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
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Feel free to reply to any comment by clicking the "Reply" button.I never understand how some companies don’t get the idea that the magic wand to make something from nothing doesn’t exist.
In business saturation point leading from steady growth is real, magic isn’t!
Geoffrey51
Level 8
Dec 7, 2019
1
You are right they expected magic....
@Bigwavedave I had a situation a few years ago working for an IT company that suddenly expected $100k per month from a district that was pulling in 60k and providing crap support and a bad local reputation.
I informed that this was not possible and walked away. Now the CEO and top management have been replaced and a lot of the Account managers and Level 2/3 techs have left.
Happy Mondays I thought to myself!
That's awful! And more and more common these days. It's good of you to help as much as you can.
Lauren
Level 8
Dec 7, 2019
1
@Lauren. You have to pay it forward in helping people get jobs....you might need one some day. Except for me! I'm retiring!
@Bigwavedave That's true ... if not me, then a family member, or a friend. But not you - congratulations on your retirement!
Damn. 80% percent growth is not even possible. The timing really does suck but hopefully another company will value these talented, dedicated people and not put unattainable goals on them and make their work life a living hell.
BufftonBeotch
Level 8
Dec 6, 2019
2
@bufftonbeotch they will.... I think. It's a hot sector. I still hate this tho.
Bastards. Enough is never enough.
It’s one of those time I hope karma is true!
Geoffrey51
Level 8
Dec 6, 2019
1
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