QUESTION
If my employer sold a part of business, can I get compensation?
Asked on Jun 22nd, 2013 on Labor and Employment - Florida
More details to this question:
To whom it may concern. I work with a big tour company, the owner sold a part of the company for the competitor. I have been working for him for 3 years. I would like also to emphasize that he sold not because of bankruptcy but because they offered him a huge money. He promised that all employees will be transferred to the new company. All the employees are disappointed because we feel that as who made the company strong as a consequence he got a good offer, then he gets rid of as with an unsure future with the new employer. My question is, am I qualified for money compensation? How do I deal with this situation? My best regards.
4 ANSWERS
General Practice Attorney serving Portland, OR
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Furniss, Shearer & Leineweber
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If he owned all of the company, he is entitled to the profits of any sale.
Answered on Jun 24th, 2013 at 11:51 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It is very doubtful that you are entitled to any compensation based on the sale of the business by its owner. You are employee, assumedly could quit, and therefore the owner and or employer could quit you.
Answered on Jun 24th, 2013 at 2:48 PM
As an employee, and non-owner, you have no claim to the proceeds of the sale of the company that you help build. This is why they paid you to work there. You received the benefit of your bargain. You are not guaranteed a job with the new company either.
Answered on Jun 24th, 2013 at 1:30 PM
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No, it is your old employer's business and he can sell it or close it or do any legal thing he wishes. You are employees and do not have a right to a share of the business profits, so you do not have a right to any compensation if the business is sold. You are lucky to have a job with the new company owners, which is not guaranteed.
Answered on Jun 24th, 2013 at 12:42 PM