SME with ill owner -advice please
Discussion
Have worked for a SME in a very tight segment for nearly 4 years now. Started on lowish wages with regualr uplifts due to gaining experience.
Currently now lead engineer, responsible for liasing with Ops manager and dishing out work and routings for 3 other engineers.
Very small firm, run by a very odd and paranoid character.
This chap was diagnosed with Leukemia of some sort in Jan.
He has pretty much only been in for about 12 days since then, and has nothing positive to say about anyone, despite us keeping the lights on all year.
We are now grinding to a halt as he sacked the sales rep very early on in the year.
The Ops manager can sell, but needs soemone manning the phones to allow him to visit clients.
This isnt happenig, and we are seriously runnign out of work......
Sales are below norm and IM concerned about the future...
Jump now or hang in there ?
Currently now lead engineer, responsible for liasing with Ops manager and dishing out work and routings for 3 other engineers.
Very small firm, run by a very odd and paranoid character.
This chap was diagnosed with Leukemia of some sort in Jan.
He has pretty much only been in for about 12 days since then, and has nothing positive to say about anyone, despite us keeping the lights on all year.
We are now grinding to a halt as he sacked the sales rep very early on in the year.
The Ops manager can sell, but needs soemone manning the phones to allow him to visit clients.
This isnt happenig, and we are seriously runnign out of work......
Sales are below norm and IM concerned about the future...
Jump now or hang in there ?
Its a service type business, and the bigger players are now taking on the lower end of the market as theyve saturated the upper end.
We cant compete with them on any level really.
I briefly thought about a buyout, but I know he would want crazy money for it.
I also think the market is shifting away from non branded - to brand names
We cant compete with them on any level really.
I briefly thought about a buyout, but I know he would want crazy money for it.
I also think the market is shifting away from non branded - to brand names
Edited by Turn7 on Tuesday 9th July 20:30
SpeedBash said:
Turn7 said:
To say he is very odd is a huge understatement.
Intrigued. Examples please.I currently still need the job and have no idea who may read this.
Suffice to say that no member of staff feels comfortable around him, he appears very devious and has a nasty streak.
For what its worth, I enjoy the work and he pays ok, but Im not buying the business as I think its time is drawing short.
If he wasnt ill, he may actually see just how close to actually stalling we are and then do something about it.
keirik said:
Turn7 said:
Above average salaries help....
No one ever wants to engage with him though,they all tend to try and avoid him if poss.
And you're on here asking what to do?No one ever wants to engage with him though,they all tend to try and avoid him if poss.
I get your point, but as Ive said, the money is alright, its local and I dont miind the work.
We do have to deal with the bottom of the market, which I dont like.
For instance - this week, we had to go to what was, once far and away our biggest customer - a nightclub. Clubs are death these days, and this has hurt us a lot.
Anyways,whilst doing the requested work, we did notice a huge amount of these classy coasters on the bars and everywhere....
A nightclub......advertising a prostitution website....
Stay classy guys.....
Thought Id update this ----
Boss came in 2 weeks and basically told us he has sold out to the local, bigger competitor....
Their Boss came over next day and span us a lod of old tosh and since then nothing has happened....
The deal was apprently finalised TODAY - why not wait until then before tellung us then ffs ?
We are all being TUPED allegedly, but Im not sure how this going to pan out for me, as I have a role that I dont think will be open to me in the new setup ...
We shall have to wait and see what pans out, but for me, I think its been handled really badly so far - so much uncertainty for one thing.
Boss came in 2 weeks and basically told us he has sold out to the local, bigger competitor....
Their Boss came over next day and span us a lod of old tosh and since then nothing has happened....
The deal was apprently finalised TODAY - why not wait until then before tellung us then ffs ?
We are all being TUPED allegedly, but Im not sure how this going to pan out for me, as I have a role that I dont think will be open to me in the new setup ...
We shall have to wait and see what pans out, but for me, I think its been handled really badly so far - so much uncertainty for one thing.
PugwasHDJ80 said:
Hi Turn 7
Fwiw I can give you some advice on the transaction side of things as I advise shareholders on exit strategy and sales.
If they are Tuping you over it means that the boss has sold the assets of the business but not the ltd co itself. So this could include any combination of the following:
physical assets (machinery, stock etc),
financial assets (debtor book, maybe),
Intangible assets (names, website, customer contracts and relationships)
The deal will only be complete when the Asset Purchase Agreement is signed and money transferred to the ltd co. This date can often move whilst lawyers finish due diligence and the legals, and the financial package is finalised. It can and does all fall apart at the last minute.
From your perspective nothing wi change immediately, you'll be employed by a different legal entity, but on exactly the same terms as before with the same length of service. It's likely the buyer will make some chamges, if only to amalgate HR and the accounting teams.
Eventually your boss will windup the old legal company and extract Any cash once creditors remaining are repaid. For tax reasons he will be unable to work in the sector for at least the next two years.
From my perspective it's likely that you've gained job security in the short to medium term, but you will have to wait and see how the long term pans out.
Feel free to pm me with any specific questions
Cheers, YHM Sir...Fwiw I can give you some advice on the transaction side of things as I advise shareholders on exit strategy and sales.
If they are Tuping you over it means that the boss has sold the assets of the business but not the ltd co itself. So this could include any combination of the following:
physical assets (machinery, stock etc),
financial assets (debtor book, maybe),
Intangible assets (names, website, customer contracts and relationships)
The deal will only be complete when the Asset Purchase Agreement is signed and money transferred to the ltd co. This date can often move whilst lawyers finish due diligence and the legals, and the financial package is finalised. It can and does all fall apart at the last minute.
From your perspective nothing wi change immediately, you'll be employed by a different legal entity, but on exactly the same terms as before with the same length of service. It's likely the buyer will make some chamges, if only to amalgate HR and the accounting teams.
Eventually your boss will windup the old legal company and extract Any cash once creditors remaining are repaid. For tax reasons he will be unable to work in the sector for at least the next two years.
From my perspective it's likely that you've gained job security in the short to medium term, but you will have to wait and see how the long term pans out.
Feel free to pm me with any specific questions
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