Make Your Exit With Style: Part II

My last post was about Joanne’s exit plan.  After 25 years with her one and only employer, she has decided to leave the company.  She has never resigned from a company before.  The stakes are high and the environment is problematic.  The thought of giving her resignation creates a sense of dread.  That post ended with Joanne’s commitment to a plan of action.

In the next few weeks, Joanne went to work on her plan.  The strategy we formulated was to separate the formal resignation from the severance discussion.  Her first task was to draft a resignation letter.  Before doing so, she sent me an email that outlined the requirements for voluntary termination pursuant to her employment agreement.  Her objective was to make her termination date coincide, to some extent, with her 25^th anniversary.  She was reluctant to provide a firm date, however, as she was unclear as to the effective date for her incentive compensation.  And, she did not want to create suspicion by asking too many questions to confirm those dates.  We agreed that she should leave the official date, “to be determined” subject to the eligibility dates for her incentive program.

A few days later, I received her draft resignation letter.  It was an excellent product, short and to the point.  She told her employer that after 25 years with the company she felt the need to do something different.  She expressed gratitude for her success and professional development. She made a commitment to exit within the terms of her employment agreement.  She incorporated the advice she had received, making the document complementary to leadership. It was positive, aligned with the firm’s core values.

Joanne’s next task was to prepare her Transition plan. The first part of that document was mostly administrative.  She gave the required 90-days-notice. She committed to work through her notice period and to provide support and consulting services after her official termination date.  She agreed to help transfer her responsibilities to other members of the team and to provide further support as needed. Additionally, she offered to be available for additional time, up to six months, to help her employer with other relevant issues.

The second part of her transition plan was to lay out her financial requirements.  It was a detailed list of requests related to compensation and equity issues. I provided feedback to the extent I could and suggested that she seek advice from others for issues beyond my expertise.  Most of her terms were basic, covered by her employment agreement.  Some were to ensure that she received compensation earned in FY 2017, but payable in 2018.  Not a big deal.  Some of her requests were aggressive, like asking for a 12-month continuation of salary and professional outplacement services.  I advised her that those demands are beyond the norm for a voluntary termination, which she must factor into her negotiating strategy.

I saw Joanne again this week.  She briefed me on her progress since giving her resignation, which she said went well.  It was agreed that she could tell other members of the firm individually.   She added that her Psychologist has been very helpful.  They have been role-playing, with at least one role reversal session.  Currently, the partners are reviewing the terms of her proposal. The plan is to reconvene in the next few weeks to finalize an agreement.

Recognizing that some of her requirements are beyond the scope of her employment agreement, she asked how to justify her position.  I suggested that she become an Ambassador for the company. When she leaves, there is no guarantee that her clients will stay with the firm. She could help ensure they do and send new business to the firm.  The company’s downside risk would be clear, without the need for an overt threat.

This is a unique situation, at least for Joanne.  The story is not yet complete, but her confidence has improved dramatically.  If you are facing an unfamiliar situation it helps to have a plan.  Begin with a complete understanding of the situation.  Seek professional help if needed.  Talk to people with experience in the matter.  Be clear about your ideal outcome.  Evaluate different scenarios and role play.  Joanne’s confidence increased with the completion of each step of the process we created.  The more effort you put into planning for the event, the greater the likelihood you will achieve your desired outcome.

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Jim Weber, Managing Partner
ITB Partners
Jim.Weber@itbpartners.com

Author of: Fighting Alligators: Job Search Strategy For The New Normal


Current Assignments
1. COO- Atlanta-based Casual Dining Restaurant Company - New
2. Controller - Atlanta-based Consumer Products - Digital Company - Completed
3. Director of Biz Dev, Atlanta-based B2B Professional Services Company:    Completed
4. Payroll-Benefits Manager, Atlanta-based Retail Company:  Complete
5. Senior Accounting Manager – Atlanta-based Manufacturer. Complete
6. Controller - Atlanta-based Restaurant Company: New

7. Outplacement Assignment - Atlanta-based Manufacturer:  Complete