcasted. In the meantime, I have set my eyes on other potential pastures. Appreciate any insight on what is going on.

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AnonymousNovember 6,2023 at 9:19PM UTC
I went through this 2 years ago.
Acquisition of the entire company was just too rich for the venture capital climate. So to get the most $ for the company, they owners split up the company into 3 businesses.
This is a sign that the owners were shopping all parts and hoping to get the biggest payday they could.
I was contracting for business
#2 and while I wasn't offered a permanent position (as was previously promised) , I was asked to stay by the acquiring company with a nice bonus during the 90 day transition period. Most employees were laid off from each business unit as they were sold, at least they saw it coming and received retention bonuses during the transition which gave them 3 months to shop fir new jobs.
AnonymousNovember 9,2023 at 5:00PM UTC
I have just been through a situation similar to this. Here's what happened in my case up until today, just to show you that you are not alone and you are not crazy - you are probably correct in your "gut" assessment of reality.
I'm sure that the managers in the huge client company (which was realigning their business and had frequent layoffs as a result) wanted to keep me. They had begun to give me new responsibilities, then told me that it may be boring for a while. Well, when my immediate manager came back from vacation and didn't reach out to me for over a week - I think "crickets" perhaps for even two weeks - I got the picture.
Sure enough, Friday morning of that second week I received an email from the contracting agency saying that my contract was ending the following Wednesday.
Normally I would have been looking for a job during the "crickets" time, but the previous 1 year plus had been filled with late nights and quite a few all-nighters, so I welcomed the time after being laid off to take a breather between jobs.
Don't know how it will turn out for me, but I never took my resume off the job boards when I got the contract job over a year ago as the client company was laying off on such a regular basis, and as a result I am still getting quite a few emails for contract and "permanent" (i.e. "full time") positions.
One recruiter emailed, called and texted me yesterday about an opening that seems to align well with my background, so will see about how this will go...
So - it may be a good time to work on your resume and send it out, post it, circulate it to your contacts.... Couldn't hurt. Wishing you all the best!