Company IS sold..

[thepumpguysc]

My day-time company was sold last week.. The owner is 83 yrs old & wanted out.. sold it for 2 million cash & whatever is in the bank & billables on Oct. 1st.. probably another 500.K
The place has been run into the ground for the last 50 years & NOW its scrambling time to get ever penny squeezed out by Oct 1st.. Core credits, past due & delinquent accounts caught up.. scrap & abandoned trucks to the scrap yard.. ect..
It's kinda funny watching the 83 year old, owner run around TRYING to get the lazy bastards to actually do their jobs..
The average manager/desk worker, has been there for 20+ years & has done basically nothing but collect a check..
Let me put it THIS WAY>> most of them are taking vacations next week.!!! The last friggin week of the old company & its THEIR JOB to get this stuff taken care of.. & they're leaving.. AND it being ALLOWED!!
IF it was my company, ALL vacation & personal time would have been cancelled & 10-12 hr work day imposed.
The "President" of the co. is a 25% share holder.. so he probably pockets between 500.-700.K after its done.. {The OWNER holds the rest..}
AND the new company contracted him for the next 5 years to stay on..
HE"S THE REASON the co is in the shape its in & has to be sold.!!!! What were they thinkin'???
THEY have no idea what they've done..!! Its gonna be interesting to see what happens in the next few months.. Theres gonna be ALOT of desk workers standing in the unemployment line..

 

[kshansen]

Well here's hoping the "new" company is smart enough to see what was going on and make the right changes.

Was the buyer a local outfit or some major company on the national level?

I'm sure everyone here is hoping for the best for you, it may be a tough few months but try to hang in and just do what you have to to survive.

 

[crane operator]

Wish you the best pumpguysc, I'm sure it will be different with new owners, maybe not better, but different.

 

[ol'stonebreaker]

Sounds like the VP might have been a politician in a former life!!
Mike

 

[thepumpguysc]

The new company is large.. I don't know if you could call them a "National Chain".. Western Branch Diesel.. They have 11 branches & we'll be the 12th.. They don't have a fuel shop & probably spend MILLIONS farming out pump work every year.. I guess we'll be getting the pump work from ALL the branches??
Problem w/ that tho is>> I"M the only one that KNOWS fuel injection.. its gonna be fun for the next few months.. I think [hope] its gonna be "sink or swim" time..

 

[Ronsii]

Something tells me you're going to be getting a few trainees... or they might have other plans already in the works... you never know when a company starts growing what the big picture is

 

[hosspuller]

Just to be fair to the people taking vacations. When my employer was sold, I lost 5 weeks of paid vacation. New policy and all ...

 

[DIYDAVE]

My day-time company was sold last week.. The owner is 83 yrs old & wanted out.. sold it for 2 million cash & whatever is in the bank & billables on Oct. 1st.. probably another 500.K
The place has been run into the ground for the last 50 years & NOW its scrambling time to get ever penny squeezed out by Oct 1st.. Core credits, past due & delinquent accounts caught up.. scrap & abandoned trucks to the scrap yard.. ect..
It's kinda funny watching the 83 year old, owner run around TRYING to get the lazy bastards to actually do their jobs..
The average manager/desk worker, has been there for 20+ years & has done basically nothing but collect a check..
Let me put it THIS WAY>> most of them are taking vacations next week.!!! The last friggin week of the old company & its THEIR JOB to get this stuff taken care of.. & they're leaving.. AND it being ALLOWED!!
IF it was my company, ALL vacation & personal time would have been cancelled & 10-12 hr work day imposed.
The "President" of the co. is a 25% share holder.. so he probably pockets between 500.-700.K after its done.. {The OWNER holds the rest..}
AND the new company contracted him for the next 5 years to stay on..
HE"S THE REASON the co is in the shape its in & has to be sold.!!!! What were they thinkin'???
THEY have no idea what they've done..!! Its gonna be interesting to see what happens in the next few months.. Theres gonna be ALOT of desk workers standing in the unemployment line..

Sorry, couldn't resist:

 

[willie59]

No way to really predict what will happen when a company is bought out, I hope it works out well for you. But in any case I hope the pumpguysc is still on HEF, you're a very valuable recourse here and much appreciated.

 

[AusDave]

No way to really predict what will happen when a company is bought out, I hope it works out well for you. But in any case I hope the pumpguysc is still on HEF, you're a very valuable recourse here and much appreciated.

