It does not matter whether your company calls it a “mass layoff”, “reductions-in-force”, “position elimination”, “downsizing”, “outsourcing”, “restructuring”, or some other euphemism for having your employment terminated with only two hours notice. You are informed that ‘today will be your last day of work and pack up your personal belongings in your office’. Yes, this is a stressful time and a sad chapter of your life, but having your employment terminated by your company could be the best for you and your career. The good news is that you are not alone as millions of people leave jobs for other ones every year.
The bad news is that millions of Americans who are offered a severance package, a retirement package, or a buyout offer from companies leave dollars, benefits, and many other incentives on the table as they walk out a company's doors. Most people don't realize they can negotiate for extended pay, more benefits and other terms of their employment departure. Employees also are too quick to sign the release agreements and leave their companies, focusing primarily on the severance pay and overlooking key areas of their packages.
Severance Pay Mistake #1
"There is no law which requires a severance pay". True, but then why do all companies pay a severance?
There is no law which states that severance pay must be provided, but all companies provide severance pay because the alternative is far more costly. Keep reading…
Severance Pay Mistake #2
"I'm an at-will employee so I cannot get severance pay".
At-will employment simply means that you are employed for an unstated duration, not a fixed period of time. It means you can leave at any time, and, your employer can terminate your employment at anytime, but a termination must be for legal reasons and a layoff must be performed legally! Being in an at-will employment state, or having an at-will employment contract, does not mean you cannot obtain severance-pay and a great severance package because you have leverage...
Severance Pay Mistake #3
"I have no leverage to get severance pay and I don't want to 'burn bridges' with my company".
Whether you were fired for poor performance, laid off, outsourced, or you have resigned, your employing company is fearful of negative publicity, complaints from former employees to board members, the possibility of being sued and the disruptive time and expense of litigation, and anyone speaking ill of the company. Companies want you to go away quietly and stop any possible controversy. All companies expect to negotiate severance packages in exchange for a Separation and Release Agreement, so you will be leaving not only on 'good terms', but also on your own terms!
Severance Pay Mistake #4
"My company is bankrupt or is being acquired, so no severance pay".
Most severance packages are provided when companies have no money, file bankruptcy, or simply cut costs through layoffs. In fact, severance packages provided during these unfortunate events are usually more generous.
Severance Pay Mistake #5
"My severance package is not negotiable and must be signed right away".
Human Resources and your boss will push you to take the check they've already cut and sign a release agreement right away. Don't do it as no employment situation is 'take it or leave it'. Tell them you need to think this situation over. They will not, and cannot, withdraw the severance offer-even if you ask for more! In fact, there are federal laws which require them to give you three weeks or up to 60 days to consider the agreement-more than enough time to negotiate a better severance package.
Severance Pay Mistake #6
"I can negotiate a severance package by myself".
People who do this always underestimate their own value, what their company has in the past provided to others, and, what their company will provide for them in a severance package. In addition, they leave out compensation, benefits and legal protections which can be negotiated and should be included in all severance packages.
Severance Pay Mistake #7
"I can review and understand the legal language within the Separation and Release of Claims Agreement my company wants me to sign in exchange for my severance package."
All Separation and Release Agreements state that you should consult with an attorney and have the attorney review the release of rights prior to signing it. This is for your protection, as you may not understand or even see the hidden restrictive covenants within the separation/release agreement and within your original employment agreement. An experienced Employment Attorney with a Human Resources background is best qualified to review a separation/release agreement, not your family or business contracts attorney.
Severance Pay Mistake #8
"I will hire an attorney to represent me".
Severance pay packages are created and implemented by your friendly Human Resources Department. But, if you hire an attorney to represent you to negotiate a severance deal, your friendly HR Department MUST, and will, turn you and your attorney over to its corporate Legal Department and its attorneys. You will have a tough time negotiating a severance as corporate attorneys always take a tough stance against opposing attorneys. Your matter will be legally escalated into a battle of attorneys. And, it's another story if you launch a lawsuit. The best severance deals come from HR departments.
To avoid these mistakes, you need both legal AND human resources experts on your side to assist you in getting the best severance package!
Get what you're worth,
Get what you've earned,
Get what you're legally entitled to receive,
Get Career Protection-Your advantage in employment negotiations.
About Career Protection®
A leading national provider of employment negotiations advice, the human resource and legal experts at Career Protection® have protected the careers of professionals throughout the United States, Canada, and Europe. Career Protection has negotiated hundreds of employment agreements and severance pay packages. Career Protection’s HR and employment law experts have previously served as Vice Presidents of Human Resources, Directors of Human Resources, Corporate Counsel/Attorneys, or Recruiters for many Fortune 500 and Global Corporations. Click on the following for a FREE CONSULTATION: http://www.careerprotection.com/freelegaladvice.html
Sunday, November 30, 2008
Saturday, November 29, 2008
Four Steps to Getting Started in a New Career - Tag and Catherine Goulet
Tag and Catherine Goulet are founders of FabJob.com, a publisher of career guides offering step-by-step advice for breaking into a variety of dream careers. Visit http://www.fabjob.com/ to find the guide to your dream career.
1. Learn about the career
Before you start looking for a job, learn as much as you can about the career, including the nature of the work, the skills needed and employment opportunities. Some ways to learn about a new career include: informational interviews with people working in the industry, attending meetings of professional associations, taking courses, finding information online and reading books about the career.
2. Develop the skills you need
Some skills, such as being well-organized and a good communicator, are helpful in many careers. Other skills are specific to the career. For example, an interior decorator needs a good eye for design while a business consultant needs to be able to identify and recommend solutions to business problems. You can develop skills through formal education. Perhaps the best way to develop your skills is by getting hands-on experience. (See step three.)
3. Get hands-on experience
Don't worry about the classic job-hunter's dilemma: To get a job you need experience, but to get experience you need a job. There are ways to get experience before you get the job. In fact, having experience will help you move into the position you want much more quickly at a higher pay rate.
Ways to get experience before you start applying for your dream job include: volunteering your services (to a department in your company, family and friends or a nonprofit organization); securing an internship; working a part-time, entry-level position; or starting your own part-time business.
4. Get hired for the job you want
If you want paid employment, this will involve preparing job-hunting materials (e.g. résumé, cover letter and portfolio), finding job openings and applying for jobs, going on interviews and negotiating salary when you're offered a job.
If you want your own business, you'll need to handle a number of details like choosing a business name, deciding whether to incorporate, obtaining inventory, finding a location, setting your prices, marketing your business and working with customers.
As you can see, there are many steps to getting started in a new career. The good news is that there are also many excellent resources available to help you get started.
1. Learn about the career
Before you start looking for a job, learn as much as you can about the career, including the nature of the work, the skills needed and employment opportunities. Some ways to learn about a new career include: informational interviews with people working in the industry, attending meetings of professional associations, taking courses, finding information online and reading books about the career.
2. Develop the skills you need
Some skills, such as being well-organized and a good communicator, are helpful in many careers. Other skills are specific to the career. For example, an interior decorator needs a good eye for design while a business consultant needs to be able to identify and recommend solutions to business problems. You can develop skills through formal education. Perhaps the best way to develop your skills is by getting hands-on experience. (See step three.)
3. Get hands-on experience
Don't worry about the classic job-hunter's dilemma: To get a job you need experience, but to get experience you need a job. There are ways to get experience before you get the job. In fact, having experience will help you move into the position you want much more quickly at a higher pay rate.
Ways to get experience before you start applying for your dream job include: volunteering your services (to a department in your company, family and friends or a nonprofit organization); securing an internship; working a part-time, entry-level position; or starting your own part-time business.
4. Get hired for the job you want
If you want paid employment, this will involve preparing job-hunting materials (e.g. résumé, cover letter and portfolio), finding job openings and applying for jobs, going on interviews and negotiating salary when you're offered a job.
If you want your own business, you'll need to handle a number of details like choosing a business name, deciding whether to incorporate, obtaining inventory, finding a location, setting your prices, marketing your business and working with customers.
As you can see, there are many steps to getting started in a new career. The good news is that there are also many excellent resources available to help you get started.
Labels:
career,
career builder,
jobs,
layoff,
layoff reduction in force,
RIF
Negotiating Your Way To A Great Deal - Richard Parker
Richard Parker is the author of How To Buy A Good Business At A Great Price. This best-selling program contains over 500 pages covering every stage of the business-buying process. Visit www.diomo.com.
When it comes to buying a business for sale, the most exciting and anxious moments can be experienced when the time arrives for you to enter into negotiations and make an offer. This part of the process completely handcuffs some individuals. There’s really no need for this to happen. Just like every other aspect to the buying process, your preparation will determine your level of success.
Keep in mind that this should be an enjoyable and educational part of buying a business. There is much to be learned during this phase. You must also realize that negotiations will evolve, and so if you approach it with an open-minded strategy instead of a “take it or leave it” philosophy, you will ultimately perform much better and produce a stronger deal.
Likewise, you should also know this is the stage when many deals come apart and never recover. Most of the time this happens because of the inability of one or both parties to truly understand what it takes to get the other side to see their point. Or, a failure to address the other party’s needs in a way that protects your specific interests at the same time.
Negotiating involves many independent personality issues. When dealing with a seller you must bear in mind that this is a very emotional time for them. They are looking to sell a business that has benefited from their hard work and sweat. It can be quite a personal adjustment for many and they do become irrational. They often feel as though they are losing a part of themselves. Be sensitive to their emotions but never at the expense of fabricating a good deal for you.
Your personality traits will come to light as well. Do your best to understand yourself. If for example, you’re not a patient individual, then you must train yourself to avoid giving in on a certain point simply because you’re tired of discussing it. You’re better off to move on to something else and come back to it with the seller.
Find Their "Pain", Soothe It and YOU Win!
Everybody has their "hot buttons" in a deal. These are the points that, in the mind of the buyer or seller, will make or break the deal. Once you identify them and can find a way to ease their concerns, you’ll win. It works all the time. As an example, if the seller wants to be certain that they walk away from the deal with a specific amount of money in their pocket after broker commissions, paying debt, etc., then the down payment amount of the deal is clearly their “hot button”. There are two ways to determine this: put in an offer and see where and how they counter, or ask them pointedly: “What’s more important to you, the down payment amount or the purchase price?”
The former method is usually more effective only because you can read into a variety of issues once you see the structure of a counter-offer. However, asking them directly is a very accurate way to measure this as well.
Getting back to our example, if it’s the down payment then it’s your turn to leverage the deal. Get as close as you can to their figure but, in exchange, get reduced interest rates on the balance of sale, extend the first payment to 60, 90 or 180 days after closing, negotiate the first year without interest, include the ability to payoff the note at anytime without penalty or to make periodic lump-sum payments towards the principal. There are tons that you can do once you know their pain.
An associate of mine who is an excellent negotiator always says that you should make, and get, concessions. In other words, whenever you agree to something, get something in return. It always works.
Preparation is The Key To Successful Negotiating
The average purchase agreement has over fifty individual clauses to be negotiated. There is far more involved than simply agreeing upon the price, down payment and terms. You will have to deal with the specific assets to be included, non-compete clauses, lease assignments, inspection period, adjustments, employee issues, liabilities, and on and on it goes.
Think about the specific point to be negotiated, what your position is and what your rebuttal will be to the seller’s comments. Play the “what if” game prior to sitting down to the table.
Play "what if"
Layout the various points, giving consideration to what the short-term and long-term impact will be of your decision. As an example, if you negotiate finance terms with the seller with one lump-sum payment down the road (i.e. a "balloon payment") you must also consider that the business MUST be able to make that payment at that time. What if there’s a cash crunch? What if you’d like to use the funds for something else at that time? What if…. you want to balance that with a straight-line finance program so that you’ll know what your obligations are every month and you can budget accordingly. Every situation is different, but again, consider the impact for today and down the road.
Structuring The Offer – and Remember, It’s YOUR Offer!
The offer will, in most cases, begin the ball rolling on a potential acquisition. At times, this is the most effective way to gain insight into the guts of the business. You may also be dismayed to learn that you may in fact have to make an offer without all of the data that you would like to have. As an example, you may only gain access to the true financials after an accepted offer has been put forth.
This is fine; no need to panic. You may be asking: “How can I formulate an offer without all of the information?” A good question in theory, but this is not always reality. Consider the fact that sellers may be exposed to a plethora of buyers and, not knowing which ones are serious, they may choose to hold back certain information.
The offer you present is YOUR offer. You should be comfortable tabling any terms that YOU are comfortable with. Whatever the seller is “asking” is simply a guideline. Remember, it’s an “asking price” not a purchase price. On the other hand, don’t be ridiculous. Table something that forms the basis of a future meaningful conversation. Your offer is, to a certain extent, a tool to prod the seller into playing his or her hand. To get them to demonstrate their pain; the areas that are fundamental to the deal - from their perspective.
There’s nothing wrong if they are insulted. They may or may not be, and you can always refine your offer as the case may be. Additionally, a buyer’s value of the business will certainly differ from a seller. That’s where negotiation comes into play. There are no hard rules for what the terms of your offer should be. Each situation is different. While it’s not advisable to make unlimited offers expecting one to catch on, you MUST make offers. Don’t over-engineer each potential acquisition. Once a business is of interest, you’ve done your homework, and you determine that you would, under the right conditions, like to buy the business, then get your offer in.
There are standard offer-to-purchase agreements available to use. Every business broker will have one and so too will most attorneys. The one thing that you want to be certain of is to retain the ability to rescind your offer at your “sole and absolute discretion” if you determine that the business is not what it was represented to be. However, you cannot have an unlimited time frame to do so after acceptance of the offer.
Generally, once an offer is accepted, you will have a certain number of days to perform the financial due diligence (often referred to as the “Inspection Period”). Allow yourself enough time to conduct this. The idea is that you must be able to retract the offer for any reason whatsoever right up to the last day of this due diligence period.
There are some offer contracts that stipulate that you cannot retract your offer and get a refund of your deposit if the financials are within 5% of what has been presented. This is a ridiculous clause. Never agree to it. You must be able to get any monies returned, for any reason, through the due diligence phase. Conversely, if you sign off after the due diligence and then decide thereafter you do not wish to go through with the purchase, the seller is, in all fairness, entitled to your deposit.
Lawyers and Accountants and Others - Everyone has an Opinion
Let’s understand one thing: lawyers cannot negotiate your deal for you. They can certainly help to ensure your protection from potential liabilities but when it comes to negotiating the actual business deal, they are definitely NOT the ones to act on your behalf. I am certain that any attorney reading this column will disagree. That’s OK. However, I have yet to meet more than a handful of attorneys who demonstrated any proficiency whatsoever in the actual art of negotiating the deal points of a small business acquisition. Most have never even bought a business themselves so even though they may have been involved in deals, it’s not the same perspective. You’ll want to hear their point, but their input should be reserved for the areas in which they are experts: the legal aspects of the deal.
As for accountants, they too have their role: the input from a financial point of view and tax consequences. Leverage their expertise as well, but do not let them influence the actual business deal.
The Last Word
Great negotiators are not born; they evolve. Your effectiveness will increase over time. Be creative. Be reasonable. Keep the end result of putting a good deal together in your mind. Don’t lose patience. Don’t be confrontational. If there is tough news to deliver, let your broker do it. After all, you will need the seller to provide you with training.
Learn from each experience. Understand that there will be set backs; work though each. You cannot win every point. It’s a give-and-take. Prioritize. Prepare. Win/win is not realistic. The objective is clear: you win, the seller is reasonably happy!
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
When it comes to buying a business for sale, the most exciting and anxious moments can be experienced when the time arrives for you to enter into negotiations and make an offer. This part of the process completely handcuffs some individuals. There’s really no need for this to happen. Just like every other aspect to the buying process, your preparation will determine your level of success.
Keep in mind that this should be an enjoyable and educational part of buying a business. There is much to be learned during this phase. You must also realize that negotiations will evolve, and so if you approach it with an open-minded strategy instead of a “take it or leave it” philosophy, you will ultimately perform much better and produce a stronger deal.
Likewise, you should also know this is the stage when many deals come apart and never recover. Most of the time this happens because of the inability of one or both parties to truly understand what it takes to get the other side to see their point. Or, a failure to address the other party’s needs in a way that protects your specific interests at the same time.
