Company IS sold..

[thepumpguysc]

Nothing new to report.. The lawyers were still arguing about the "language" on Monday so the papers didn't get signed.. I heard Tuesday, that LATE Monday nite, they DID sign the papers..
So as usual.. its hurry up & wait..
I'm just trudging along.. but the rest of the clowns are walking around on pins & needles..
It still kills me to watch everyone actually doing their jobs.. Lol
I'm sure it'll die off in a few weeks tho.. just as soon as the slackers start recognising the new players..

 

[PJ The Kid]

I've been through buy-out like that before and seen it got both ways. The first time I went through it, it was great, and I would probably go back if I didn't have a better opportunity where I'm at now. The second was a family owned dealer, been in business for over 50 years, great people to work for. The original owner retired and left it to his 2 sons, who sold it to an international chain within a month. We were all hopeful that the national chain would have great benefits and such. They took a week of vacation away from the guys that had been there long enough to earn 3 weeks and capped everyone off at 2 weeks, insurance went up, had people in Florida watching our labor times and calling up if we were low, parts had to be ordered through the HQ in Fla. and routed to our shop in KC instead of direct from suppliers like normal, throwing wait time way out of wack. Guys started leaving to the tune of 2-3 a month, including myself. Now they are down to 2 original guys and cannot get anyone hired.

 

[92U 3406]

I'm in your boots right now. I can totally relate to what you're going through. The company I'm with isn't being bought up per se but the parent company that owns it is rebranding it with their name. So now we have to integrate fully into their company. This means all the idiots are scrambling to justify their jobs and we have to join the union now too. Oh joy. I get to donate 1.25 hours of pay per month to some useless union morons for the privillege of being able to continue my employment there.

 

[old-iron-habit]

I'm in your boots right now. I can totally relate to what you're going through. The company I'm with isn't being bought up per se but the parent company that owns it is rebranding it with their name. So now we have to integrate fully into their company. This means all the idiots are scrambling to justify their jobs and we have to join the union now too. Oh joy. I get to donate 1.25 hours of pay per month to some useless union morons for the privillege of being able to continue my employment there.

I hope you give the union a chance before you write them off. Having benefits that you are holding instead of the company is a good way to insure that you have a fairly good chance to get it. Due to the Federal law that lets companies invest 90% of the pension money back into the company has resulted in many thousands of hard working people getting 10 cents on the dollar on their pensions. Companies take the pension money, go bankrupt by transferring the money to another branch, and then open back up with lower pay and less benefits in addition to the stolen pension. I do believe the laws intent was good to allow a company to have funds to expand but corporate greed found a better use of the law.

EDIT: I just noticed you are in Canada. Your pension laws are probably different. I hope they are better protected for the working man than they are here.

 

[92U 3406]

I hope you give the union a chance before you write them off. Having benefits that you are holding instead of the company is a good way to insure that you have a fairly good chance to get it. Due to the Federal law that lets companies invest 90% of the pension money back into the company has resulted in many thousands of hard working people getting 10 cents on the dollar on their pensions. Companies take the pension money, go bankrupt by transferring the money to another branch, and then open back up with lower pay and less benefits in addition to the stolen pension. I do believe the laws intent was good to allow a company to have funds to expand but corporate greed found a better use of the law.

EDIT: I just noticed you are in Canada. Your pension laws are probably different. I hope they are better protected for the working man than they are here.

Our pensions are all DCPP type plans through a 3rd party. I was actually a member of the same union at a previous job and I wasn't overly thrilled with it to be honest. Reason I'm 100% against joining the union is that our senority will be backdated to our start dates. I was the 2nd to last guy to be hired 2.5 years ago. Instead of my job security being based around job performance, I'm now being shunted right down to the bottom. Just puts me at a huge disadvantage.

 

[thepumpguysc]

You aren't makin me feel "warm & fuzzy" about this change.. Lol
They are painting the building, not nec.. repaving the parking lot, not nec.. & redoing the security fence around the property, also not necessary..
What do ALL these cosmetic changes have to do w/ MAKING MONEY?? especially when your SPENDING almost a MILLION to do "cosmetic" changes..
I found out, they DIDNT BUY the building or land.. only leased it.. for 3 years.. THAT ALONE doesn't make me feel good.. You cant turn a business around in 3 years!!!! I guess I better order the plywood for my shop this morning.. lol

 

[Tinkerer]

From what I have been reading about your situation pumpguysc is that you don't need them (your employer) they need you. Order that plywood for your shop. Then work there full time !

 

[repowerguy]

What Tinkerer said plus maybe they'll come along and buy you out for a million or so lol.

 

[thepumpguysc]

I was fellin a lil' blue this afternoon & during my break time.. I read my emails..
I read what Tinkerer had written & JUMPED UP & ordered the ply wood.!!! THAT brought me right outta my slump.. THANK YOU for that.. I needed it..
They don't know if they can deliver it tomorrow or not.. & we have rain for the next 3 days starting Saturday.. dammit..
It sure woulda been a nice "rainy day project" for the weekend tho..

I met the NEW, BIG BOSS today.. hellava nice fella.. We talked diesels for a few minutes & I asked some intelligent questions about "his" fuel injection experience.. He has very little.. THATS GOOD for me.. lol
I asked around & said, he MUST HAVE a "dark side"..?? EVERYONE said, NO..
Then he MUST be surrounded by real Aholes then.. cuz you don't get to be a multi-millionair & fly around in your own jet, by being NICE.. Or atleast, that's what I've heard.. lol
We'll see what happens..
I'm still going to move forward w/ my plans.. no sense in sitting around waiting for the other shoe to drop..

