How Private Equity Companies Screw America....my rage
I worked for a privately held company. A software company. The owner sold to a private equity company about 18 months ago. He walked away with several hundred million dollars. Yeah for him. He deserved it. The company was growing 40% a year.
Well the new investors decided that they could get 80% growth. So they changed everyones sales goal ( you have to sell 80% more to make 25%less). Anyone in the business knew this wasnt going to happen. But the accountants didnt know the business. So as we near the end of the year, they fired 10% of the company. Sixty people, most of whom were hired in January.
So here they are unemployed, two weeks before the great Christian Holiday. They didnt underperform. The company grew 40% this year. But hey you, you are fired.
I didnt get fired. I am retiring in a few months.......boy this pisses me off.
Thanks for listening.....
What I am doing is helping them find new jobs. All I can do. Merry effin xmas