Hey y’all!
It felt only fitting that in the midst of the news around Reddit’s IPO we chatted about hyper growth work and liquidation events!
As someone who worked for Reddit until being laid off back in June, it is a complex organization that had some major work to do before moving to IPO.
This brings up the topic - how do you prepare and protect yourself to work somewhere that’s going through IPO, acquisition or any other liquidation event? Companies are always protecting themselves and their liability, so you need to make sure that you are prioritizing your needs the same way that they will be prioritizing theirs.
I knew I was going to get laid off there before it happened, because they had all the signs of making moves like that. Companies tend to lay off, cut costs and make decisions to prioritize their bottom line and the lowest operational costs. They froze hiring, they started talking about priorities and costs, and there was a lot on hold. They laid me off before I could make a vesting date for my stock, and that’s another reason it’s so important to negotiate hard up front - they will do what they need to do regardless of what it costs you.
So how do you prepare for something like this? I’m going to tell you;
- Negotiate up front. HARD.
- Prioritize high visibility work, first.
- Play the game, network with your executives and make yourself critical to their success too.
- Know that even with amazing performance, you might be let go. Prepare. Save anything that will help your career, talk to your mentors. Get support.
- Update your resume and LinkedIn to reflect all of that high visibility, important work.
- Remember that your work enabled them to do everything they’re doing.
Since it’s not personal, just business when people get laid off - it shouldn’t be personal and it should be “just business” to protect yourself, think about your next move and ensure your own success.
Liquidation events can also be really exciting, supportive and you can make it through! However either way, they are chaotic, full of change and things will be different.
It will be really interesting to see how being public adjusts Reddit’s strategy, future and organization. It has already changed it so much to get to this point.
As someone who has worked through hyper growth events, it is a ride. It can make you a lot of money, cause you a lot of stress, and destroy or double down on your work relationships.
One of my biggest suggestions;
NEGOTIATE. HARD.
You never know when a business will have to make a different strategic decision. Your performance may be exceptional, and they still won’t be able to keep you. It’s important to get what you’re due from the beginning so that if you do get impacted, like I did, you are in a stronger financial position and a stronger position for your own career.
Businesses will try to tell you that you need to have their back, but you need to have your own. They have full legal and HR teams to have their back, and are privy to information that they’ll never disclose to you.
Protect yourself, fight for yourself and do it unabashedly, just like corporations do.
You deserve to get paid what you’re worth.
It’s not personal, it’s just business <3