Negotiating involves many independent personality issues. When dealing with a seller you must bear in mind that this is a very emotional time for them. They are looking to sell a business that has benefited from their hard work and sweat. It can be quite a personal adjustment for many and they do become irrational. They often feel as though they are losing a part of themselves. Be sensitive to their emotions but never at the expense of fabricating a good deal for you.
Your personality traits will come to light as well. Do your best to understand yourself. If for example, you’re not a patient individual, then you must train yourself to avoid giving in on a certain point simply because you’re tired of discussing it. You’re better off to move on to something else and come back to it with the seller.
Find Their "Pain", Soothe It and YOU Win!
Everybody has their "hot buttons" in a deal. These are the points that, in the mind of the buyer or seller, will make or break the deal. Once you identify them and can find a way to ease their concerns, you’ll win. It works all the time. As an example, if the seller wants to be certain that they walk away from the deal with a specific amount of money in their pocket after broker commissions, paying debt, etc., then the down payment amount of the deal is clearly their “hot button”. There are two ways to determine this: put in an offer and see where and how they counter, or ask them pointedly: “What’s more important to you, the down payment amount or the purchase price?”
The former method is usually more effective only because you can read into a variety of issues once you see the structure of a counter-offer. However, asking them directly is a very accurate way to measure this as well.
Getting back to our example, if it’s the down payment then it’s your turn to leverage the deal. Get as close as you can to their figure but, in exchange, get reduced interest rates on the balance of sale, extend the first payment to 60, 90 or 180 days after closing, negotiate the first year without interest, include the ability to payoff the note at anytime without penalty or to make periodic lump-sum payments towards the principal. There are tons that you can do once you know their pain.
An associate of mine who is an excellent negotiator always says that you should make, and get, concessions. In other words, whenever you agree to something, get something in return. It always works.
Preparation is The Key To Successful Negotiating
The average purchase agreement has over fifty individual clauses to be negotiated. There is far more involved than simply agreeing upon the price, down payment and terms. You will have to deal with the specific assets to be included, non-compete clauses, lease assignments, inspection period, adjustments, employee issues, liabilities, and on and on it goes.
Think about the specific point to be negotiated, what your position is and what your rebuttal will be to the seller’s comments. Play the “what if” game prior to sitting down to the table.
Play "what if"
Layout the various points, giving consideration to what the short-term and long-term impact will be of your decision. As an example, if you negotiate finance terms with the seller with one lump-sum payment down the road (i.e. a "balloon payment") you must also consider that the business MUST be able to make that payment at that time. What if there’s a cash crunch? What if you’d like to use the funds for something else at that time? What if…. you want to balance that with a straight-line finance program so that you’ll know what your obligations are every month and you can budget accordingly. Every situation is different, but again, consider the impact for today and down the road.
Structuring The Offer – and Remember, It’s YOUR Offer!
The offer will, in most cases, begin the ball rolling on a potential acquisition. At times, this is the most effective way to gain insight into the guts of the business. You may also be dismayed to learn that you may in fact have to make an offer without all of the data that you would like to have. As an example, you may only gain access to the true financials after an accepted offer has been put forth.
This is fine; no need to panic. You may be asking: “How can I formulate an offer without all of the information?” A good question in theory, but this is not always reality. Consider the fact that sellers may be exposed to a plethora of buyers and, not knowing which ones are serious, they may choose to hold back certain information.
The offer you present is YOUR offer. You should be comfortable tabling any terms that YOU are comfortable with. Whatever the seller is “asking” is simply a guideline. Remember, it’s an “asking price” not a purchase price. On the other hand, don’t be ridiculous. Table something that forms the basis of a future meaningful conversation. Your offer is, to a certain extent, a tool to prod the seller into playing his or her hand. To get them to demonstrate their pain; the areas that are fundamental to the deal - from their perspective.
There’s nothing wrong if they are insulted. They may or may not be, and you can always refine your offer as the case may be. Additionally, a buyer’s value of the business will certainly differ from a seller. That’s where negotiation comes into play. There are no hard rules for what the terms of your offer should be. Each situation is different. While it’s not advisable to make unlimited offers expecting one to catch on, you MUST make offers. Don’t over-engineer each potential acquisition. Once a business is of interest, you’ve done your homework, and you determine that you would, under the right conditions, like to buy the business, then get your offer in.
There are standard offer-to-purchase agreements available to use. Every business broker will have one and so too will most attorneys. The one thing that you want to be certain of is to retain the ability to rescind your offer at your “sole and absolute discretion” if you determine that the business is not what it was represented to be. However, you cannot have an unlimited time frame to do so after acceptance of the offer.
Generally, once an offer is accepted, you will have a certain number of days to perform the financial due diligence (often referred to as the “Inspection Period”). Allow yourself enough time to conduct this. The idea is that you must be able to retract the offer for any reason whatsoever right up to the last day of this due diligence period.
There are some offer contracts that stipulate that you cannot retract your offer and get a refund of your deposit if the financials are within 5% of what has been presented. This is a ridiculous clause. Never agree to it. You must be able to get any monies returned, for any reason, through the due diligence phase. Conversely, if you sign off after the due diligence and then decide thereafter you do not wish to go through with the purchase, the seller is, in all fairness, entitled to your deposit.
Lawyers and Accountants and Others - Everyone has an Opinion
Let’s understand one thing: lawyers cannot negotiate your deal for you. They can certainly help to ensure your protection from potential liabilities but when it comes to negotiating the actual business deal, they are definitely NOT the ones to act on your behalf. I am certain that any attorney reading this column will disagree. That’s OK. However, I have yet to meet more than a handful of attorneys who demonstrated any proficiency whatsoever in the actual art of negotiating the deal points of a small business acquisition. Most have never even bought a business themselves so even though they may have been involved in deals, it’s not the same perspective. You’ll want to hear their point, but their input should be reserved for the areas in which they are experts: the legal aspects of the deal.
As for accountants, they too have their role: the input from a financial point of view and tax consequences. Leverage their expertise as well, but do not let them influence the actual business deal.
The Last Word
Great negotiators are not born; they evolve. Your effectiveness will increase over time. Be creative. Be reasonable. Keep the end result of putting a good deal together in your mind. Don’t lose patience. Don’t be confrontational. If there is tough news to deliver, let your broker do it. After all, you will need the seller to provide you with training.
Learn from each experience. Understand that there will be set backs; work though each. You cannot win every point. It’s a give-and-take. Prioritize. Prepare. Win/win is not realistic. The objective is clear: you win, the seller is reasonably happy!
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
Labels:
career builder,
jobs,
reduction in force,
RIF
Friday, November 28, 2008
Setting Up a Place in Your Home to Conduct a Job Search - Nancy J. Collamer
Nancy Collamer M.S. is a career counselor and founder of Jobsandmoms.com, a website for professional-level women who are looking for flexible jobs, work-at-home opportunities and innovative work/life resources.
She is the Author of the book, "The Layoff Survival Guide."
For the duration of your job search, your home will be your office. Setting up your office can be a cathartic experience, providing you with a sense of purpose and structure as you begin the job search process. Ideally, you’ll be able to easily convert your existing home office into your temporary headquarters. But, if that is unrealistic, you can set up shop in a bedroom, basement or any other relatively quiet area of your home.
Not all offices are created equal however, so keep these tips in mind when deciding where to set up “job search central”:
• Opt for a room that can be sealed off when necessary. Having the ability to shut a door when you need to concentrate or handle important telephone conversations is critical.
• Find a space with good light and a pleasant décor - you’ll be spending a lot of hours at your desk so make it as task-friendly as possible.
• Avoid high-traffic areas such as the kitchen or family room, where the level of activity and noise might prove to be a distraction.
• Let your family know that your office is off-limits. If you’ll be sharing a computer, set up ground-rules governing who gets to use the computer when.
• Consider posting your office hours on your door. This will serve as a gentle reminder to both you and your family that you have established working hours during which time you should not be disturbed.
• Invest in a good quality desk chair – your back will thank you!
• Keep all your job search materials in one room, organized with a file for each opportunity, so that you can easily find things when you need them.
• Decorate your office to give it the same feel as a “real” office - with framed family photos or personal mementos.
TIP: At the end of the day, rewind the tape on your answering machine, so you won’t miss any important phone calls!
In order to conduct your job search effectively, you’ll need to have access to some basic office equipment:
• Computer/ Printer
• Telephone and answering machine
• Fax
• Internet access/e-mail account (make sure screen names are appropriate for business!)
With the exception of the telephone and answering machine (and please be sure your answering message is professional - no giggling children or cutesy songs), it’s unnecessary to purchase new equipment if you don’t already own it. If you don’t have a computer, you can rent computer time at office centers like Kinkos. Many local libraries and community centers also offer access to computers and the internet. If you’re a poor typist, consider hiring a friend or college student to process your correspondence.
TIP: You can send and receive faxes through local office supply stores.
TIP: Consider using a cell phone as your main contact number. You’ll avoid the
problem of having your children answering your phone (and not taking down a message properly) and you’ll be able to speak with people while you’re away from your office. If you go this route, ensure that your cell phone has voice mail for incoming messages
She is the Author of the book, "The Layoff Survival Guide."
For the duration of your job search, your home will be your office. Setting up your office can be a cathartic experience, providing you with a sense of purpose and structure as you begin the job search process. Ideally, you’ll be able to easily convert your existing home office into your temporary headquarters. But, if that is unrealistic, you can set up shop in a bedroom, basement or any other relatively quiet area of your home.
Not all offices are created equal however, so keep these tips in mind when deciding where to set up “job search central”:
• Opt for a room that can be sealed off when necessary. Having the ability to shut a door when you need to concentrate or handle important telephone conversations is critical.
• Find a space with good light and a pleasant décor - you’ll be spending a lot of hours at your desk so make it as task-friendly as possible.
• Avoid high-traffic areas such as the kitchen or family room, where the level of activity and noise might prove to be a distraction.
• Let your family know that your office is off-limits. If you’ll be sharing a computer, set up ground-rules governing who gets to use the computer when.
• Consider posting your office hours on your door. This will serve as a gentle reminder to both you and your family that you have established working hours during which time you should not be disturbed.
• Invest in a good quality desk chair – your back will thank you!
• Keep all your job search materials in one room, organized with a file for each opportunity, so that you can easily find things when you need them.
• Decorate your office to give it the same feel as a “real” office - with framed family photos or personal mementos.
TIP: At the end of the day, rewind the tape on your answering machine, so you won’t miss any important phone calls!
In order to conduct your job search effectively, you’ll need to have access to some basic office equipment:
• Computer/ Printer
• Telephone and answering machine
• Fax
• Internet access/e-mail account (make sure screen names are appropriate for business!)
With the exception of the telephone and answering machine (and please be sure your answering message is professional - no giggling children or cutesy songs), it’s unnecessary to purchase new equipment if you don’t already own it. If you don’t have a computer, you can rent computer time at office centers like Kinkos. Many local libraries and community centers also offer access to computers and the internet. If you’re a poor typist, consider hiring a friend or college student to process your correspondence.
TIP: You can send and receive faxes through local office supply stores.
TIP: Consider using a cell phone as your main contact number. You’ll avoid the
problem of having your children answering your phone (and not taking down a message properly) and you’ll be able to speak with people while you’re away from your office. If you go this route, ensure that your cell phone has voice mail for incoming messages
Labels:
career builder,
jobs,
layoff,
layoff reduction in force,
List of careers
Thursday, November 27, 2008
Give THANKS Today
You have many things to be THANKFUL for...family, friends and your health. Today, more than any other day, is a reason to celebrate that.
Life is a MARATHON. Patience is still a virtue. You embrace the victories and learn from the losses.
Today, I give thanks for my family and friends and my third grade soccer team.
I have coached recreational soccer for over 10 years. While I have seen my share of gifted players and terrific teams, my favorite team is the one I am coaching right now. They are an incredible bunch of third graders in West Nyack, NY. Our record this year was 0-6-1.
Why are they my favorite team? Because each and every game they NEVER GAVE UP. Always in it until the end.
The other team had their one or two star players who always scored the goals. While the balance of THEIR teammates where on a winning team, those other kids weren't doing anything to contribute. They just liked being on a winning team. Who wouldn't. Pretty shallow, right?
My kids, however, all contributed. They worked as a team, tried different positions and came ready to play and always played to win. When the game was over, win or lose, they went to the side of the field, had their snack, and made plans for playdates later in the day. Come on, they had their priorities.
In life they are going to be successful. They learned that you are not always going to win. Nobody wins every game. But they did learn never to give up. While there are more important things in life than playing soccer, the life lessons they are learning now will help define how they approach what hits them later on in life.
And when the game was over, they wanted to hang out with each other off the field. In the car going home, nobody talks about the game. They are too busy planning drop-offs and pick-ups for playdates.
And the message is? While it is normal to feel bad at the start of a RIF, let it go. Be a part of a team that never gives up. Stay positive around your friends and family, be grateful for them, let them know how much YOU care.
More importantly, NEVER EVER, EVER, EVER, GIVE UP! Not on your family, your friends or yourself. You will get another job, get your career back on track, you will prevail.
Right now, enjoy your playdate and get some turkey!
HAVE A WONDERFUL THANKSGIVING!
Life is a MARATHON. Patience is still a virtue. You embrace the victories and learn from the losses.
Today, I give thanks for my family and friends and my third grade soccer team.
I have coached recreational soccer for over 10 years. While I have seen my share of gifted players and terrific teams, my favorite team is the one I am coaching right now. They are an incredible bunch of third graders in West Nyack, NY. Our record this year was 0-6-1.
Why are they my favorite team? Because each and every game they NEVER GAVE UP. Always in it until the end.
The other team had their one or two star players who always scored the goals. While the balance of THEIR teammates where on a winning team, those other kids weren't doing anything to contribute. They just liked being on a winning team. Who wouldn't. Pretty shallow, right?
My kids, however, all contributed. They worked as a team, tried different positions and came ready to play and always played to win. When the game was over, win or lose, they went to the side of the field, had their snack, and made plans for playdates later in the day. Come on, they had their priorities.
In life they are going to be successful. They learned that you are not always going to win. Nobody wins every game. But they did learn never to give up. While there are more important things in life than playing soccer, the life lessons they are learning now will help define how they approach what hits them later on in life.
And when the game was over, they wanted to hang out with each other off the field. In the car going home, nobody talks about the game. They are too busy planning drop-offs and pick-ups for playdates.
And the message is? While it is normal to feel bad at the start of a RIF, let it go. Be a part of a team that never gives up. Stay positive around your friends and family, be grateful for them, let them know how much YOU care.
More importantly, NEVER EVER, EVER, EVER, GIVE UP! Not on your family, your friends or yourself. You will get another job, get your career back on track, you will prevail.
Right now, enjoy your playdate and get some turkey!
HAVE A WONDERFUL THANKSGIVING!
Labels:
career builder,
jobs,
List of careers,
reduction in force,
resume,
RIF
Wednesday, November 26, 2008
STOP...Give Thanks Tomorrow...and Look Forward to the Future - Mark J. Walker
The point of Thanksgiving is to remember the things we have to be grateful for. It's our special time to give thanks... not just for the obvious, like food, but for the thousands of fortunate moments, the multitude of blessings that we receive each year.
That's not always as easy as it sounds. We tend to remember the bad things much more easily than the good. That's where this article comes in. using the tips below, you can make thankfulness an everyday habit. It's a skill that will benefit you throughout the year.
Think of all the good things that happened because something bad happened first. For example, "If that slow driver hadn't pulled in front of me, I would have gotten a speeding ticket." "If I hadn't tripped on the playground, I would never have met such a nice person." "If I hadn't experienced unemployment, I would never have acquired the skills that got me a more fulfilling job."
Don't focus on what you don't have. Focus on what you do have. For example: "I'm so fortunate to have a warm place to sleep in the winter." "I'm so fortunate to live in a safe neighborhood where I can take walks." "I'm so fortunate to be able to see the beauty around me."
Think about people you've known that have made you thankful for their existence. They can be family, friends or simply people that you've read about or seen on television. Imagine how many other people there are who might be equally as wonderful. You just haven't met them yet.