 

[old-iron-habit]

Our pensions are all DCPP type plans through a 3rd party. I was actually a member of the same union at a previous job and I wasn't overly thrilled with it to be honest. Reason I'm 100% against joining the union is that our senority will be backdated to our start dates. I was the 2nd to last guy to be hired 2.5 years ago. Instead of my job security being based around job performance, I'm now being shunted right down to the bottom. Just puts me at a huge disadvantage.

There is no seniority in construction unions in the states. I don't think I would like that either. What is a DCPP plan. I am not familiar with them.

 

[Knocker of rock]

What is a DCPP plan.

It is a Defined Contribution Pension Plan. In the states we have them as 401's etc. On retirement, you recieve what you put into it, as oposed to a defined benefit plan where you recieve a defined amount, normatively based on your years of service. In the US, defined benefit plans are almost only the domain of older union members and the government. Unions are desperately trying to remove themselves from the quasi-scheme of defined pensions.

 

[ScottAR]

PumpGuy. My experience with most rich people (who are actually rich) is that they are pretty nice.
For those who have really made it. Money is just another tool like a wrench. Most of the Aholes are people who think they are rich or moreover want you to think they are rich. I can point out many super nice rich folk in my area and many Aholes and the nice ones are richer than all the aholes. Funny how that works.

 

[Tones]

And Scott, it's only the real rich who can afford to look poor.

 

[thepumpguysc]

I think you may be right Scott.. EVERYONE has nothing but kind words to say about the man..
He MUST HAVE some real "go getters" on his team..
I DID meet the "general Mngr".. NOW THERES a ballbuster.. My kinda "no-nonsense" fella..
He has questions.. VERY SPECIFIC questions, & you better have an answer..
It doesn't effect me just yet.. its ALL about the "billing & procedures" at the moment..
But I'm sure in a couple of months it'll trickle-down to the mechanics.. asfar as, time spent on jobs & shop supplies.. & WHY is "the pump guy" outside ALL DAY smoking..?? lol
My standard answer is> because I can..
Good thing I got the wood for my shop walls ordered.. lol

 

[Tinkerer]

I'm glad you ordered that plywood pumpguy ! Your going to start feeling real independent when it starts going on the shop. Whatever you do don't allow a drop of rain to get on it. It will warp like crazy.

 

[thepumpguysc]

I know what ya mean, Tinkerer.. I got the 1/2" BC. sanded on 1 side.. I just hope they're smart enough to hold off delivery till the rain stops.. THATS WHY I wanted it delivered on Friday but it was a no-go..
I should probably go update the other post about THE SHOP & leave this one for the BUSINESS..
Just wanted to say THANKS for the kick in the pants.. lol

 

[old-iron-habit]

It is a Defined Contribution Pension Plan. In the states we have them as 401's etc. On retirement, you recieve what you put into it, as oposed to a defined benefit plan where you recieve a defined amount, normatively based on your years of service. In the US, defined benefit plans are almost only the domain of older union members and the government. Unions are desperately trying to remove themselves from the quasi-scheme of defined pensions.

OK, That makes sense. After a lawsuit of which I knew nothing about until it was settled, I got a letter from the pension board that stated that all of our defined years of service was changed to where we got paid based on our actual hours worked. My last 7 working years was already that way. As I had 9 years of 3,000+ hours a year (highest was 3,412 hours) previous to that, my pension took a very favorable jump. Previously I had lost everything over 1,800 hours a year. The guys that only worked 1,200 hours a year, which was the minimum took it in the shorts, but it is the fair way now. Some of the people that are getting less are offended that my pension is "to good" but tough sh*t, I put in every damn hour to earn it while they sat in front of the television.

 

[DMiller]

I worked for a number of larger companies over the years where in the end I lost most everything as to retirement accounts to the imaginative book keeping and leeches that came thru with forced mergers, buyouts or the bosses kids that took over to run out the profit lines to new toys.

Managed to get a decent level 401K built up, hit 59.5 and moved a great deal of it into a guarantee retirement payment account with additional accounts put back to survive after retirement, got a lot of physically broken **** fixed up then retired. We will not be rolling in the dough but comfortable, may take on some small time part time work but managed to get to this point by perseverance along with a little disgust for the big boys that toy with our funds and retirements as if they are a burden to themselves.

Hope you do well with this until you too can get out just be as wary as you note you have been for so long.

 

[Birken Vogt]

I worked for a number of larger companies over the years where in the end I lost most everything as to retirement accounts to the imaginative book keeping and leeches that came thru with forced mergers, buyouts or the bosses kids that took over to run out the profit lines to new toys.

Managed to get a decent level 401K built up, hit 59.5 and moved a great deal of it into a guarantee retirement payment account with additional accounts put back to survive after retirement

My impression is that IRAs or equivalent self directed where you can see it and take it elsewhere if needed are the way to go...I mean who else to trust with your own money?

I guess every man needs to realize he is his own independent business, like it or not, and nobody else can be trusted to look out for his security.

 

[ScottAR]

I guess every man needs to realize he is his own independent business, like it or not, and nobody else can be trusted to look out for his security.

Truer words than many would like to believe