My first post, I am an advisor at an small shop, my office T12 is 2 million with my t12 about 375k, we have heard rumors that a big firm is looking to buy us out, I have never been through something like that, how does it work typically and what are my options? Any help would be great!!
I think it is hard to say without knowing more info, info you may not even know yet. Might be an opportunity to get some kind of retention bonus, or a good excuse to your clients if you were looking to move anyways.
I have a non compete right now, if the bigger firm buys us out will my non-compete go with or is that dead? thanks for the help.
909, you're very smart to be asking. Get a copy of your contract ASAP. See if the contract is "transferrable" or not. But, be warned, mine said it was NOT transferrable, and the successor firm is suing me anyways...
909, I've been involved in what you're talking about, 3 times. It is not pleasant. Takes a very patient B type personality to take it, and wait for the eventual dust to clear after the merger.
You should look into your options, and get an attorney to review your contract. Now, I'll bet you money, that no matter what it says, the Attorney will tell you it's a crap shoot regardless. Since you signed an arbitration agreement, your firm can drag you in for literally anything they want.
Your production is high enough to make others want you, or you can go indy. I'm indy for about 2 yrs, after being in for a total of 20 yrs right now. The mess that came my way, was the reason to pursue my long term goal of being indy. The timing became right, and I had a justified cause.