Think about people who have made life hard for you. Now think about the things you accomplished because of them. Did you finish something because they said that you couldn't? Did you get better at something because they made fun of you when you did it badly? Did their cruel actions make you vow never to treat others that way? Even the negative forces in your life can be hidden blessings, worthy of your gratitude.
Think about the places that make you smile: A favorite hangout, a wooded trail, an exciting city, a great spot from which to view the sky, a hill that you once rolled down. Give thanks for all these things.
Now pass it on. True gratitude involves action. Lend a hand. Pitch in. Make a gift. Give your time. Listen. Give back as often as you can. Even a friendly greeting can make all the difference in the world.
Have a wonderful Thanksgiving. Love your family and friends, continue to keep them close.
That's not always as easy as it sounds. We tend to remember the bad things much more easily than the good. That's where this article comes in. using the tips below, you can make thankfulness an everyday habit. It's a skill that will benefit you throughout the year.
Think of all the good things that happened because something bad happened first. For example, "If that slow driver hadn't pulled in front of me, I would have gotten a speeding ticket." "If I hadn't tripped on the playground, I would never have met such a nice person." "If I hadn't experienced unemployment, I would never have acquired the skills that got me a more fulfilling job."
Don't focus on what you don't have. Focus on what you do have. For example: "I'm so fortunate to have a warm place to sleep in the winter." "I'm so fortunate to live in a safe neighborhood where I can take walks." "I'm so fortunate to be able to see the beauty around me."
Think about people you've known that have made you thankful for their existence. They can be family, friends or simply people that you've read about or seen on television. Imagine how many other people there are who might be equally as wonderful. You just haven't met them yet.
Think about people who have made life hard for you. Now think about the things you accomplished because of them. Did you finish something because they said that you couldn't? Did you get better at something because they made fun of you when you did it badly? Did their cruel actions make you vow never to treat others that way? Even the negative forces in your life can be hidden blessings, worthy of your gratitude.
Think about the places that make you smile: A favorite hangout, a wooded trail, an exciting city, a great spot from which to view the sky, a hill that you once rolled down. Give thanks for all these things.
Now pass it on. True gratitude involves action. Lend a hand. Pitch in. Make a gift. Give your time. Listen. Give back as often as you can. Even a friendly greeting can make all the difference in the world.
Have a wonderful Thanksgiving. Love your family and friends, continue to keep them close.
Labels:
career builder,
jobs,
layoff reduction in force,
resume,
RIF
From a Corporate Job to a Nonprofit - Toddi Gutner
Toddi Gutner writes for the Career section in The Wall Street Journal, www.wsj.com.
As the country continues to shed jobs, laid-off employees may be rethinking their careers. For some, that may mean shifting from just doing well financially to also doing good. Turning your veteran business skills and experience to the world of nonprofit organizations can be rewarding. But there are also challenges. When making a transition to nonprofit management, consider the following:
Expect a pay cut. Depending on the size, location and mission of the nonprofit, salaries will typically be less than those of corporate jobs for many midlevel and entry-level jobs, says Thomas Pollak, program director of the nonprofit National Center for Charitable Statistics at the Urban Institute. At executive and management levels, salaries are often closer to those in the for-profit world. Additional benefits like restricted stock, options and lofty bonuses will be a thing of the past.
Be realistic. There are often considerable financial constraints at a nonprofit that aren't as prevalent in corporate America. Go into the position with realistic expectations of what you can and cannot achieve. Nonprofits need the business skills -- like managing profit and losses -- that executives learn in corporate America. But these organizations rely on often-erratic revenue streams from donations, foundations and grants to fund budgets. Remember, "It will be just as hard to achieve your goals, maybe harder, as in corporate life," says John Challenger, chief executive officer of Challenger Gray & Christmas, an outplacement-services firm in Chicago.
Do a SWOT. When Joyce Barnathan took over as the president of the International Center for Journalists, a nonprofit that aims to raise journalism standards world-wide, she was coming off a 25-year career in media as a top business magazine editor and writer. Like most new leaders in the for-profit world, Ms. Barnathan did a SWOT analysis assessing the organization's Strengths, Weaknesses, Opportunities and Threats. "I had to think about the strengths of the organization and build on them without breaking what isn't broken," says Ms. Barnathan.
Build your team. In corporate America, new leaders often quickly sweep aside current management. Nonprofit managers need to take a more-measured approach with the team they inherit, because nonprofit employees are typically bound together by a common commitment to a cause. Thus, there can be an unspoken understanding that job security is part of the employment package, says Mr. Challenger. Changes may need to be made, but it could take a year to build the team you want.
Prepare to fund raise. One of the key roles of almost every nonprofit manager is to raise money and spread the word about the organization. As a fundraiser, you'll need to attend board committee meetings and cultivate and attend fundraising events. Consider attending nonprofit training courses at the Foundation Center to beef up these skills. For many nonprofit newbies, finding ways to diversify and attract new funding sources is key. "You have to find sophisticated, smart ways to interest a broad array of funders that wouldn't normally back you," says Ms. Barnathan.
As the country continues to shed jobs, laid-off employees may be rethinking their careers. For some, that may mean shifting from just doing well financially to also doing good. Turning your veteran business skills and experience to the world of nonprofit organizations can be rewarding. But there are also challenges. When making a transition to nonprofit management, consider the following:
Expect a pay cut. Depending on the size, location and mission of the nonprofit, salaries will typically be less than those of corporate jobs for many midlevel and entry-level jobs, says Thomas Pollak, program director of the nonprofit National Center for Charitable Statistics at the Urban Institute. At executive and management levels, salaries are often closer to those in the for-profit world. Additional benefits like restricted stock, options and lofty bonuses will be a thing of the past.
Be realistic. There are often considerable financial constraints at a nonprofit that aren't as prevalent in corporate America. Go into the position with realistic expectations of what you can and cannot achieve. Nonprofits need the business skills -- like managing profit and losses -- that executives learn in corporate America. But these organizations rely on often-erratic revenue streams from donations, foundations and grants to fund budgets. Remember, "It will be just as hard to achieve your goals, maybe harder, as in corporate life," says John Challenger, chief executive officer of Challenger Gray & Christmas, an outplacement-services firm in Chicago.
Do a SWOT. When Joyce Barnathan took over as the president of the International Center for Journalists, a nonprofit that aims to raise journalism standards world-wide, she was coming off a 25-year career in media as a top business magazine editor and writer. Like most new leaders in the for-profit world, Ms. Barnathan did a SWOT analysis assessing the organization's Strengths, Weaknesses, Opportunities and Threats. "I had to think about the strengths of the organization and build on them without breaking what isn't broken," says Ms. Barnathan.
Build your team. In corporate America, new leaders often quickly sweep aside current management. Nonprofit managers need to take a more-measured approach with the team they inherit, because nonprofit employees are typically bound together by a common commitment to a cause. Thus, there can be an unspoken understanding that job security is part of the employment package, says Mr. Challenger. Changes may need to be made, but it could take a year to build the team you want.
Prepare to fund raise. One of the key roles of almost every nonprofit manager is to raise money and spread the word about the organization. As a fundraiser, you'll need to attend board committee meetings and cultivate and attend fundraising events. Consider attending nonprofit training courses at the Foundation Center to beef up these skills. For many nonprofit newbies, finding ways to diversify and attract new funding sources is key. "You have to find sophisticated, smart ways to interest a broad array of funders that wouldn't normally back you," says Ms. Barnathan.
Labels:
layoff,
layoff reduction in force,
resume,
RIF
Tuesday, November 25, 2008
Networking - Nancy J. Collamer
Nancy Collamer M.S. is a career counselor and founder of Jobsandmoms.com, a website for professional-level women who are looking for flexible jobs, work-at-home opportunities and innovative work/life resources.
She is the Author of the book, "The Layoff Survival Guide."
Unless you’ve been living on a different planet, you already know that networking is your single best way to learn of job opportunities, even when a specific job opening does not yet exist. Experts estimate that somewhere around 80% of job openings are filled using networking contacts. Hands down, it is the single most important tool of your job search.
That said, I know there are more than a few of you, who upon reading the word, “networking” just felt your stomachs start to churn. You’re thinking, “But I don’t want to turn into a slick salesman who has to pester my friends and family” … “I hate making those phone calls”…”I’d be a whole lot more comfortable just responding to the classifieds.”
I know how you feel. I used to hate to “ask for help.” But, I’ve learned over time that:
• You don’t have to be Slick Willy to be an effective networker – you can adapt networking techniques to a style that works well for you.
• People actually appreciate it when you ask for their assistance because now “you owe them.” Next time they need help, they know you’ll be willing to return the favor.
• Most important, networking helps you succeed. It’s the best way to learn of opportunities before the competition and it’s the most effective way to get a personal introduction to an employer.
Some Common Networking Fears:
I don’t know many people.
Spend some time thinking about this, develop a list and you’ll soon discover that you know many more people than you think. Think of your network in terms of categories:
• Business Associates: Former employers, co-workers, vendors, clients and colleagues
• Personal Contacts: Friends, family, neighbors, schoolmates, sorority or fraternity members, acquaintances you’ve made at church, temple, volunteering or through your children.
• Service Industry Acquaintances: Your hairdresser, banker, doctor, lawyer, real-estate agent, etc.
• People you don’t know personally, but with whom you share a common interest – Alumni associations, Industry groups, PTA, etc.
Spend several days brainstorming, writing down and expanding your networking list – you’ll be amazed at how many people you really do know.
I feel really uncomfortable calling people
Most people do. But you can ease the way, by first sending an e-mail or letter explaining your situation, what you are looking for, and how your contacts can help you. Send the letter, with an attached resume, and a promise to follow-up with a phone call. If you are really nervous, it’s always a good idea to start networking with people with whom you feel most comfortable, and then slowly work towards your more challenging assignments.
What if they don’t have any openings – aren’t I just wasting my time?
Networking is not about calling people up and asking them if they know of any openings. The purpose of networking is to make connections and establish relationships. If you ask people, “Do you have any openings at your company?” and the answer is “No” the conversation can go no further. But, if you approach the conversation with a request to learn more about their company (or position or industry), then you stand a far better chance of getting a receptive audience.
Why would anybody want to speak with me?
Lots of people are nice and want to help. Others will agree because they’ll feel flattered when asked for their input. But even if they’re neither nice nor flattered, chances are they’ll say, “yes” for fear that next time they’ll be the ones asking for help. As the adage goes, “what goes around comes around” and in today’s economy nobody is immune from the workplace/job-search merry-go-round.
How can I build my network?
• Join networking groups
• Frequent job fairs
• Attend trade shows and conventions
• Go to local meetings of professional organizations
• Attend speeches or continuing ed classes in your field of interest
• Read newspapers and trade journals for announcements about new hires or promotions, and then send a letter of congratulations to the appropriate party.
• Get involved with an online newsgroup or e-mail link (see www.yahoo.com for how to start your own online networking group).
Always conclude your networking meetings by asking for the name of somebody else you might speak with. For example: “ Catherine, you have been so helpful to me today. I can’t tell you how much I appreciate your insights. I have one last favor to ask. Would you be able to provide me with the name of another association member who might be willing to meet with me to discuss growth opportunities in our industry?”
By building upon your contacts, your networks will expand exponentially, bringing you into new spheres of influence and possibility.
She is the Author of the book, "The Layoff Survival Guide."
Unless you’ve been living on a different planet, you already know that networking is your single best way to learn of job opportunities, even when a specific job opening does not yet exist. Experts estimate that somewhere around 80% of job openings are filled using networking contacts. Hands down, it is the single most important tool of your job search.
That said, I know there are more than a few of you, who upon reading the word, “networking” just felt your stomachs start to churn. You’re thinking, “But I don’t want to turn into a slick salesman who has to pester my friends and family” … “I hate making those phone calls”…”I’d be a whole lot more comfortable just responding to the classifieds.”
I know how you feel. I used to hate to “ask for help.” But, I’ve learned over time that:
• You don’t have to be Slick Willy to be an effective networker – you can adapt networking techniques to a style that works well for you.
• People actually appreciate it when you ask for their assistance because now “you owe them.” Next time they need help, they know you’ll be willing to return the favor.
• Most important, networking helps you succeed. It’s the best way to learn of opportunities before the competition and it’s the most effective way to get a personal introduction to an employer.
Some Common Networking Fears:
I don’t know many people.
Spend some time thinking about this, develop a list and you’ll soon discover that you know many more people than you think. Think of your network in terms of categories:
• Business Associates: Former employers, co-workers, vendors, clients and colleagues
• Personal Contacts: Friends, family, neighbors, schoolmates, sorority or fraternity members, acquaintances you’ve made at church, temple, volunteering or through your children.
• Service Industry Acquaintances: Your hairdresser, banker, doctor, lawyer, real-estate agent, etc.
• People you don’t know personally, but with whom you share a common interest – Alumni associations, Industry groups, PTA, etc.
Spend several days brainstorming, writing down and expanding your networking list – you’ll be amazed at how many people you really do know.
I feel really uncomfortable calling people
Most people do. But you can ease the way, by first sending an e-mail or letter explaining your situation, what you are looking for, and how your contacts can help you. Send the letter, with an attached resume, and a promise to follow-up with a phone call. If you are really nervous, it’s always a good idea to start networking with people with whom you feel most comfortable, and then slowly work towards your more challenging assignments.
What if they don’t have any openings – aren’t I just wasting my time?
Networking is not about calling people up and asking them if they know of any openings. The purpose of networking is to make connections and establish relationships. If you ask people, “Do you have any openings at your company?” and the answer is “No” the conversation can go no further. But, if you approach the conversation with a request to learn more about their company (or position or industry), then you stand a far better chance of getting a receptive audience.
Why would anybody want to speak with me?
Lots of people are nice and want to help. Others will agree because they’ll feel flattered when asked for their input. But even if they’re neither nice nor flattered, chances are they’ll say, “yes” for fear that next time they’ll be the ones asking for help. As the adage goes, “what goes around comes around” and in today’s economy nobody is immune from the workplace/job-search merry-go-round.
How can I build my network?
• Join networking groups
• Frequent job fairs
• Attend trade shows and conventions
• Go to local meetings of professional organizations
• Attend speeches or continuing ed classes in your field of interest
• Read newspapers and trade journals for announcements about new hires or promotions, and then send a letter of congratulations to the appropriate party.
• Get involved with an online newsgroup or e-mail link (see www.yahoo.com for how to start your own online networking group).
Always conclude your networking meetings by asking for the name of somebody else you might speak with. For example: “ Catherine, you have been so helpful to me today. I can’t tell you how much I appreciate your insights. I have one last favor to ask. Would you be able to provide me with the name of another association member who might be willing to meet with me to discuss growth opportunities in our industry?”
By building upon your contacts, your networks will expand exponentially, bringing you into new spheres of influence and possibility.
Labels:
layoff,
new business,
reduction in force,
resume
Layoff Survival Strategy: Remember Your Spouse is Hurting Too! - Nancy J. Collamer
Nancy Collamer M.S. is a career counselor and founder of Jobsandmoms.com, a website for professional-level women who are looking for flexible jobs, work-at-home opportunities and innovative work/life resources.
She is the Author of the book, "The Layoff Survival Guide."
Having the support of your spouse is one of the most important factors for success in your job search campaign. Yet, all too many unemployed workers, both men and women, proceed with an attitude of, “this is my problem, let me fix it” that ultimately undermines both their relationship and the outcome of their search.
Yes, this may have started out as “your problem” but if you think your spouse isn’t impacted by this turn of events, think again. Not only are your finances intertwined, but virtually every aspect of your next career move -- decisions about relocation, accepting a job that involves significant travel, or having to adjust your lifestyle to accommodate a lower income – all directly impact your spouse and your family.
And during the job search process, your spouse will also be dealing with his/her own hopes and fears about the future. Your wedding vows may not have included, “while employed or unemployed,” but they probably included, “for better or for worse” (or some version thereof). That commitment is worth remembering during this transition.
If you could get inside of your spouses head right now, these are some thoughts you might hear:
Talk to me…please!
If you want me to be supportive, let me know what’s going on. It’s not necessary (or advisable) to discuss every last phone conversation or memo, but do let me know about interviews, major stumbling blocks and job offers as they happen. Keep me posted on your schedule. I won’t disturb you if I know you’re on “work time” but I might ask you to help out around the home if I assume you’re just hanging out.
