Home Forums General Discussion Technical Questions Otis acquisition

Hi guys. Otis wants to buy our company. It’s a family business. My father is owner and is retiring. Otis says they will employee me for 10 years .. can they be trusted ? Does this type of thing usually work out ? I need to work for 20 more years. I’m 40 years old.

This isn't anything negative directed specifically at Otis, but would say make sure you get it in writing and have an attorney look at any agreement they want you to sign.

I worked for a small company that was purchased by Otis. Eventually Otis lost most contracts, and all the employees that came with the independent they purchased. It is very different at big company vs. small company. That being said, I have worked other big elevator companies, and am grateful for the experience I got at each. They is no right or wrong, just different opportunities. I would be most concerned about how well your local Otis branch is managed, and they reputation they have with employees and customers.

maybe it's a good choice if you argee otis

Do you like green pants? Haha. You should buy your dad out.

TC7 has it right. All companies, big and small, have issues. The local Otis branch and how it is run will influence how you are treated the most. You have competed against them, so you have a unique perspective on this. How have customers you have nicked from Otis said they were? How have employees who have come from Otis, or guys you have lost to the green machine, said it was? Any of your infrastructure staying or is your whole team merging with local Otis office? What position are they claiming to keep you employed in for 10 years? Will the employment be guaranteed at that location?

These are the sorts of questions you want answered before you can even consider a response.

What city are you located? Has your dad spoken to other interested buyers?

All good advice!

I agree with ABE, getting it in writing ! Have a contract drawn to spell out what they expect of you. I suggest you look at an exit strategy if things go wrong and options to extend your contract if you are happy.

Wow,

Otis is at it again! We just separated from UTC/Otis a little over a year ago. We were one of their biggest acquisitions through time when they started buying up elevator companies here in NYC. It seemed that every owner was bought out was contracted to stay on for a minimum of a year or 2 depending on their negotiating for the sale of the company. This was done to make sure they keep and maintain the contracts that Otis bought. After that time they were free to go or stay on board. Some of these owners were let go since they now had sales quotas to meet or lost too many contracts after the sale of could be just not getting along with the local office. Some of the owners did walk away after their time was up very happy. One left, waited for the 5 year “No Compete” clause to expire and opened up a new company again.
If they want to get rid of you, they can easily find a way. A solid contract stating what they promised you is your best defense.

Good luck to ya and glad to hear your company is attractive enough to be bought.