(04-25-2023 10:27 AM)49RFootballNow Wrote: So they are attempting to DEVALUE their product to sell it at a cheaper price?
Saw it happen before.. First company I worked for the son was primed to take it over but had no interest in running the company.. He wanted to spend his days working part time in a bank somewhere making financial decisions and the rest of the time playing golf somewhere warm...
I had just worked 90 days straight in Oregon and had come home to MS.. I was home for about a day when my phone blew up with calls and texts from coworkers to call.
Basically the day before I got home the owner signed everything over to the son (I loved the owner, good man and he always sought me out if he knew I was onsite to see how it was going and his son was a d-bag, basically told me the day he met me that we were both born in different places in life and his was substantially better).. The next day the son sold off of all the equipment we owned, promised to deliver it after all ongoing contracts was completed, dissolved our partnership with another company, and fired those who were no longer needed...
The next day I drove to our office in New Orleans. I already had another job offer and had planned to leverage it into a better position, but now things were different.. As I waited on the VP I reported to on a daily basis to show up, the old man walked through and asked me to walk with him.. He told me he was sorry and if I could gut it out there might be a pay off. My phone rang it was the VP and I told the ex-owner I'd try to talk to him before I left..
I walked into the VPs office and there was the son and the VP.. First question was I ready to come back to work.. Said I just got home Tuesday and it was Thursday, I was owed a little R&R.. The son told me that was BS I would be ready to work tomorrow if he demanded it. Matter of fact drive back to MS and get a few weeks worth of clothes I was needed in South LA... I grinned and said well I guess this is my two weeks notice then.. Go do it yourself..
I went down to HR and my rep said take the two weeks off, we'll let you know how much we owe you.
So I did and at the end they gave me a price for days off they owed me and a severance package.. Great.. In the meantime I cleaned off my laptop including drawings I created for a piece of equipment.. The new owner told them not to pay me until he got the laptop..
Finally the HR lady sent me my check and I shipped everything back.. Within a week the son called me screaming that the drawings were missing.. Said yea those were my intellectual property and he could have them for an additional $45000.. He hung up.. I still have the drawings..
He put the company on the market after selling everything and firing most of the staff.. He liquidated what he could.. He was able to live off that for a few months.. I hear he's working in a bank these days, a mid level employee.. He had to sell the nice house he had and move into something within his means..
The company sold for pennies on a dollar, several employees with the old owner pooled together and bought it.. Running it out of a smaller facility and making a nice profit. The VP I reported to works half days and plays golf when it's nice.