Don’t be surprised if I get angry with you for taking on a big household project, like painting the exterior of our home. On the other hand, I might also get annoyed if you have the audacity to suggest we hire somebody to paint the house, when you have the time to do so. The truth is sometimes I’m not sure where you should be spending your time and either way there are pitfalls. Let’s work together to discuss and define priorities and avoid getting into a tug of war over these misunderstandings.
Let me help
Allow me the satisfaction of feeling needed in this situation. If you’re not comfortable having me critique your resume, I understand. But, let me do something. I can search the classifieds and clip positions of interest. I can tap into my network and help find useful contacts for informational interviews. I can do some Internet research. Let me help you in ways that work for both of us. By the same token, don’t expect me to be your gopher, stuffing 500 envelopes on demand. If you really need help with mundane tasks, ask me and I’ll try to be of help if I can. But please understand that I also have priorities that need my attention. Respect my time and intelligence and I’ll be more than willing to meet you halfway.
Being supportive and offering constructive criticism is not mutually exclusive
I love you and know that your ego is a bit bruised right now, so I’ll try to be extra kind. However, please understand if I can’t always give you unconditional encouragement and praise. There may be times when I see you do or say something that needs correcting. Try to understand that I am only trying to be helpful. If I hurt your feelings, I’m sorry.
Don’t expect me to pick up your dirty socks!
Just because you’re out of work doesn’t grant you the right to take a vacation from your duties at home. On the contrary, now that you’re home, it’s only reasonable to expect you to pick up a bit more of the home - based chores. Old patterns of “who handles what” may need to be reapportioned, at least temporarily, to better address our current situation.
Remember I’m scared too.
I’ll try to be as supportive as possible, but sometimes my own fears are going to get in the way. Like you, I’m not quite sure what the future holds, and my worries may make me irritable or irrational. Bear with me and I’ll promise to do the same for you. Working together we will get through this.
She is the Author of the book, "The Layoff Survival Guide."
Having the support of your spouse is one of the most important factors for success in your job search campaign. Yet, all too many unemployed workers, both men and women, proceed with an attitude of, “this is my problem, let me fix it” that ultimately undermines both their relationship and the outcome of their search.
Yes, this may have started out as “your problem” but if you think your spouse isn’t impacted by this turn of events, think again. Not only are your finances intertwined, but virtually every aspect of your next career move -- decisions about relocation, accepting a job that involves significant travel, or having to adjust your lifestyle to accommodate a lower income – all directly impact your spouse and your family.
And during the job search process, your spouse will also be dealing with his/her own hopes and fears about the future. Your wedding vows may not have included, “while employed or unemployed,” but they probably included, “for better or for worse” (or some version thereof). That commitment is worth remembering during this transition.
If you could get inside of your spouses head right now, these are some thoughts you might hear:
Talk to me…please!
If you want me to be supportive, let me know what’s going on. It’s not necessary (or advisable) to discuss every last phone conversation or memo, but do let me know about interviews, major stumbling blocks and job offers as they happen. Keep me posted on your schedule. I won’t disturb you if I know you’re on “work time” but I might ask you to help out around the home if I assume you’re just hanging out.
Don’t be surprised if I get angry with you for taking on a big household project, like painting the exterior of our home. On the other hand, I might also get annoyed if you have the audacity to suggest we hire somebody to paint the house, when you have the time to do so. The truth is sometimes I’m not sure where you should be spending your time and either way there are pitfalls. Let’s work together to discuss and define priorities and avoid getting into a tug of war over these misunderstandings.
Let me help
Allow me the satisfaction of feeling needed in this situation. If you’re not comfortable having me critique your resume, I understand. But, let me do something. I can search the classifieds and clip positions of interest. I can tap into my network and help find useful contacts for informational interviews. I can do some Internet research. Let me help you in ways that work for both of us. By the same token, don’t expect me to be your gopher, stuffing 500 envelopes on demand. If you really need help with mundane tasks, ask me and I’ll try to be of help if I can. But please understand that I also have priorities that need my attention. Respect my time and intelligence and I’ll be more than willing to meet you halfway.
Being supportive and offering constructive criticism is not mutually exclusive
I love you and know that your ego is a bit bruised right now, so I’ll try to be extra kind. However, please understand if I can’t always give you unconditional encouragement and praise. There may be times when I see you do or say something that needs correcting. Try to understand that I am only trying to be helpful. If I hurt your feelings, I’m sorry.
Don’t expect me to pick up your dirty socks!
Just because you’re out of work doesn’t grant you the right to take a vacation from your duties at home. On the contrary, now that you’re home, it’s only reasonable to expect you to pick up a bit more of the home - based chores. Old patterns of “who handles what” may need to be reapportioned, at least temporarily, to better address our current situation.
Remember I’m scared too.
I’ll try to be as supportive as possible, but sometimes my own fears are going to get in the way. Like you, I’m not quite sure what the future holds, and my worries may make me irritable or irrational. Bear with me and I’ll promise to do the same for you. Working together we will get through this.
Labels:
career,
career builder,
jobs,
layoff,
layoff reduction in force,
new business,
resume
Monday, November 24, 2008
What to Do When You're Downsized - Alison Doyle
Alison Doyle is a job search expert with many years of experience in human resources, career development, and job searching, with a focus on online job searching and job search technology. She has covered job searching for About.com since 1998.
Alison is the author of Internet Your Way to a New Job: How to Really Find a Job Online (2008) and the About.com Guide to Job Searching (2006).
I recently talked to someone who had relocated to New York City for a job with what he thought was a well-funded start-up company. He had what seemed like a great job, an excellent salary and, of course, oodles of stock options. Six months later, the stock options were almost worthless, the company is laying-off, and it looks like he might be next.
The next item on his agenda might be to stop by a Pink Slip Party, hosted by The Hired Guns for recently downsized workers, recruiters, headhunters, job hunting experts, and career coaches.
What if you have a premonition that you might be next? A party might help, but, more importantly, plan ahead and ask what benefits terminated employees are eligible for. If you've already been laid-off and haven't been informed about benefits, call the Human Resources department at your former employer or your manager to request information on the status of your benefits:
Ask about severance pay, accrued vacation and sick pay, pension benefits, and eligibility for unemployment insurance.
If you have stock ask what will happen to unvested options.
Request information on continuance of health and life insurance benefits. Your employer, if the firm has over 20 employees, is mandated by law to offer health insurance coverage through COBRA to terminated employees at your expense.
Ask about outplacement resources and/or an office with a phone, computer, and printer to use for your job search.
Request a reference letter for your files.
Refocus your energy and use this unexpected windfall of time as an opportunity to reassess your career goals and to get on track to find a new position. Many job seekers have turned a termination into a positive experience. A forced departure from a job has often opened a path to a new, more satisfying, and better paying career that wouldn't have been considered under other circumstances.
Take Care of the Basics
An important task for those unemployed, and for that matter, for all job seekers, is to create a Job Search Action Plan. Before you can implement the plan, however, you need to take care of the basics. The most important issue, in most cases, is income. File for unemployment, if you haven't done so, then consider other ways to supplement your income.
Alison is the author of Internet Your Way to a New Job: How to Really Find a Job Online (2008) and the About.com Guide to Job Searching (2006).
I recently talked to someone who had relocated to New York City for a job with what he thought was a well-funded start-up company. He had what seemed like a great job, an excellent salary and, of course, oodles of stock options. Six months later, the stock options were almost worthless, the company is laying-off, and it looks like he might be next.
The next item on his agenda might be to stop by a Pink Slip Party, hosted by The Hired Guns for recently downsized workers, recruiters, headhunters, job hunting experts, and career coaches.
What if you have a premonition that you might be next? A party might help, but, more importantly, plan ahead and ask what benefits terminated employees are eligible for. If you've already been laid-off and haven't been informed about benefits, call the Human Resources department at your former employer or your manager to request information on the status of your benefits:
Ask about severance pay, accrued vacation and sick pay, pension benefits, and eligibility for unemployment insurance.
If you have stock ask what will happen to unvested options.
Request information on continuance of health and life insurance benefits. Your employer, if the firm has over 20 employees, is mandated by law to offer health insurance coverage through COBRA to terminated employees at your expense.
Ask about outplacement resources and/or an office with a phone, computer, and printer to use for your job search.
Request a reference letter for your files.
Refocus your energy and use this unexpected windfall of time as an opportunity to reassess your career goals and to get on track to find a new position. Many job seekers have turned a termination into a positive experience. A forced departure from a job has often opened a path to a new, more satisfying, and better paying career that wouldn't have been considered under other circumstances.
Take Care of the Basics
An important task for those unemployed, and for that matter, for all job seekers, is to create a Job Search Action Plan. Before you can implement the plan, however, you need to take care of the basics. The most important issue, in most cases, is income. File for unemployment, if you haven't done so, then consider other ways to supplement your income.
Labels:
layoff,
layoff reduction in force,
new business,
resume
Sunday, November 23, 2008
How to File for Unemployment Benefits - Nancy Collamer
Nancy Collamer M.S. is a career counselor and founder of Jobsandmoms.com, a website for professional-level women who are looking for flexible jobs, work-at-home opportunities and innovative work/life resources.
She is the Author of the book, "The Layoff Survival Guide."
Filing for unemployment benefits used to be a depressing and humiliating process. Fortunately, the process for filing a claim has been simplified in recent years. In many states, you can now file by telephone, removing the stigma of having to stand on long lines at the unemployment office. Once your claim is processed, you’ll be required to call in once a week to keep your account active. Here are some commonly asked questions about unemployment:
When Should I file?
Your claim should be filed in the first week that you have become totally or partially unemployed. Do not delay filing a claim if you do not have your pink slip or if you are uncertain whether you are eligible for benefits for any reason.
Filing immediately is important for two reasons:
1. Ordinarily, you do not get paid for the weeks prior to the week you filed your claim. Benefits will not be paid retroactively for weeks preceding the filing of your claim unless it is established through a hearing process that good cause for late filing existed.
2. It generally takes 2-3 weeks to receive a benefit check so you want to get the process rolling ASAP.
Where do I go to file a claim?
In reality, you may not need to go anywhere as the majority of states now accept unemployment claims via telephone. To find the unemployment office in your state, go to Google and input the name of your state and "filing for unemployment benefits" into the search box.
What if I live in one state but worked in another?
First, contact the state where you live. If you are ineligible for benefits in your home state, they can direct you to the proper office.
What documents will I need to file?
Here again, the specifics vary from state to state. In general you will be asked for:
Your Social Security number.
Your mailing address and zip code.
A telephone number where you can be contacted for additional information.
A paystub.
The names and addresses of all employers for whom you've worked within the last 18 months, including those in another state.
If you do not have all of the documents listed above, you may still file a claim. There may be some delay, however, in receiving your first payment.
How much will I receive?
Assuming you meet the requirements for eligibility your weekly benefit will be calculated based on your prior compensation. The maximum payment you are eligible to receive, as well as the number of weeks you can get paid in one year, varies from state to state.
Be aware that unemployment compensation is taxable income. When you work, your employer withholds money from each paycheck to pay taxes. But when you receive unemployment compensation, nothing is automatically withheld from your check. This means you may have to pay estimated tax to meet your tax obligation. You can find out more about estimated tax and how to pay it by calling or visiting your local IRS office.
Other services offered by unemployment:
In addition to providing unemployment compensation, there are a host of job search and entrepreneurial assistance programs provided free of charge by the state unemployment offices. While the quality of the programs vary from state to state, I have been duly impressed by the scope and professionalism offered by some of the programs located in my home state. Give them a try – you may be pleasantly surprised!
Who is eligible to collect unemployment?
Employees are eligible for unemployment benefits only if they are out of work through no fault of their own. This means that if you have been laid-off, you should be eligible to collect unemployment benefits.
Are unemployment rules administered by the federal government?
No. Unemployment insurance programs are run by each state. Each state determines who is eligible for benefits, benefit amounts, and the length of time workers can receive benefits.
Can I still collect unemployment if I am paid a severance package?
The answer to this question depends mainly on the method used to pay out your severance. If your company terminates your employment, but continues to pay your salary as a severance payment for a fixed number of weeks, you might have to wait to collect unemployment until after the payment stops. If you are paid a lump-sum severance payment upon termination, you might be eligible to immediately collect unemployment benefits. In either situation, file for benefits immediately, and then let your state unemployment office make a determination regarding your eligibility.
Can I collect unemployment benefits if I was fired due to poor performance?
In most states, if you were fired for poor performance (i.e., lack of skills, errors in judgment or failure to meet performance goals) you will still be eligible to collect unemployment. However if your termination is due to “willful misconduct” you will not be able to receive unemployment benefits. Willful misconduct is considered to be behavior that is serious, deliberate and intentionally destructive to the company. However, the determination of what constitutes willful misconduct is determined on a case-by-case basis, and can vary depending upon the state where the termination hearing takes place.
I was an independent contractor on a long-term assignment at a firm that just had massive layoffs. Can I collect unemployment?
Unfortunately, no. Independent contractors are generally not eligible for unemployment insurance benefits.
Are unemployment benefits considered taxable income?
Yes, they are! Most states do not automatically withhold taxes from benefit checks, but you may elect to have the tax withheld by the State Unemployment Insurance agency.
Can I collect unemployment benefits if I worked part-time?
Some states do pay part-time employees benefits. Call your local unemployment office to get information specific to your state.
How long will it take to get my first unemployment check?
In general, it takes two to three weeks after you file your claim to receive your first benefit check.
I think I now want to start my own business. Can I still collect unemployment while I work on my business plan?
Some states pay a self-employed allowance, instead of regular unemployment insurance benefits, to help unemployed workers while they are establishing businesses and becoming self-employed. Participants receive weekly allowances while they are getting their businesses off the ground. This is a voluntary program and as of this writing, Delaware, Maine, Maryland, New Jersey, New York, Oregon and Pennsylvania have Self Employment Assistance programs.
How do I get in contact with my state unemployment office? Click here to find out how to collect unemployment in your state.
She is the Author of the book, "The Layoff Survival Guide."
Filing for unemployment benefits used to be a depressing and humiliating process. Fortunately, the process for filing a claim has been simplified in recent years. In many states, you can now file by telephone, removing the stigma of having to stand on long lines at the unemployment office. Once your claim is processed, you’ll be required to call in once a week to keep your account active. Here are some commonly asked questions about unemployment:
When Should I file?
Your claim should be filed in the first week that you have become totally or partially unemployed. Do not delay filing a claim if you do not have your pink slip or if you are uncertain whether you are eligible for benefits for any reason.
Filing immediately is important for two reasons:
1. Ordinarily, you do not get paid for the weeks prior to the week you filed your claim. Benefits will not be paid retroactively for weeks preceding the filing of your claim unless it is established through a hearing process that good cause for late filing existed.
2. It generally takes 2-3 weeks to receive a benefit check so you want to get the process rolling ASAP.
Where do I go to file a claim?
In reality, you may not need to go anywhere as the majority of states now accept unemployment claims via telephone. To find the unemployment office in your state, go to Google and input the name of your state and "filing for unemployment benefits" into the search box.
What if I live in one state but worked in another?
First, contact the state where you live. If you are ineligible for benefits in your home state, they can direct you to the proper office.
What documents will I need to file?
Here again, the specifics vary from state to state. In general you will be asked for:
Your Social Security number.
Your mailing address and zip code.
A telephone number where you can be contacted for additional information.
A paystub.
The names and addresses of all employers for whom you've worked within the last 18 months, including those in another state.
If you do not have all of the documents listed above, you may still file a claim. There may be some delay, however, in receiving your first payment.
How much will I receive?
Assuming you meet the requirements for eligibility your weekly benefit will be calculated based on your prior compensation. The maximum payment you are eligible to receive, as well as the number of weeks you can get paid in one year, varies from state to state.
Be aware that unemployment compensation is taxable income. When you work, your employer withholds money from each paycheck to pay taxes. But when you receive unemployment compensation, nothing is automatically withheld from your check. This means you may have to pay estimated tax to meet your tax obligation. You can find out more about estimated tax and how to pay it by calling or visiting your local IRS office.
