I work in small startup with 11 employees. Today the owner called for a meeting and announced that company was acquired, and the closing was yesterday. As of today our paycheck will be paid by the acquiring company. What’s interesting, is that now they are asking us to sign a new offer with the company and go through background check even though payroll will start as of today and we should continue working for new company. So our job is contingent on offer and background check completion but we’re supposed to continue working normally as if we are already employees in the new company.
Before signing the offer I asked for a raise, I’ve been asking the previous company for it for a while and they never gave it. So I thought I should ask the acquiring company since we’re signing new offer. The acquiring company refused and they said that wasn’t part of the deal (which we never knew about until after closing), and told me that they don’t know much about me so they have to review my performance first. I’m the only engineer working on 4 mobile apps which is the core product that was acquired.
My questions are – Was our acquired company legally allowed to hide from us that they signed sale agreement until after they actually closed? There seems some group of employees already knew about it but not all of us (some may even have had the chance to negotiate their new job, but I’m not certain of that). But I was caught off guard, now I work at this new company suddenly which I still need to formally apply at. The salary is still the same but benefits changed and my previous partial remote-working arrangements are now eliminated. It feels we were forced into this new company and into agreeing to their conditions. Also if job offer or background check fails then I’m suddenly out of job ( they are even asking for references as if I’m applying to new job, yet I’m still required to continue working in new company before offer is signed). What if I didn’t agree to the new conditions? Shouldn’t we have been given the chance to negotiate our new job or at least find another job if we don’t agree?
- Should I continue fighting for raise? I’ve been forced to work on all their mobile apps yet they don’t seem to show any recognition of my value. I’ve been working for almost two years and I wrote all four iOS & Android apps for the company which is our core product, but to be told that they don’t know me as if I give no value to the company felt offending to me.
Like creating a product that does the same thing a large competitor does but a little better or differently, not enough for everyone to switch but enough to cause the competitor problems. The goal from the start being to cause enough of a problem to the bigger guy that they buy you out, then taking your money and starting a new business in a different niche and doing the same, rinse and repeat.
Is there a name for this? Is anyone successful doing this serially?