I second that

AusDave

 

[thepumpguysc]

It funnier than hell watching people who haven't done they're actual job or anything for that matter.. pretend to be working when they show up.. & to hear the explination of "what do you do here" should be on funniest home videos.. the studdering & stammering is ridiculous.!!! & THE LIES!! OMG>>>
It didn't take long for them to figure it out..
One of WB General Manager sits down in secretarys office.. he's holding an "invoice"..
It says here you made 33% on THIS job?? She says YES.. we strive to make ATLEAST THAT..
He then says.. it shows RIGHT HERE, you made 58% on the labor AND 89& on the parts...
How does THAT equal 33%?? WHERE did all the extra profit end up??
She looked him dead in the eyes & said>> We've been asking THAT for YEARS.!!!!
The GM said, that's all I need to know.. & left her office..
Like I said, It didn't take a forensic accountant to figure out where the "profit" is going.. definatley not in the mechanic pockets.. I haven't had a raise in 5-6 years.. & the "profit sharing" has been a joke for as long as I can remember..
ONE YEAR the Prez & VP stood infront of the entire company.. & told them we had the BEST YEAR since the start of the business..!!! we did 7 MILLION DOLLARS!! EVERYONE WAS STOKED & very proud of themselves..
THEN HE SAYS>> sorry but do to unforeseen circumstances, there WONT BE ANY profit sharing this year..!!!! I said, FU & got up & walked out of the co. meeting.. 2 weeks later I quit..

 

[SARuger]

There is a Western Branch Diesel in my home town. I really don't know much about them good or bad. Its simply a repair shop if I remember correctly. I drive by it twice daily. I guess not hearing anything is good.

Good luck to you. My last company of 30 years was bought out twice in 5 years. It got worse both times. I turned in my notice and my final day of employment was my 30th anniversary date.

 

[JS300]

You never know what will happen when a company is bought out. The last company I worked for was bought out and I made it 2 yrs and quit, 2yrs later the plant shut down. I was there 10yrs total. The company I'm with now sold last year and I went from wanting to quit everyday to thinking I'm retiring from this place. My job stayed the same but management and their way of doing things makes it easier and more enjoyable to go in everyday. Been at this job 11 years nows.

Good luck hope it works out for you. Sounds like you may be in a good spot and have a skill set they are looking for.

 

[mikebramel]

Sounds like you're in for a rai$$$$e. Just have to play it well

 

[Knocker of rock]

Just to be fair to the people taking vacations. When my employer was sold, I lost 5 weeks of paid vacation. New policy and all ...

You're supposed to retain that time, because vacation time is considered time already earned and is hence thought of as a kind of accounts payable. And when a company is bought in anything other than a bankruptcy, the buyer assumes all assets and liabilities.

That said, taking the vacation time before the SHTF with the new owner is probably the best choice.

You did have avenues to regain that money, thru the courts and probably the employment security or pay and wages department of your state. But as you can imagine, you will be a marked man if you do that.

 

[thepumpguysc]

They held a meeting w/ all employees & said NOTHING will change.. ALL vacation & sick time will remain the same & is yours.. Only thing is, after 20 years you don't get 4 weeks vacation.. 3 is the cap now..
Nothing was mentioned about profit sharing..
I wasn't at the meeting, I took the day off.Lol.. I only work about 30 hrs aweek & sometimes have to use sick or vacation time to make that up.. THATS how much I hate being there..
IF theres no work to do or my parts are on order for 2 days.. I wont come in..
You can only mop the floor so many times in a week.. if ya know what I mean.. & sitting in a chair isn't an option,, unlike the office workers, who sit & play on a computer 8 hrs a day .. ebay, facebook, amazon, candy crush.. ALL F'N DAY LONG..
BUT let ME sit down for 5 minutes & I get asked>> what are YOU working on?? My standard answer is>> 5:00 ...
THEY don't see me leaving early or NOT COMING IN as "a good thing".. THEY see it as a slacker.. while the rest of the idiot who don't have anything else to do either, F-off all day.. & milk the clock..
My thinking is>> EVERYONE WORKS to pay their bills.. Right??
IF you don't HAVE ANY BILLS>> WHY GO TO WORK?? think about it..
GRANTED>> a lot of times, people are counting on you to get something done.. THATS when I'm there..
WHEN THERES WORK.. I WORK.. AND I DONT leave it for someone else to do..

 

[hosspuller]

You're supposed to retain that time, because vacation time is considered time already earned and is hence thought of as a kind of accounts payable. And when a company is bought in anything other than a bankruptcy, the buyer assumes all assets and liabilities.
.

Didn't lose that year's time... The change was vaca time now accrued during the year. 1 /12 per month. Previously, one got all eligible time January first.

Situation got to ... whenever a benefit policy change was announced, we wondered what we were losing in the change. And change it did to my attitude toward the company operation.

 

[thepumpguysc]

As I was leaving on Friday, all the office works were standing at the front counter screwin off..
I turned & said<< "y'all don't forget your chap-stik on Monday".. [new owners taking over]
There is gonna be so much ass kissin & brown nosin going on.!!! Its gonna sickening..

 

[old-iron-habit]

I think this thread will be an interesting read next week. Good Luck and keep us posted.

 

[Mark250]

looking forward to the brown lip stories