Other services offered by unemployment:
In addition to providing unemployment compensation, there are a host of job search and entrepreneurial assistance programs provided free of charge by the state unemployment offices. While the quality of the programs vary from state to state, I have been duly impressed by the scope and professionalism offered by some of the programs located in my home state. Give them a try – you may be pleasantly surprised!
Who is eligible to collect unemployment?
Employees are eligible for unemployment benefits only if they are out of work through no fault of their own. This means that if you have been laid-off, you should be eligible to collect unemployment benefits.
Are unemployment rules administered by the federal government?
No. Unemployment insurance programs are run by each state. Each state determines who is eligible for benefits, benefit amounts, and the length of time workers can receive benefits.
Can I still collect unemployment if I am paid a severance package?
The answer to this question depends mainly on the method used to pay out your severance. If your company terminates your employment, but continues to pay your salary as a severance payment for a fixed number of weeks, you might have to wait to collect unemployment until after the payment stops. If you are paid a lump-sum severance payment upon termination, you might be eligible to immediately collect unemployment benefits. In either situation, file for benefits immediately, and then let your state unemployment office make a determination regarding your eligibility.
Can I collect unemployment benefits if I was fired due to poor performance?
In most states, if you were fired for poor performance (i.e., lack of skills, errors in judgment or failure to meet performance goals) you will still be eligible to collect unemployment. However if your termination is due to “willful misconduct” you will not be able to receive unemployment benefits. Willful misconduct is considered to be behavior that is serious, deliberate and intentionally destructive to the company. However, the determination of what constitutes willful misconduct is determined on a case-by-case basis, and can vary depending upon the state where the termination hearing takes place.
I was an independent contractor on a long-term assignment at a firm that just had massive layoffs. Can I collect unemployment?
Unfortunately, no. Independent contractors are generally not eligible for unemployment insurance benefits.
Are unemployment benefits considered taxable income?
Yes, they are! Most states do not automatically withhold taxes from benefit checks, but you may elect to have the tax withheld by the State Unemployment Insurance agency.
Can I collect unemployment benefits if I worked part-time?
Some states do pay part-time employees benefits. Call your local unemployment office to get information specific to your state.
How long will it take to get my first unemployment check?
In general, it takes two to three weeks after you file your claim to receive your first benefit check.
I think I now want to start my own business. Can I still collect unemployment while I work on my business plan?
Some states pay a self-employed allowance, instead of regular unemployment insurance benefits, to help unemployed workers while they are establishing businesses and becoming self-employed. Participants receive weekly allowances while they are getting their businesses off the ground. This is a voluntary program and as of this writing, Delaware, Maine, Maryland, New Jersey, New York, Oregon and Pennsylvania have Self Employment Assistance programs.
How do I get in contact with my state unemployment office? Click here to find out how to collect unemployment in your state.
Labels:
better resume,
layoff,
layoff reduction in force,
new business
Friday, November 21, 2008
Rising from the ashes: the aftermath of being fired - Career Management - Column - Barbara J. Linney
Barbara J. Linney, MA, is Director of Career Development for the American College of Physician Executives, Tampa, Fla., and a member of its faculty.
Firing is a devastating event, even if recruiters call you fairly regulary about other possibilities. The rejection feels personal, and it takes some time to get over the initial shock. The support of a well-developed network of professional contracts, family, and friends soften the blow. After a short period of grieving, it is important to get busy and contact people in order to move to the next phase of your career. I recently interviewed a member of the College who was fired unexpectedly. The story provides valuable insights for others who may face this potentially destructive event. Because of the sensitive nature of the story, the physician executive asked for and received anonymity, and details of the story have been altered to further protect the physician's identity.
What position did you have at the time you were fired?
I was Chief Medical Officer of a large tertiary hospital in the Northwest. I had been there a little more than two years. The hospital had a high number of Medicare patients, and it was hit hard by DRGs, the first wave of managed care to hit hospitals. One of my roles was change agent to influence physician practice patterns. We turned around a lot of the cost problems by looking at physician behavior.
The CEO who hired me retired, and a new CEO was brought in. He pulled a group of senior managers together, and we went on a two-day retreat. The word was, "You are the group I'm keeping." During my entire tenure, the medical director whom I had been hired to replace never left the premises. The role that he had developed for himself never evolved, and there was no funding for it.
How did it happen?
I was informed that I had been terminated by letter, which the CEO's secretary brought to me about 4:00 one Friday afternoon. This was less than three weeks after the retreat where I was told I was part of the team. It was not too long after I had received a raise, all sorts of commendations, certain financial securities and parachutes as a reward for a job well done. I was on top of the world, and yet, within no more than 4-6 weeks, my world came tumbling down. The letter said, "We have one too many physician managers. You've done a good job, but you are the last in and the first out. We can't afford three and we need two."
I managed to leave the office with my head held high. I thought my world had collapsed. I came home that afternoon and my wife said, "What are you doing home so early?" Because I never came home at 4:00. 1 usually came home at 6:00 or 7:00. 1 sat down on the edge of the chair and I said, "I've lost my faith in humanity. I've lost my job, and I cried. I don't cry very often, but I cried. To my wife's credit, after a few minutes she picked me up and said, "Go clean up. We're going to go out, have dinner, and celebrate the move to the next stage of the rest of our lives."
I forced the CEO to write to the medical staff exactly what had happened. I didn't want to have to explain it to everybody. I knew it would get out, and I wanted the CEO to go up front and explain what happened and why. I also jumped all over him for the way he did it. He needed to have the guts to look me in the eye. I told him I respected the fact that he was paid to make hard decisions, that although I didn't agree with his decision, I respected his right to make that decision. It was just handed to me the wrong way.
What was the worst part of being fired?
The worst part was the abject shock. I knew there were some warning signs--the other fellow never left, a new CEO came in, the CEO and the previous medical director had been friends--and yet I felt fairly secure, mainly because of the rewards I had received, the validation at the retreat, the parachute that was given to me for a job well done. I was still blindsided, and the pain of that time and of the next few days and the humiliation of telling my wife and family was probably the most difficult thing I've ever gone through in my life.
As you look back at it, was there a good part to it for your life and for your future?
Yes. It forces you to take stock, to use this time to pause and rethink where you are in your career and where you want to be. It validates the fact that you can pick yourself up off the floor, and you can wipe the blood off your nose, and you can climb up and achieve things that you may not have gotten before through the support of friends and family and networking and just digging down deep into yourself I think the measure of a person is how they respond to adversity. As painful as it was, it tests you. I probably have a greater feeling of self-worth now that I've picked myself up. I had a family that stood by me, a network that stood by me. I had more opportunities than you can shake a stick at. I'm a whole lot smarter.
I couldn't say the "f" word for a while. I would explain the situation and not say the word. It is one of those words that sounds like what it is. I think that is called onomatopoeia. Fired is a harsh cutting word. Now I can tell people I was fired. I don't have to tell them I was terminated.
How long did it take to feel better?
I think it took 2 to 4 weeks. [We were talking on the phone and he called to his wife in another room and said, "How long did it take me before I was out of a funk?" She called back, "Four and closer to eight weeks."] For a while you just beat yourself up.
What helped you?
The first week, I called a friend and a professional career counselor whose business it was to counsel and advise people at a time like this. I kept a diary at his recommendation. I wouldn't have done it on my own. I still haven't looked at it. It's here. When we make explicit what was implicit, it has a different meaning. It's like when you are forced to write down your goals and put them on paper, it has a different meaning than if you just think them. The exercise of going through that had a bit of a healing effect, purging yourself of the demons. I recommend that you seek professional advice and don't be too proud to do that and think that you know everything about everything.
I made a business of resurrecting my career and moving forward. Each morning I got dressed, went into the office in my home, and went to work. I kept a calendar, I had hours and I had appointments. I just started turning over stones, and fortunately I had kept my resume with most of the physician executive head hunters. I called some key people in the college. I found another position in three months.
Are there things you wish you had or hadn't done?
I've thought about it a 100 million times. At times, I don't think so. I was proud of the job I did. At other times, I've thought I could have been more politically adroit. I could have spent more time with some of the key power players of the hospital.
Are there lessons you have learned?
One of the things I've learned is that we need to take responsibility for all that happens to us. Any time there's failure or something doesn't work out, you have to assume it wasn't all just circumstances. Perhaps there were some things you could have done better, some things you didn't do or politically you could have been more astute.
Sure there is a political piece to it. The guy in the background came back in and did my job. I was a change agent. I wasn't a caretaker medical director, I had not grown up in that hospital. I didn't have the long history.
Unfortunately, it has made me more skeptical. By nature I believe in humanity and I like to have faith in and trust other human beings. It's made me a little bit jaded, and I think that is probably wise from a business perspective. I don't like it from a humanitarian perspective, because I tend to believe in the good in people and they have to prove me wrong. I've become more cynical since then, but I've also come to realize that business is business and if possible try not even to personalize it because it wasn't personal.
Also, I learned: As long as you are working for somebody else, there is no absolute security. No matter what is said or written, there is no absolute security. Changes take place in organizations at lots of different levels all the time. When you work for someone, you are a commodity. A lot of times, when a new CEO comes in, he or she makes a lot of changes, right or wrong, good or bad.
Does anything else come to mind?
I've got great things to say about the ACPE, because, without the College, first of all, I probably never would have gotten some of those positions. I think one of the undervalued parts of the College is the network. Every time I have called anybody and asked for advice and counsel, there has just been an outpouring of help. I don't know if it is underutilized, but I didn't appreciate the power of the organization until I went through that, and I'll be forever grateful. That is one of the reasons I'm so involved and why I'm trying to give back, because I don't know what I would have done without an anchor. I guess I would have survived, but it sure made it a lot easier. We all need anchors in the storm. Word leaked out. People in the College called and said, "Have you considered this? Have you considered that?"
You have to prepare as if it going to happen. You have to have everything in place as if you could get fired tomorrow. Never, never, never assume that it can't or won't happen to you. If you chronicle the lives of most successful business people, many of them have had a similar experience somewhere along the way, whether it was in early, middle, or senior management.
Being fired is like being smacked with a whip. You go into your office one day and "blam," it happens and your whole world collapses. Is everything in place? Do you have a network? Do its members understand what you do? Is your resume current? Have you kept yourself in visible positions by writing or speaking or taking leadership roles in the organization? Preparation ahead of time is essential.
Also, take the high road. Don't point fingers. Don't blame what happened on anyone else. In fact you don't have to blame it on anyone. It's just that certain things happen. Accept your fate. I watched my favorite pro basketball team last night, and they just got shellacked. Some days you just get shellacked; you just keep your mouth shut and you move ahead. Many people get fired, but when you go blaming other people, you are hurting yourself. You're not going to hurt the organization. Sooner or later, it will come back and just kill you.
COPYRIGHT 1996 American College of Physician Executives
COPYRIGHT 2004 Gale Group
Firing is a devastating event, even if recruiters call you fairly regulary about other possibilities. The rejection feels personal, and it takes some time to get over the initial shock. The support of a well-developed network of professional contracts, family, and friends soften the blow. After a short period of grieving, it is important to get busy and contact people in order to move to the next phase of your career. I recently interviewed a member of the College who was fired unexpectedly. The story provides valuable insights for others who may face this potentially destructive event. Because of the sensitive nature of the story, the physician executive asked for and received anonymity, and details of the story have been altered to further protect the physician's identity.
What position did you have at the time you were fired?
I was Chief Medical Officer of a large tertiary hospital in the Northwest. I had been there a little more than two years. The hospital had a high number of Medicare patients, and it was hit hard by DRGs, the first wave of managed care to hit hospitals. One of my roles was change agent to influence physician practice patterns. We turned around a lot of the cost problems by looking at physician behavior.
The CEO who hired me retired, and a new CEO was brought in. He pulled a group of senior managers together, and we went on a two-day retreat. The word was, "You are the group I'm keeping." During my entire tenure, the medical director whom I had been hired to replace never left the premises. The role that he had developed for himself never evolved, and there was no funding for it.
How did it happen?
I was informed that I had been terminated by letter, which the CEO's secretary brought to me about 4:00 one Friday afternoon. This was less than three weeks after the retreat where I was told I was part of the team. It was not too long after I had received a raise, all sorts of commendations, certain financial securities and parachutes as a reward for a job well done. I was on top of the world, and yet, within no more than 4-6 weeks, my world came tumbling down. The letter said, "We have one too many physician managers. You've done a good job, but you are the last in and the first out. We can't afford three and we need two."
I managed to leave the office with my head held high. I thought my world had collapsed. I came home that afternoon and my wife said, "What are you doing home so early?" Because I never came home at 4:00. 1 usually came home at 6:00 or 7:00. 1 sat down on the edge of the chair and I said, "I've lost my faith in humanity. I've lost my job, and I cried. I don't cry very often, but I cried. To my wife's credit, after a few minutes she picked me up and said, "Go clean up. We're going to go out, have dinner, and celebrate the move to the next stage of the rest of our lives."
I forced the CEO to write to the medical staff exactly what had happened. I didn't want to have to explain it to everybody. I knew it would get out, and I wanted the CEO to go up front and explain what happened and why. I also jumped all over him for the way he did it. He needed to have the guts to look me in the eye. I told him I respected the fact that he was paid to make hard decisions, that although I didn't agree with his decision, I respected his right to make that decision. It was just handed to me the wrong way.
What was the worst part of being fired?
The worst part was the abject shock. I knew there were some warning signs--the other fellow never left, a new CEO came in, the CEO and the previous medical director had been friends--and yet I felt fairly secure, mainly because of the rewards I had received, the validation at the retreat, the parachute that was given to me for a job well done. I was still blindsided, and the pain of that time and of the next few days and the humiliation of telling my wife and family was probably the most difficult thing I've ever gone through in my life.
As you look back at it, was there a good part to it for your life and for your future?
Yes. It forces you to take stock, to use this time to pause and rethink where you are in your career and where you want to be. It validates the fact that you can pick yourself up off the floor, and you can wipe the blood off your nose, and you can climb up and achieve things that you may not have gotten before through the support of friends and family and networking and just digging down deep into yourself I think the measure of a person is how they respond to adversity. As painful as it was, it tests you. I probably have a greater feeling of self-worth now that I've picked myself up. I had a family that stood by me, a network that stood by me. I had more opportunities than you can shake a stick at. I'm a whole lot smarter.
I couldn't say the "f" word for a while. I would explain the situation and not say the word. It is one of those words that sounds like what it is. I think that is called onomatopoeia. Fired is a harsh cutting word. Now I can tell people I was fired. I don't have to tell them I was terminated.
How long did it take to feel better?
I think it took 2 to 4 weeks. [We were talking on the phone and he called to his wife in another room and said, "How long did it take me before I was out of a funk?" She called back, "Four and closer to eight weeks."] For a while you just beat yourself up.
What helped you?
The first week, I called a friend and a professional career counselor whose business it was to counsel and advise people at a time like this. I kept a diary at his recommendation. I wouldn't have done it on my own. I still haven't looked at it. It's here. When we make explicit what was implicit, it has a different meaning. It's like when you are forced to write down your goals and put them on paper, it has a different meaning than if you just think them. The exercise of going through that had a bit of a healing effect, purging yourself of the demons. I recommend that you seek professional advice and don't be too proud to do that and think that you know everything about everything.
I made a business of resurrecting my career and moving forward. Each morning I got dressed, went into the office in my home, and went to work. I kept a calendar, I had hours and I had appointments. I just started turning over stones, and fortunately I had kept my resume with most of the physician executive head hunters. I called some key people in the college. I found another position in three months.
Are there things you wish you had or hadn't done?
I've thought about it a 100 million times. At times, I don't think so. I was proud of the job I did. At other times, I've thought I could have been more politically adroit. I could have spent more time with some of the key power players of the hospital.
Are there lessons you have learned?
One of the things I've learned is that we need to take responsibility for all that happens to us. Any time there's failure or something doesn't work out, you have to assume it wasn't all just circumstances. Perhaps there were some things you could have done better, some things you didn't do or politically you could have been more astute.
Sure there is a political piece to it. The guy in the background came back in and did my job. I was a change agent. I wasn't a caretaker medical director, I had not grown up in that hospital. I didn't have the long history.
