SURVIVING AND THRIVING FROM UNEMPLOYMENT

I did not expect to be writing about this topic so early in 2010. It just so happens that I got laid off early this week from a company for which I was working for four years. Immediate feelings of disappointment, betrayal, sadness, confusion and doubt came over me. Despite my initial reaction, it was not something which surprised me. Many companies have been laying off employees since January 2009, when the impact of the Lehman Brothers collapse became evident and the shock to the populace stunted spending on all sectors. Many were laid off including those in entry-level to C-level positions. When even extremely talented and experienced people with strong track records get laid off, no one is immune. The current recession is one that is hitting people of all income levels and positions. We read daily about the unemployment statistics as we track the progress or lack of progress of the economy. Friends in business and finance were shifting their investments, trying to find pockets of opportunity and preparing their existing companies for survival mode. Bonuses and budgets were cut, making mid to senior level managers wondering how they can run their divisions with so little resources and still be expected to raise sales by double digit percentages. I'm out. Now, what's next?

For some reason, I was not shaken by getting laid off. Any time I lost my job in the past, I somehow landed a better job earning more money.

I was first laid off in 1997. I was at my first Internet start-up. I joined the company as the 6th employee and it quickly grew to 65. I became the Vice President of Client Services and Creative Affairs at age twenty-six and directly managed 30 employees and two dozen Fortune 1000 clients. I worked 12- 14 hour days and helped the company go public which made its founders wealthy men. The bankers advised the company that because of the nature of my work and responsibilities, I should be made an officer of the company. They discussed with me a litany of additional responsibilities and restrictions associated with becoming an officer of the company. However, I refused to accept unless they gave me a raise and additional stock options for the increased responsiblities. One day, I was called into my boss' office. I was told that they were terminating me and the reason they were getting rid of me was that they heard I was planning on leaving the company for a competitor and taking employees with me. This was a completely false accusation and I was not allowed to defend myself. They simply took my employee ID, key card, my laptop and escorted me out. I was not allowed to say goodbye to my employees or clients. I later found out that my accuser, who reported to me and was on my team, was the one who wound up doing exactly what I was accused of doing 6 months later. This was an early lesson that no matter how hard you work or dedicate yourself to a company you work for, there is no security.

I was immediately hired by a global ad agency that wanted to launch a website development division and paid 50% more than my prior employer. Within 6 months, my supervisor who said "I think the Internet is pedestrian and will never make an impact as an advertising or communication medium" told me I was no longer needed at the company and terminated my position.

I was subsequently hired by a Montreal-based technology firm to be its President and start its US operations. After two layoffs within two years, somehow, I found myself President of a company and earning double the income from the year prior. Six months later, the CEO from Montreal called to inform me their investors were cutting funding and I would have to shut down the company and be out of a job. I had $60,000 in severance payment due to me, I had 6 employees, and had contracts totaling $250,000 to develop websites. I agreed to shut down the company and told the CEO that I was willing to forgo my severance, if he simply allowed me to take over the US business. I did not want to let go of my employees or have to inform my clients that we could not fulfill our obligations to their contracts. The investors allowed me to acquire the US company in exchange for a payment of $1. I really did have to write a check for one dollar. I quickly lined up an angel investor who gave me $150,000 for 15% of the company which meant that I now owned 85% of a company valued at $1 million. On March 1998, BoutiqueY3k was born (the name was meant to imply the future of shopping). We launched the Nine West e-commerce site in July 1998. After 3 layoffs within two years, I've doubled my income, was owner of a company worth $1 million and had personal assets valued at $850,000. Within three years, my team and I eventually grew BoutiqueY3k to 26 employees and raised venture capital investment valuing the company at $12 million.

Am I afraid of unemployment? Hell no. The ease by which I obtained jobs was due to my network. In 1997, all it took was an email to a couple of dozen people, and my next job was within reach.

#1 lesson: Do not be embarrassed about being unemployed. Inform your close friends, family, and network immediately. No one can offer to help you if you do not let them know you are in need.

#2 lesson: Stay positive. If you have a good reputation and have not stepped on too many toes in the past, the chances of landing a job should be relatively simple. (Be careful of the toes you step on today, they may be attached to the ass you have to kiss tomorrow).

#3 lesson: Take the time to evaluate what you really want to do. Were you unhappy at your prior job? If so, is it time for a career change?

When I was laid off on Monday, January 11th 2010, I was 13 years older than when I first lost my job in 1997. We now have social networks at our disposal which enable us to reach out and communicate to our friends and acquaintances of our job status within seconds. I went on LinkedIn and updated my status to 334 connections to "Pondering my next move." Within minutes, I received words of encouragement from distant contacts and colleagues whom I met once or twice at conferences. By the time I turned on my computer the next day, my in box was full of messages from head hunters and friends offering their help in getting me a new job. I then updated my status on facebook to 508 friends. My days immediately became filled with meetings. I was offered a job as VP of Marketing at a start-up and a respected entrepreneur offered to fund and incubate my next project. I was offered office space from which to work. Another friend offered to review and negotiate my separation agreement pro bono.

Within 5 days of feeling sad and betrayed, I feel elated and optimistic about my future. I do not feel sorry for myself, but feel grateful of what is yet to come. At age 40, I am told I am more marketable. I have experience working at start-ups (K2, Abilon, RichFX, BoutiqueY3k) as well as with established companies (Burberry, Frette, La Perla). I've worked with Venture Capitalists and Private Equity firms. After shutting down BoutiqueY3k during the dot com crash in 2001, I was a gun shy about going out on my own again. Nine years later, I may just give it another try. Stay tuned...