5 Things to Do If Your Company Is Sold

News of the company’s sale made headlines in the business press. Despite the high price, analysts and investors applauded the deal. They liked the new owners’ strategy for the company, which included taking out hundreds of millions of dollars in costs through “synergies.”

Since the US presidential election in November, mergers and acquisitions have been on a tear—114 deals worth $142 billion were announced in November alone. Analysts are expecting the trend to continue this year, projecting deal volume to grow between 10% and 20% to about $4 trillion globally, which would be the highest level in four years. Stacey Perkins, a career coach with Korn Ferry Advance, says that a merger or acquisition is both exciting and unnerving for employees. On the one hand, it offers new opportunities and a fresh start. On the other hand, it can also mean the loss of a job. “Having the company you work for be bought or sold can certainly evoke a lot of anxiety,” says Perkins.  Below, our thoughts on what actions to take.

Don’t panic.

It’s natural to be concerned about your job security after a deal is announced. After all, layoffs represent a lot of the cost savings leaders talk about when companies are combined. The temptation may be to blast out hundreds of résumés and jump ship at the first opportunity. But Perkins advises not making any rash decisions; internal opportunities may end up being better for you. “Some people are going to leave on their own, which could end up making your job more secure,” she says.

Embrace the change.

A merger or acquisition could help to clarify your career goals. If a larger company buys yours, for instance, you could be offered roles and opportunities you’ve never considered. Or you may realize you prefer working in a smaller, more personal organization. Jennifer Zamora, a principal with Korn Ferry Advance, advises clients involved in an M&A situation to ask questions to better understand what is changing and its potential impact. “Embrace what’s coming,” she says. “Change isn’t always negative.”

Take stock.

Read the press coverage, track analyst and investor reports, look up comments from employees of the new company on social media, and research the new company and its leaders to understand how best to align your responsibilities and performance with goals and expectations. “Take stock of what you are doing and how that compares to what’s coming,” says Perkins.

Reinforce relationships.

Tap into your network of coworkers, clients, and industry contacts, advises Zamora. See if you know anyone at the new company, or have connections in common that they can introduce you to. Activating your network can provide support, help you think through options, and even lead you to new opportunities, says Zamora.

Utilize career-transition programs.

If your job does end up being eliminated because of a sale or merger, don’t dismiss outplacement and career-transition programs. Transition services often offer career coaching, reskilling, and training, as well as job-search seminars (such as those run by Korn Ferry Advance and other recruiting firms) to help laid-off employees find new work. And even if change affects your role, keep in mind that you can potentially be hired back: Boomerang employees—people who return to a company they’ve previously left—are on the rise. “Stay positive and professional,” says Zamora, “and remember that layoffs are not a reflection on you.”

Learn more about Korn Ferry’s career development capabilities from Korn Ferry Advance. 

Read more This Week in Leadership articles