Unfortunately, it has made me more skeptical. By nature I believe in humanity and I like to have faith in and trust other human beings. It's made me a little bit jaded, and I think that is probably wise from a business perspective. I don't like it from a humanitarian perspective, because I tend to believe in the good in people and they have to prove me wrong. I've become more cynical since then, but I've also come to realize that business is business and if possible try not even to personalize it because it wasn't personal.
Also, I learned: As long as you are working for somebody else, there is no absolute security. No matter what is said or written, there is no absolute security. Changes take place in organizations at lots of different levels all the time. When you work for someone, you are a commodity. A lot of times, when a new CEO comes in, he or she makes a lot of changes, right or wrong, good or bad.
Does anything else come to mind?
I've got great things to say about the ACPE, because, without the College, first of all, I probably never would have gotten some of those positions. I think one of the undervalued parts of the College is the network. Every time I have called anybody and asked for advice and counsel, there has just been an outpouring of help. I don't know if it is underutilized, but I didn't appreciate the power of the organization until I went through that, and I'll be forever grateful. That is one of the reasons I'm so involved and why I'm trying to give back, because I don't know what I would have done without an anchor. I guess I would have survived, but it sure made it a lot easier. We all need anchors in the storm. Word leaked out. People in the College called and said, "Have you considered this? Have you considered that?"
You have to prepare as if it going to happen. You have to have everything in place as if you could get fired tomorrow. Never, never, never assume that it can't or won't happen to you. If you chronicle the lives of most successful business people, many of them have had a similar experience somewhere along the way, whether it was in early, middle, or senior management.
Being fired is like being smacked with a whip. You go into your office one day and "blam," it happens and your whole world collapses. Is everything in place? Do you have a network? Do its members understand what you do? Is your resume current? Have you kept yourself in visible positions by writing or speaking or taking leadership roles in the organization? Preparation ahead of time is essential.
Also, take the high road. Don't point fingers. Don't blame what happened on anyone else. In fact you don't have to blame it on anyone. It's just that certain things happen. Accept your fate. I watched my favorite pro basketball team last night, and they just got shellacked. Some days you just get shellacked; you just keep your mouth shut and you move ahead. Many people get fired, but when you go blaming other people, you are hurting yourself. You're not going to hurt the organization. Sooner or later, it will come back and just kill you.
COPYRIGHT 1996 American College of Physician Executives
COPYRIGHT 2004 Gale Group
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Why Buy an Existing Business? - Richard Parker
Richard Parker is the author of How To Buy A Good Business At A Great Price. This best-selling program contains over 500 pages covering every stage of the business-buying process. Visit www.diomo.com.
With so many options available to you, the question will become which path of the business ownership arena should you pursue? Between franchises, existing businesses, and start-ups, it can become a bit overwhelming. However, there is one choice that makes the most sense if you want to have your own business.
Your chances of success are clearly best when you buy an existing, profitable business for many reasons which we'll discuss in a moment.
While the idea of a franchise appeals to many people, don’t buy a new location; buy a resale that's already successful. This way, you marry the best of franchises and existing businesses.
With a start-up you have two challenges: developing the product or service and then seeing what, if anything, people are willing to pay you for it. It’s a lot of guessing. On paper the plans usually sound great but the results tell a different story. 96% of all start-ups fail in the first five years.
Ease of InvestigationWith an existing business you will have access to actual historical information that will allow you to thoroughly investigate its past activities, the financials, the market, the customers, the industry, the employees, the competition, its operations, its current status, and its future potential.
Regardless of a company's past performance, an existing business or franchise resale will, at the very least, have a history from which you will be able to make certain decisions. Even if the company was not very profitable in the past, your strengths may lend themselves perfectly to turning it into a viable venture. Furthermore, you have the ability to verify what the company did in the past that resulted in the current status of the operation.
Clearly, this information-gathering stage will be substantially more accurate and easier to obtain when dealing with an existing business since you have the actual history.
In a start-up, everything is a guess.
A new franchise offers absolutely no guarantee of how well or poorly the business will do. At best, you may have some comparable data but it’s not reality. A new franchise is basically a start-up that has enjoyed some success in some other locations under certain conditions.
Ready Made InfrastructureWhen you buy an existing business you will have the benefit of a built-in infrastructure. You will inherit active customers, suppliers, employees, equipment and systems. This will allow you to focus on building the business as opposed to a start-up or new franchise where you're starting with nothing.
Sales will be generated the day you take over. In fact, when done right you can get the keys to your business on Monday and take a pay check on Friday!
Purchase Price DifferencesBuying an existing business does not mean that it will cost you more. In fact, many times it's less expensive than launching a start-up. Even in those cases where it may require a premium, at least you know what you are getting. Plus, with the right information you can negotiate incredible deal terms that you could not achieve with a new business.
Over ninety percent of our clients negotiate seller financing.
Flexibility in NegotiatingYou will have far more flexibility when negotiating the purchase of an existing business or franchise versus any other options available; it's not even close!
Everything from the purchase price to financing is open to negotiation. However, there is a lot you need to know in order to buy a good, solid business that can become great with you at the helm. When you have access to the right information and advice you’re going to make the right decisions.
Once you buy a good existing business you will hit the ground running and have a foundation in place from which you can really grow the company.
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
With so many options available to you, the question will become which path of the business ownership arena should you pursue? Between franchises, existing businesses, and start-ups, it can become a bit overwhelming. However, there is one choice that makes the most sense if you want to have your own business.
Your chances of success are clearly best when you buy an existing, profitable business for many reasons which we'll discuss in a moment.
While the idea of a franchise appeals to many people, don’t buy a new location; buy a resale that's already successful. This way, you marry the best of franchises and existing businesses.
With a start-up you have two challenges: developing the product or service and then seeing what, if anything, people are willing to pay you for it. It’s a lot of guessing. On paper the plans usually sound great but the results tell a different story. 96% of all start-ups fail in the first five years.
Ease of InvestigationWith an existing business you will have access to actual historical information that will allow you to thoroughly investigate its past activities, the financials, the market, the customers, the industry, the employees, the competition, its operations, its current status, and its future potential.
Regardless of a company's past performance, an existing business or franchise resale will, at the very least, have a history from which you will be able to make certain decisions. Even if the company was not very profitable in the past, your strengths may lend themselves perfectly to turning it into a viable venture. Furthermore, you have the ability to verify what the company did in the past that resulted in the current status of the operation.
Clearly, this information-gathering stage will be substantially more accurate and easier to obtain when dealing with an existing business since you have the actual history.
In a start-up, everything is a guess.
A new franchise offers absolutely no guarantee of how well or poorly the business will do. At best, you may have some comparable data but it’s not reality. A new franchise is basically a start-up that has enjoyed some success in some other locations under certain conditions.
Ready Made InfrastructureWhen you buy an existing business you will have the benefit of a built-in infrastructure. You will inherit active customers, suppliers, employees, equipment and systems. This will allow you to focus on building the business as opposed to a start-up or new franchise where you're starting with nothing.
Sales will be generated the day you take over. In fact, when done right you can get the keys to your business on Monday and take a pay check on Friday!
Purchase Price DifferencesBuying an existing business does not mean that it will cost you more. In fact, many times it's less expensive than launching a start-up. Even in those cases where it may require a premium, at least you know what you are getting. Plus, with the right information you can negotiate incredible deal terms that you could not achieve with a new business.
Over ninety percent of our clients negotiate seller financing.
Flexibility in NegotiatingYou will have far more flexibility when negotiating the purchase of an existing business or franchise versus any other options available; it's not even close!
Everything from the purchase price to financing is open to negotiation. However, there is a lot you need to know in order to buy a good, solid business that can become great with you at the helm. When you have access to the right information and advice you’re going to make the right decisions.
Once you buy a good existing business you will hit the ground running and have a foundation in place from which you can really grow the company.
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
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Thursday, November 20, 2008
Six Reasons to Make a Career Change - Dawn Rosenberg McKay
Dawn has been the Career Planning Guide on About.com since 1997. She ran a job and education information center at a large public library for over five years, working with clients who were going through career transitions, such as career change and job loss. Dawn also assisted new high school and college graduates during the transition from school to starting a career. She has led workshops on resume writing, job interviewing, networking and job searching on the Internet. Dawn is also the author of The Everything Practice Interview Book and The Everything Get-a-Job Book, both published by Adams Media, as well as several civil service test preparation books that were published by Peterson's and Pearson Education.
The average person can expect to change careers several times in his or her lifetime. One reason for all these career changes is that people often don't make informed choices. While making an informed decision regarding your career is a good way to help insure that the career you choose is right for you, it doesn't guarantee it. Even if you follow all the prescribed steps and choose a career that is right for you, it may not remain your best choice forever. Here are some reasons to consider leaving your current career for a new one.
You Should Consider a Career Change If ...
Your Life Has Changed: When you chose your career your life may have been different than it is today. For example you may have been single then and now you have a family. The crazy schedule or the frequent travel that is typical of your career may not suit your new lifestyle. You should look for an occupation that is more "family friendly."
The Job Outlook in Your Field Has Worsened: Things looked promising for your field when you entered it. Due to changes in technology, the economy, or the industry you work in, job opportunities are no longer plentiful. You should look for an occupation that has a better outlook.
You Are Experiencing Job Burnout: Once upon a time you loved going to work everyday. You no longer feel that way. You can't stand doing your job anymore and changing employers hasn't helped. It could be time to find a career that will inspire you.
Your Job is Too Stressful: Some occupations are inherently stressful. After a while the stress can become too much to handle. To preserve your mental and physical health, you may have to find a career that is less stressful.
You Find Your Work Boring: When you did your initial research, the occupation you ultimately chose had a lot of advancement opportunities. Now that you've been working in that field, you've climbed as far up the ladder as you can go, and you miss the challenges you once faced. A career change can provide you with the challenge you crave.
You Want to Earn More Money: You may be surprised to learn that money isn't at the top of the list when it comes to job satisfaction. Therefore, don't be surprised if a career that will bring you higher earnings isn't one you will find particularly satisfying. That said, if other reasons are leading you to consider a career change, higher earnings should be something you consider when you choose a new career.
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Franchises - Things To Consider - Richard Parker
Richard Parker is the author of How To Buy A Good Business At A Great Price. This best-selling program contains over 500 pages covering every stage of the business-buying process. Visit www.diomo.com.
The franchise concept is an incredible one. Gather all of the ingredients specific to a business and formulate a recipe that can be duplicated over and over again by anybody. When someone refers to a "turn key" operation, the most likely example is a properly orchestrated franchise. Although the recipe has been set, it still requires the input and management of the right owner to ensure an individual location is successful.
The Bad NewsA franchise is by no means a guarantee of success. Plus, a new franchise is basically a start-up with some advantages. Master Franchisers will do a load of demographic and marketing studies evaluating potential customer base, drive-by traffic, etc., but the only thing that they cannot do is guarantee your success; nor will they document any specific revenues or profits.
They usually have very slick salespeople and presentation materials, but so what? It's really just an educated guess about what "may" happen. When all is said and done, new franchises are, to a certain extent, a "build it and pray they will come" strategy. Plus, a new franchise can sometimes mean waiting a year or more for it to be launched.
"As you assisted me in my project to acquire a business, I feel that I should give you some feedback. I completed the purchase of a local automotive franchise resale and I would like to thank you for the useful advice and information you provided me and to wish you well."Bryan Richards Irvine, CA
The Good NewsFranchises can be a good place to begin your entrepreneurial career. If you want to greatly improve your chances of success then buy a franchise resale. Take advantage of one that's already established and successful. This way, you combine the best of both worlds - a franchise concept and the track record of an existing business. It just makes more sense.
While it is not always easy to locate resales, there are plenty of them around. The best way to find one is to address your search on two levels: call the Master Franchisers and ask if they can provide you with a resale listing in your area. Second, approach any current owner and ask him/her if they know of any that may be for sale. They will probably tell you that theirs is "for the right" price. In either case, you will get leads to pursue. Of course, you can always go through regular channels such as your local paper, business brokers and online listings.
The other good part of buying an existing franchise is that you can implement all of the same strategies for identifying, negotiating and financing the purchase as you would when buying an existing non-franchised business. As such, it's wise for you to get hold of a good strategy guide for buying an existing business.
The Investigation Advantage With A FranchiseProbably the most attractive feature of buying a franchise from the buyer's point of view is that you can investigate any franchise much easier than an existing non-franchised business. The reason for this is because you will be able to look at other franchises under the same banner. You can speak with other franchisees in your area and they will be a wealth of information for you.
There is also a disadvantage when investigating and conducting Due Diligence on a franchise as you have to do it on two fronts. You have to check out the business itself, of course, but of equal or greater importance you have to evaluate the Master Franchiser to be sure that they will deliver everything they are supposed to do.
Your Partner is Your CompetitorThe Master Franchiser's agenda is to open up as many locations as possible. While they may all say that they will not dilute the market, rest assured that unless they are contractually obligated to do otherwise they will keep compacting the territory. As they open more and more locations you may wind up competing with your own brand. Once a customer of yours finds another location to be more convenient and unless you have a rock-solid relationship with that individual - you will lose their business.
How To Make Money in FranchisingThe best way to accumulate wealth in franchising is to keep opening up or buying other locations. If you can, stick with one banner or within an affiliated group of companies. This way, your leverage with the Master Franchiser increases and you can also focus on running one particular type of business. You can't dance at all of the weddings, so opening up new locations too quickly can cause growth problems. However, as soon as you get the first one on track, look to acquire another one.
Franchise ContractsEach state has different laws related to franchises that are usually quite intricate. Additionally, the agreements between the franchisee and franchiser differ between companies and many contain clauses that you would never even think exist. As an example, if a franchisee wants to sell their business, most often the franchiser has the first right to buy the business. The reasoning is that they want to be sure that the market doesn't have too many resales available (it hurts them when trying to sell new ones if potential buyers see too many other franchisees selling). Secondly, they want to protect themselves if they don't feel the potential buyer is right.
Hire an attorney who specializes in franchise law, and before you take a second step with any resale franchise, get a copy of the contract between the franchisee and franchiser to properly evaluate what you will be faced with along the road.
In SummaryFranchises can be ideal for many people. If you want to really improve your success rate, then buy an existing location. It will provide you with all of the benefits of a franchise along with the added security of historical data and a proven track record.
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
The franchise concept is an incredible one. Gather all of the ingredients specific to a business and formulate a recipe that can be duplicated over and over again by anybody. When someone refers to a "turn key" operation, the most likely example is a properly orchestrated franchise. Although the recipe has been set, it still requires the input and management of the right owner to ensure an individual location is successful.
The Bad NewsA franchise is by no means a guarantee of success. Plus, a new franchise is basically a start-up with some advantages. Master Franchisers will do a load of demographic and marketing studies evaluating potential customer base, drive-by traffic, etc., but the only thing that they cannot do is guarantee your success; nor will they document any specific revenues or profits.
They usually have very slick salespeople and presentation materials, but so what? It's really just an educated guess about what "may" happen. When all is said and done, new franchises are, to a certain extent, a "build it and pray they will come" strategy. Plus, a new franchise can sometimes mean waiting a year or more for it to be launched.
"As you assisted me in my project to acquire a business, I feel that I should give you some feedback. I completed the purchase of a local automotive franchise resale and I would like to thank you for the useful advice and information you provided me and to wish you well."Bryan Richards Irvine, CA
The Good NewsFranchises can be a good place to begin your entrepreneurial career. If you want to greatly improve your chances of success then buy a franchise resale. Take advantage of one that's already established and successful. This way, you combine the best of both worlds - a franchise concept and the track record of an existing business. It just makes more sense.
While it is not always easy to locate resales, there are plenty of them around. The best way to find one is to address your search on two levels: call the Master Franchisers and ask if they can provide you with a resale listing in your area. Second, approach any current owner and ask him/her if they know of any that may be for sale. They will probably tell you that theirs is "for the right" price. In either case, you will get leads to pursue. Of course, you can always go through regular channels such as your local paper, business brokers and online listings.
The other good part of buying an existing franchise is that you can implement all of the same strategies for identifying, negotiating and financing the purchase as you would when buying an existing non-franchised business. As such, it's wise for you to get hold of a good strategy guide for buying an existing business.
The Investigation Advantage With A FranchiseProbably the most attractive feature of buying a franchise from the buyer's point of view is that you can investigate any franchise much easier than an existing non-franchised business. The reason for this is because you will be able to look at other franchises under the same banner. You can speak with other franchisees in your area and they will be a wealth of information for you.
