My firm announced they are going to put the majority of their portfolio on the market a few months ago. They haven't yet given any sort of formal stay on agreement other than saying "not to send out resumes" because we will be "taken care of" if the portfolio sale goes through. The Job Market is cooling a bit (still relatively strong) but it might not be in 6 - 12 months time. If they are going to pay out a years salary, it would make sense for me to stay on through the sale, if it's a 20k bonus, I can make that back pretty quickly given the job market. I am concerned as we are doing getting further and further into the process, that I am losing more and more leverage since I have been playing an important role in the disposition.
- Is it typical to have these agreements already finalized when the firm announces they are going to market?
- Relative to annual salary, what is a typical severance package look like % wise (I've been here 3 years fwiw)
I do not think there is any consistency or reliable comp set when it comes to severance packages.
Anywhere from 1.5 months(2 weeks per year usually) to 3-4 months, I am guessing based on your seniority(lack of). Dude, start floating your resume. If they haven't offered you anything now, they are lying to you or being purposefully evasive.
Honestly, I think they will at max give you 6 months, which is how long it can take to find a job.
Agreed. In general, it’s always worse than you think it will be.
Also pretty good guess of what company you are with.
You should find out if they are selling the firm or just the assets. Find out who they hired for the dispositions. If it is CBRE, then I believe they may be trying to unwind the business unit, and not sell in an M&A.
Look at some of the publicly traded REITs that got bought. Only people with golden parachutes are execs. Mid-level people get 6 months max.
There are very few RE companies, if any, that would “take care” of a non executive in this situation. That’s literally sleazeball, pick-up artist lingo. It gives you peace without making any concrete promises about anything. Should have reached out to recruiters yesterday
To add definitely look even if you are getting taken care of as someone in a more junior position. It can't hurt you, they maybe dont want a flood of resumes out there showing people leaving but you have to do what is best for you. Best case they take care of you, but I think in general companies have no problem fucking junior people and what if in 6 months the firm sells its assets, lets you go, and you get no to very little severance. Then you're screwed vs looking now getting an offer in 3-4 months and if still in this role having the position of power to decide.
Seritage growth
that's what I was thinking. Is Andrea Olshan single....could use a sugar momma.
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