There is also a disadvantage when investigating and conducting Due Diligence on a franchise as you have to do it on two fronts. You have to check out the business itself, of course, but of equal or greater importance you have to evaluate the Master Franchiser to be sure that they will deliver everything they are supposed to do.
Your Partner is Your CompetitorThe Master Franchiser's agenda is to open up as many locations as possible. While they may all say that they will not dilute the market, rest assured that unless they are contractually obligated to do otherwise they will keep compacting the territory. As they open more and more locations you may wind up competing with your own brand. Once a customer of yours finds another location to be more convenient and unless you have a rock-solid relationship with that individual - you will lose their business.
How To Make Money in FranchisingThe best way to accumulate wealth in franchising is to keep opening up or buying other locations. If you can, stick with one banner or within an affiliated group of companies. This way, your leverage with the Master Franchiser increases and you can also focus on running one particular type of business. You can't dance at all of the weddings, so opening up new locations too quickly can cause growth problems. However, as soon as you get the first one on track, look to acquire another one.
Franchise ContractsEach state has different laws related to franchises that are usually quite intricate. Additionally, the agreements between the franchisee and franchiser differ between companies and many contain clauses that you would never even think exist. As an example, if a franchisee wants to sell their business, most often the franchiser has the first right to buy the business. The reasoning is that they want to be sure that the market doesn't have too many resales available (it hurts them when trying to sell new ones if potential buyers see too many other franchisees selling). Secondly, they want to protect themselves if they don't feel the potential buyer is right.
Hire an attorney who specializes in franchise law, and before you take a second step with any resale franchise, get a copy of the contract between the franchisee and franchiser to properly evaluate what you will be faced with along the road.
In SummaryFranchises can be ideal for many people. If you want to really improve your success rate, then buy an existing location. It will provide you with all of the benefits of a franchise along with the added security of historical data and a proven track record.
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
How to Recover From Being Laid Off in the Finance Industry - Daniel Welch
Daniel Welch writes for ehow.com http://www.ehow.com/members/danielwelch.html
With Wall Street cutting thousands of jobs, here are some suggestions to make a quick rebound.
Step1 Relax. Don't get worried or nervous right away. Use this time to catch up on sleep and enjoy your hobbies. Chances are you spent the last few years of your life working late hours and weekends so take a few weeks to refocus and rejuvenate.
Step2 Explore. Look at your possibilities. This might be a time and opportunity to make a transition to another career path. However, if you are certain you want to stay in the finance industry, begin to collect data on various finance firms. Use former industry contacts as much as possible. Call or email them and see if their firms happen to be hiring anyone.
Step3 Expand your search horizon. Consider moving to a smaller firm or to a regional office of a larger or middle-market firm. Despite the slow-down, many regional offices and small firms are still in need of good talent. Moving to another locale may have advantages such as an improved cost of living.
Step4 Go corporate. Even in a down-turn, companies in every sector of the economy will be looking for analysts, controllers, CFOs, economists, etc. Consider pursuing a finance job in the corporate world.
Step5 Strike out on your own. This might be the time to launch your own practice, or pursue that start-up venture you have always wanted. If you have a broad knowledge of markets and trading, you may want to consider starting and managing a small fund of friend and family money. The risks are high, and you may have to put in more hours than you did in your wall street cube, but the rewards can be quite lucrative.
Tips and Warnings:
With Wall Street cutting thousands of jobs, here are some suggestions to make a quick rebound.
Step1 Relax. Don't get worried or nervous right away. Use this time to catch up on sleep and enjoy your hobbies. Chances are you spent the last few years of your life working late hours and weekends so take a few weeks to refocus and rejuvenate.
Step2 Explore. Look at your possibilities. This might be a time and opportunity to make a transition to another career path. However, if you are certain you want to stay in the finance industry, begin to collect data on various finance firms. Use former industry contacts as much as possible. Call or email them and see if their firms happen to be hiring anyone.
Step3 Expand your search horizon. Consider moving to a smaller firm or to a regional office of a larger or middle-market firm. Despite the slow-down, many regional offices and small firms are still in need of good talent. Moving to another locale may have advantages such as an improved cost of living.
Step4 Go corporate. Even in a down-turn, companies in every sector of the economy will be looking for analysts, controllers, CFOs, economists, etc. Consider pursuing a finance job in the corporate world.
Step5 Strike out on your own. This might be the time to launch your own practice, or pursue that start-up venture you have always wanted. If you have a broad knowledge of markets and trading, you may want to consider starting and managing a small fund of friend and family money. The risks are high, and you may have to put in more hours than you did in your wall street cube, but the rewards can be quite lucrative.
Tips and Warnings:
- Maintain your contacts. Friends at other firms are your number one source for finding job leads.
- Cold calling a recruiter at a firm may just get you in the door. Be polite and have your resume and cover letter in PDF form to quickly email to the recruiter. Leave your contact information with him or her and request that they call you if anything becomes available.
- Be sure not to burn any bridges. The finance world is small, and you will only be shooting yourself in the foot.
Wednesday, November 19, 2008
Practical Tips for Executives Re-entering the Job Market - Debra Feldman
Debra Feldman is the JobWhiz™, a nationally-recognized expert who designs and personally implements swift, strategic, and customized senior level executive job search campaigns, banishing barriers that prevent immediate success. Her gift for cold calling, executed with high energy and savvy panache, connects candidates directly to decision makers, not HR. Network Purposefully™ with the JobWhiz, and compress your job search into mere weeks, using groundbreaking techniques profiled in Forbes magazine. In addition to her private practice, writing featured columns and conducting exclusive workshops, Debra is a recommended resource to alumni of top-tier business schools.
Contact Debra @ http://www.jobwhiz.com/ to expedite your executive ascent.
11/17/2008
The game has been raised for senior-level executives returning to the job market. Whether you’ve seen your savings or retirement decrease and are coming back to the job market for needed income or you’ve decided you’d like to be more involved in your industry’s work, there’s a bit of a learning curve.
Today’s environment is not always welcoming for even the most successful, passionate, capable and proven individuals. There’s a frustrating disconnect between candidate’s expectations and actual employment opportunities.
To be competitive, returnees have some unique challenges – the least of which is the gap in their employment history.
Challenge 1: Automated Screening
The first challenge is often getting past computerized or human gatekeepers. One of the reasons why re-entry candidates face a daunting job search is that companies and search firms use automated candidate screening and recruitment processes to triage applications and resume submissions. These computerized systems don’t accommodate for and can’t appreciate exceptions. For this reason, re-entry prospects may be eliminated before any human actually evaluates their application. Given the obvious employment gap, re-entry candidates will rarely be included among a short list of candidates matching an employer’s ideal requirements.
Your strategy? Bypass automation.
An effective technique for boosting a candidate’s potential is having an inside contact at the company personally usher a candidate through the corporate maze. The prospective employee needs to convey their unique value contribution to this intermediary and encourage this contact to champion their interest up the ladder to a hiring decision maker, not just HR. A personal recommendation goes a long way to grab attention. Then it is incumbent on the candidate to follow up personally and interact directly to nurture a relationship with the hiring authority to develop trust and prove their ability.
Your tactics?
Show. Don’t tell. Persuade decision makers by unmistakably proving that you meet their required criteria. Voluntarily prepare presentations, write white papers and garner support from references. Increase visibility and credibility: publish work, comment on blogs, post on listservs and forums and attend and present at conferences.
Specialize within a niche expertise to attract more attention. Trying to be something to everyone often results in being nothing to anyone. Illustrate capabilities with concrete solution examples. Support extraordinary skills and talent with compelling achievements overcoming sizable challenges.
Put skin in the game. Show confidence in your anticipated ability to deliver with a heavy portion of performance-dependent compensation.
Communicate your value with consistent messaging. Your resumes, bios, online profiles and quotes must all tell employers about your potential contribution, reinforce your trustworthiness and highlight your strengths. Demonstrate that you are the first choice, go-to expert.
Think positively. A job search is a marathon - not a sprint. Candidates should be screening prospective challenges as carefully as employers investigate new team members.
Challenge 2: Dry Networks
Networks that were once the source of lucrative deal options and discrete networking inquiries are not delivering good leads. People in these networks are stumped for the first time in their careers by challenges that were never an issue before.
How will you get from where you are now to where you want to be next? The preferred job search method is the same as ever: connections. Networking is the means to a swift, successful landing. However, your once reliable contacts have lost their value or left the field. Freshly minted re-entry candidates rarely fit the perfect candidate descriptions listed in advertised job postings. Rarely are these under-the-radar candidates sought out by search consultants or recruiters to fill openings for exacting corporate clients.
Your strategy? Connect with decision makers.
Jumpstarting your search campaign requires designing and purposefully creating a new network of relationships. In today’s competitive and risk-adverse job market networking purposefully is the solution to find a new position that matches your requirements for personal, professional and financial rewards. The critical element for success is getting attention now and then being remembered by hiring decision makers affiliated with appropriate opportunities later. Candidates have to carve a direct path to senior management and then present a remarkable and memorable value proposition that fosters a meaningful dialogue about mutual interests.
For candidates with a break on their resumes, personalized introductions explain unusual circumstances and pave the way for meaningful dialogues with prospective employers.
After getting comfortable with a candidate’s abilities, the employer may decide that the formerly imperfect prospect can be a great employee for an opening or they may create a new job just for this individual. Notably, the ideal candidate and the ideal employee may be different. Only the hiring decision maker can bend the requirements, reorganize resources and do what it takes to make an offer. That’s why connecting with the appropriate inside authority is key to generating a new career opportunity, whether a job is advertised or part of the hidden job market.
Your tactics?
Target employers with a specific industry niche. These companies are more likely to be able to appreciate your background and recognize your qualifications.
Initiate contacts and stay connected. Identify key players, obtain recommendations about who you need to know; research speakers, trade publications and online resources to connect with current industry thought leaders. Cultivate relationships that are likely to generate job leads, increase credibility and provide future mentoring opportunities.
Connect with “insiders,” affiliated with target employers. This is the best way to be one of the first to learn about and be presented for an unadvertised opportunity.
Be bold. Be persistent. Network Purposefully to make new contacts designed to enhance job searching results. Networking is about relationships - not single-use transactions.
Give back. Make introductions when you see synergy. Contribute advice, help others out and provide counsel before being asked. Networking is not just for job searching.
Initiate contact directly with hiring decision makers. Call outside typical business hours. Use snail mail creatively to attract attention. Leave enticing voice mail messages communicating what is in it for the employer. Leave them thinking that not returning the call would be risky.
Follow up on connections. Be courteous and respectful while pursuing leads to new opportunities. If you are not persistent someone who does follow through is likely to get the job offer that is perfect for you.
For re-entry candidates, these tips can accelerate your job hunt progress.
Contact Debra @ http://www.jobwhiz.com/ to expedite your executive ascent.
11/17/2008
The game has been raised for senior-level executives returning to the job market. Whether you’ve seen your savings or retirement decrease and are coming back to the job market for needed income or you’ve decided you’d like to be more involved in your industry’s work, there’s a bit of a learning curve.
Today’s environment is not always welcoming for even the most successful, passionate, capable and proven individuals. There’s a frustrating disconnect between candidate’s expectations and actual employment opportunities.
To be competitive, returnees have some unique challenges – the least of which is the gap in their employment history.
Challenge 1: Automated Screening
The first challenge is often getting past computerized or human gatekeepers. One of the reasons why re-entry candidates face a daunting job search is that companies and search firms use automated candidate screening and recruitment processes to triage applications and resume submissions. These computerized systems don’t accommodate for and can’t appreciate exceptions. For this reason, re-entry prospects may be eliminated before any human actually evaluates their application. Given the obvious employment gap, re-entry candidates will rarely be included among a short list of candidates matching an employer’s ideal requirements.
Your strategy? Bypass automation.
An effective technique for boosting a candidate’s potential is having an inside contact at the company personally usher a candidate through the corporate maze. The prospective employee needs to convey their unique value contribution to this intermediary and encourage this contact to champion their interest up the ladder to a hiring decision maker, not just HR. A personal recommendation goes a long way to grab attention. Then it is incumbent on the candidate to follow up personally and interact directly to nurture a relationship with the hiring authority to develop trust and prove their ability.
Your tactics?
Show. Don’t tell. Persuade decision makers by unmistakably proving that you meet their required criteria. Voluntarily prepare presentations, write white papers and garner support from references. Increase visibility and credibility: publish work, comment on blogs, post on listservs and forums and attend and present at conferences.
Specialize within a niche expertise to attract more attention. Trying to be something to everyone often results in being nothing to anyone. Illustrate capabilities with concrete solution examples. Support extraordinary skills and talent with compelling achievements overcoming sizable challenges.
Put skin in the game. Show confidence in your anticipated ability to deliver with a heavy portion of performance-dependent compensation.
Communicate your value with consistent messaging. Your resumes, bios, online profiles and quotes must all tell employers about your potential contribution, reinforce your trustworthiness and highlight your strengths. Demonstrate that you are the first choice, go-to expert.
Think positively. A job search is a marathon - not a sprint. Candidates should be screening prospective challenges as carefully as employers investigate new team members.
Challenge 2: Dry Networks
Networks that were once the source of lucrative deal options and discrete networking inquiries are not delivering good leads. People in these networks are stumped for the first time in their careers by challenges that were never an issue before.
How will you get from where you are now to where you want to be next? The preferred job search method is the same as ever: connections. Networking is the means to a swift, successful landing. However, your once reliable contacts have lost their value or left the field. Freshly minted re-entry candidates rarely fit the perfect candidate descriptions listed in advertised job postings. Rarely are these under-the-radar candidates sought out by search consultants or recruiters to fill openings for exacting corporate clients.
Your strategy? Connect with decision makers.
Jumpstarting your search campaign requires designing and purposefully creating a new network of relationships. In today’s competitive and risk-adverse job market networking purposefully is the solution to find a new position that matches your requirements for personal, professional and financial rewards. The critical element for success is getting attention now and then being remembered by hiring decision makers affiliated with appropriate opportunities later. Candidates have to carve a direct path to senior management and then present a remarkable and memorable value proposition that fosters a meaningful dialogue about mutual interests.
For candidates with a break on their resumes, personalized introductions explain unusual circumstances and pave the way for meaningful dialogues with prospective employers.
After getting comfortable with a candidate’s abilities, the employer may decide that the formerly imperfect prospect can be a great employee for an opening or they may create a new job just for this individual. Notably, the ideal candidate and the ideal employee may be different. Only the hiring decision maker can bend the requirements, reorganize resources and do what it takes to make an offer. That’s why connecting with the appropriate inside authority is key to generating a new career opportunity, whether a job is advertised or part of the hidden job market.
Your tactics?
Target employers with a specific industry niche. These companies are more likely to be able to appreciate your background and recognize your qualifications.
Initiate contacts and stay connected. Identify key players, obtain recommendations about who you need to know; research speakers, trade publications and online resources to connect with current industry thought leaders. Cultivate relationships that are likely to generate job leads, increase credibility and provide future mentoring opportunities.
Connect with “insiders,” affiliated with target employers. This is the best way to be one of the first to learn about and be presented for an unadvertised opportunity.
Be bold. Be persistent. Network Purposefully to make new contacts designed to enhance job searching results. Networking is about relationships - not single-use transactions.
Give back. Make introductions when you see synergy. Contribute advice, help others out and provide counsel before being asked. Networking is not just for job searching.
Initiate contact directly with hiring decision makers. Call outside typical business hours. Use snail mail creatively to attract attention. Leave enticing voice mail messages communicating what is in it for the employer. Leave them thinking that not returning the call would be risky.
Follow up on connections. Be courteous and respectful while pursuing leads to new opportunities. If you are not persistent someone who does follow through is likely to get the job offer that is perfect for you.
For re-entry candidates, these tips can accelerate your job hunt progress.
Labels:
layoff,
reduction in force
The First 72 Hours of Unemployment: 5 Things You Must Do! - Nancy Collamer M.S.
Nancy Collamer M.S. is a career counselor and founder of Jobsandmoms.com, a website for professional-level women who are looking for flexible jobs, work-at-home opportunities and innovative work/life resources.
She is the Author of the book, "The Layoff Survival Guide."
After you learn that you have been laid-off, it can be difficult to focus and take action– particularly if the news of your dismissal came as a surprise. So it’s more than understandable if all you want to do is crawl under the covers or hop on the first plane to Bermuda.
Unfortunately, there are several things you really do need to address ASAP, and the sooner you take care of them, the smoother your transition will be:
1. Review your separation package: At the termination meeting, your employer should provide you with a folder of information containing specific forms and instructions to review. In addition to details regarding severance payment (and payment for accrued vacation time), your separation package may include information regarding outplacement/ job search assistance services, continuation of insurance benefits (COBRA), 401-K and/or other pension plans, access to employee assistance services and details regarding payment of outstanding bonuses, commissions, profit sharing plans, etc.
Remember it is not always necessary to file all of the papers in your package within the first 72 hours, but it is extremely important that you take the time to review all of the components of your separation package carefully to insure that you receive the maximum benefits being offered to you. If you have any questions regarding your separation package, do not hesitate to contact your employer, accountant or attorney for clarification.
2. Share the news with your spouse or significant other: It may seem odd to list this as a “must-do” step, because most people will automatically do this without prompting. After all, it’s only logical that your partner deserves to be told immediately about your job loss. Nonetheless, I know situations where this step was delayed, at least temporarily. One gentleman I knew, even continued to go through his usual routine each morning; putting on his suit, heading out for the morning train, and then staying away from the house all day - just to create the impression that he was still employed. As difficult as it may be to share this news, the sooner you get it over with, the easier it will be for all involved. Putting it off will only make matters worse. Trying to spare your partner unnecessary anguish, while admirable, may well backfire if he/she feels that you have intentionally kept them in the dark.
3. Talk to your children: Once you and your spouse have an opportunity to digest the news, you’ll want to discuss the best way to share the news with your children. While you can probably wait a day or two before meeting with your children, thereby giving yourself some time to calm down and gather your thoughts, don’t let weeks go by without sharing the news. Children often have a sixth sense when something is wrong, so letting them know what is happening, in an age-appropriate manner, is vital.
4. Let people know how they can reach you during this transition: One of the problems associated with losing your job, is that you can quickly lose touch with business associates if they no longer know how to get a hold of you. To avoid this problem, immediately send an e-mail to your business associates letting them know your new contact information. While you may want to send a personal note to close contacts, a simple business-like note to the majority of your client list will suffice. You can (and probably should) follow up with a more detailed piece of correspondence a few weeks down the road, but for now you just want to ensure they can reach you in the interim.
5. File for unemployment benefits: The fifth, but by no means least important “must-do” step, is to file for unemployment. Granted, you won’t get paid very much, but it is money that you are entitled to and you’d be foolish not to claim it. Don’t let pride stand in your way – this is money you’ve earned fair and square. If it makes you feel any better, be aware that unemployment is funded by employers and the more claims are credited against any one employer, the higher their rate of taxation becomes – a not so subtle way to try to limit the number of layoffs.
Fortunately, filing for unemployment has been simplified in recent years. In many states, you can now file by telephone, removing the stigma of having to stand on long lines at the unemployment office. Once your claim is processed, you’ll be required to call in once a week to keep your account active.
Learn all about how to collect unemployment.
She is the Author of the book, "The Layoff Survival Guide."
After you learn that you have been laid-off, it can be difficult to focus and take action– particularly if the news of your dismissal came as a surprise. So it’s more than understandable if all you want to do is crawl under the covers or hop on the first plane to Bermuda.
Unfortunately, there are several things you really do need to address ASAP, and the sooner you take care of them, the smoother your transition will be:
1. Review your separation package: At the termination meeting, your employer should provide you with a folder of information containing specific forms and instructions to review. In addition to details regarding severance payment (and payment for accrued vacation time), your separation package may include information regarding outplacement/ job search assistance services, continuation of insurance benefits (COBRA), 401-K and/or other pension plans, access to employee assistance services and details regarding payment of outstanding bonuses, commissions, profit sharing plans, etc.
Remember it is not always necessary to file all of the papers in your package within the first 72 hours, but it is extremely important that you take the time to review all of the components of your separation package carefully to insure that you receive the maximum benefits being offered to you. If you have any questions regarding your separation package, do not hesitate to contact your employer, accountant or attorney for clarification.
2. Share the news with your spouse or significant other: It may seem odd to list this as a “must-do” step, because most people will automatically do this without prompting. After all, it’s only logical that your partner deserves to be told immediately about your job loss. Nonetheless, I know situations where this step was delayed, at least temporarily. One gentleman I knew, even continued to go through his usual routine each morning; putting on his suit, heading out for the morning train, and then staying away from the house all day - just to create the impression that he was still employed. As difficult as it may be to share this news, the sooner you get it over with, the easier it will be for all involved. Putting it off will only make matters worse. Trying to spare your partner unnecessary anguish, while admirable, may well backfire if he/she feels that you have intentionally kept them in the dark.
3. Talk to your children: Once you and your spouse have an opportunity to digest the news, you’ll want to discuss the best way to share the news with your children. While you can probably wait a day or two before meeting with your children, thereby giving yourself some time to calm down and gather your thoughts, don’t let weeks go by without sharing the news. Children often have a sixth sense when something is wrong, so letting them know what is happening, in an age-appropriate manner, is vital.
4. Let people know how they can reach you during this transition: One of the problems associated with losing your job, is that you can quickly lose touch with business associates if they no longer know how to get a hold of you. To avoid this problem, immediately send an e-mail to your business associates letting them know your new contact information. While you may want to send a personal note to close contacts, a simple business-like note to the majority of your client list will suffice. You can (and probably should) follow up with a more detailed piece of correspondence a few weeks down the road, but for now you just want to ensure they can reach you in the interim.
5. File for unemployment benefits: The fifth, but by no means least important “must-do” step, is to file for unemployment. Granted, you won’t get paid very much, but it is money that you are entitled to and you’d be foolish not to claim it. Don’t let pride stand in your way – this is money you’ve earned fair and square. If it makes you feel any better, be aware that unemployment is funded by employers and the more claims are credited against any one employer, the higher their rate of taxation becomes – a not so subtle way to try to limit the number of layoffs.
Fortunately, filing for unemployment has been simplified in recent years. In many states, you can now file by telephone, removing the stigma of having to stand on long lines at the unemployment office. Once your claim is processed, you’ll be required to call in once a week to keep your account active.
Learn all about how to collect unemployment.
Labels:
layoff,
reduction in force
Tuesday, November 18, 2008
The Best Gift You Can Ever Buy For Yourself: A Business of Your Own! - Richard Parker
Richard Parker is the author of How To Buy A Good Business At A Great Price. This best-selling program contains over 500 pages covering every stage of the business-buying process. Visit www.diomo.com.
It’s amazing how we see an immediate increase in our business right after the December holidays and the day after every long weekend. The former may be many “New Year’s Resolutioners” as I call them, and the latter is because most people dread the thought of going back to their job after an extended weekend. So, let’s pretend it’s the holidays right now, and sing to yourself: “All I Want for Christmas is a business of my own…”
If you have any desire to be in business for yourself, then now’s the time to make your move! In fact, there has never been a better time to take that step. So this year, buy yourself the greatest gift of all – a business of your own!
Over the past year, I’ve met and spoken with thousands of people worldwide who have reached the point where they’ve said: “Enough is enough!” Most hate their jobs. They are terribly uncertain about the future. They’re tired of busting their butt with little or no thanks and they’ve finally realized that controlling their own destiny is what they truly want from their career.
The market itself for entrepreneurs is exploding, regardless of what the so-called "experts" may say about the economy. In prior times, when mass layoffs took place, displaced workers simply adopted the strategy of looking for another job. Unfortunately, jobs are not plentiful today. If you’ve spent any time looking for a job, you know how frustrating, humiliating and time-consuming the process can be, with no results.
If you are one of the lucky ones to still be employed, instead of waiting around for your company to let you go because they had one bad quarter and now want to save their way ahead at your expense, take control of your future and fire your boss!! This is going to be YOUR year!
I can assure you from my own personal experience that, if you have the desire to be your own boss, it’s something that is within your reach. Moreover, with a few right moves, you’ll accomplish your goal within six months or so.
The Best Investment You Will Ever Make
When buying a business, you can and should expect to make at least 25%–33% return on your cash investment. Plus, you will have the opportunity to produce a steady personal cash flow, and you’ll be building value that will pay you handsomely when the day arrives to sell the business.
Many people wrongly believe that acquiring a business is a risky investment. Personally, I think that putting your fate in someone else’s hands has a heck of a lot more risk to it. While there is some inherent risk buying a business, much, if not all, can be eliminated simply by doing your research beforehand on any business you consider purchasing.
Do Something
It’s funny, but “The New Year’s Resolutioners” are typically people who said the same thing last year and most probably will do so again next holiday season. My father-in -law has a better name for them: he calls them: “gonnas”… they’re ‘gonna’ do this, they’re ‘gonna’ do that, yet another year passes and they do nothing.
Don’t join that crowd; it’s a one-way ticket nowhere. You can set everything in place to right now and, with a few simple steps, you’ll be on your way:
Step One: Educate Yourself – no matter what type of career you have, nothing you’ve ever done has prepared you for this process. Even if you’re in charge of corporate acquisitions, you’re now playing with your money and future and it’s a whole different mindset. Many people wrongly confuse their confidence to run a business with their inexperience to buy a good business. As such, devour as much information as possible about buying a business. Personally, I am biased about how you can become a business buying expert so please excuse this shameless plug for my course How To Buy A Good Business At A Great Price©. Truthfully, it’s an incredible tool, so check it out. Regardless, you must get educated!
Step Two: Take the time to properly assess your strengths and weaknesses. Take an honest inventory of yourself. Your goal is to buy the right business. The guiding principal is this: whatever it is that you do best must be the single most important driving factor of any business you consider purchasing. Don’t try to be something you’re not. It’s fine to learn a new skill when you’re working for someone, on their dime, but not at your expense.
Step Three: Put together your “laundry list” of what you want in a business. Be specific. Don’t say: “I want it to make a lot of money” - instead, identify the characteristics it must have. For me it’s simple. Any business I buy must be: sales/marketing-driven, contain an element of exclusivity (either in product or territory), have high margins (I don’t want to sell a product or service based on price), and there must be demand for the product or service the business offers (creating demand is way too expensive). Assemble your five-point list, and do not stray from it. This must be the litmus test that you put every business through. If any business does not adhere to your rules – don’t buy it!
Step Four: Get the word out – you may not want to tell your boss, but let everyone else in your circle know your plans. This serves two purposes: it will generate leads, and it will put a little pressure on you to make it happen.
Step Five: Set a timeline. Sticking to a timeline is critical. Each year seems to go faster than the last one. Don’t allow yourself to be in the same position next year. Six months from today you should be in your own business. Take a blank sheet of paper and write on it with a big black marker: “I’m buying a business this year!” Post it in a place where you will see it every morning, and if possible, throughout each day. I would even suggest that you make it the personalized message on your cellular phone.
Step Six: Above all, get into the game. Search businesses for sale listings. Don’t get overly analytical in the early stages. Arrange meetings at potential businesses. Don’t be afraid to make offers.
Step Seven: Enjoy your success!
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
It’s amazing how we see an immediate increase in our business right after the December holidays and the day after every long weekend. The former may be many “New Year’s Resolutioners” as I call them, and the latter is because most people dread the thought of going back to their job after an extended weekend. So, let’s pretend it’s the holidays right now, and sing to yourself: “All I Want for Christmas is a business of my own…”
If you have any desire to be in business for yourself, then now’s the time to make your move! In fact, there has never been a better time to take that step. So this year, buy yourself the greatest gift of all – a business of your own!
Over the past year, I’ve met and spoken with thousands of people worldwide who have reached the point where they’ve said: “Enough is enough!” Most hate their jobs. They are terribly uncertain about the future. They’re tired of busting their butt with little or no thanks and they’ve finally realized that controlling their own destiny is what they truly want from their career.
The market itself for entrepreneurs is exploding, regardless of what the so-called "experts" may say about the economy. In prior times, when mass layoffs took place, displaced workers simply adopted the strategy of looking for another job. Unfortunately, jobs are not plentiful today. If you’ve spent any time looking for a job, you know how frustrating, humiliating and time-consuming the process can be, with no results.
If you are one of the lucky ones to still be employed, instead of waiting around for your company to let you go because they had one bad quarter and now want to save their way ahead at your expense, take control of your future and fire your boss!! This is going to be YOUR year!
I can assure you from my own personal experience that, if you have the desire to be your own boss, it’s something that is within your reach. Moreover, with a few right moves, you’ll accomplish your goal within six months or so.
The Best Investment You Will Ever Make
When buying a business, you can and should expect to make at least 25%–33% return on your cash investment. Plus, you will have the opportunity to produce a steady personal cash flow, and you’ll be building value that will pay you handsomely when the day arrives to sell the business.
Many people wrongly believe that acquiring a business is a risky investment. Personally, I think that putting your fate in someone else’s hands has a heck of a lot more risk to it. While there is some inherent risk buying a business, much, if not all, can be eliminated simply by doing your research beforehand on any business you consider purchasing.
Do Something
It’s funny, but “The New Year’s Resolutioners” are typically people who said the same thing last year and most probably will do so again next holiday season. My father-in -law has a better name for them: he calls them: “gonnas”… they’re ‘gonna’ do this, they’re ‘gonna’ do that, yet another year passes and they do nothing.
Don’t join that crowd; it’s a one-way ticket nowhere. You can set everything in place to right now and, with a few simple steps, you’ll be on your way:
Step One: Educate Yourself – no matter what type of career you have, nothing you’ve ever done has prepared you for this process. Even if you’re in charge of corporate acquisitions, you’re now playing with your money and future and it’s a whole different mindset. Many people wrongly confuse their confidence to run a business with their inexperience to buy a good business. As such, devour as much information as possible about buying a business. Personally, I am biased about how you can become a business buying expert so please excuse this shameless plug for my course How To Buy A Good Business At A Great Price©. Truthfully, it’s an incredible tool, so check it out. Regardless, you must get educated!
Step Two: Take the time to properly assess your strengths and weaknesses. Take an honest inventory of yourself. Your goal is to buy the right business. The guiding principal is this: whatever it is that you do best must be the single most important driving factor of any business you consider purchasing. Don’t try to be something you’re not. It’s fine to learn a new skill when you’re working for someone, on their dime, but not at your expense.
Step Three: Put together your “laundry list” of what you want in a business. Be specific. Don’t say: “I want it to make a lot of money” - instead, identify the characteristics it must have. For me it’s simple. Any business I buy must be: sales/marketing-driven, contain an element of exclusivity (either in product or territory), have high margins (I don’t want to sell a product or service based on price), and there must be demand for the product or service the business offers (creating demand is way too expensive). Assemble your five-point list, and do not stray from it. This must be the litmus test that you put every business through. If any business does not adhere to your rules – don’t buy it!
Step Four: Get the word out – you may not want to tell your boss, but let everyone else in your circle know your plans. This serves two purposes: it will generate leads, and it will put a little pressure on you to make it happen.
Step Five: Set a timeline. Sticking to a timeline is critical. Each year seems to go faster than the last one. Don’t allow yourself to be in the same position next year. Six months from today you should be in your own business. Take a blank sheet of paper and write on it with a big black marker: “I’m buying a business this year!” Post it in a place where you will see it every morning, and if possible, throughout each day. I would even suggest that you make it the personalized message on your cellular phone.
Step Six: Above all, get into the game. Search businesses for sale listings. Don’t get overly analytical in the early stages. Arrange meetings at potential businesses. Don’t be afraid to make offers.
Step Seven: Enjoy your success!
This article is © Copyright 2001-2008 by Richard Parker and may not be reproduced in any format whatsoever without prior written consent of the author.
The recommendations of reading, reference materials or links mentioned, are for general informational purposes only. The materials are intended as a public service and are not a substitute for obtaining professional advice from a qualified firm, person or corporation. Consult the appropriate professional advisor for complete and up-to-the-minute information. These materials do not constitute the rendering of any legal or professional services.
Labels:
layoff,
reduction in force
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