Tuesday’s Tip: Laid Off On Monday? Start Your Own Business On Tuesday!

When you get that dreaded call from HR, asking you to come to a conference room, you are about to be let go. No matter how good of a "quick talker" you are, you are not going to change their mind! Don't even try. However, there are some things that you might be able to get.

The first thing to remember is to never sign anything on the same day that you are given your walking papers and/or severance package. By law, they have to give you reasonable time (sometimes up to 60 days) to review the documents and they CANNOT revoke any of the severance offerings because you are asking for time to review the material/package.

The delay tactic should be used because it is a very emotional time and you are not in the right frame of mind to make logical decisions after being shown the door. Your goal over the next few days/weeks is to see if you can obtain more than is initially offered to you. It doesn't hurt to ask, and what are they going to do to you, fire you again?

Some things that you should make sure is in the severance package:

• Payout of vacation days, sick days, personal days earned, but not used


• Any upcoming bonuses (prorated)


• Continuance of health benefits for a few months (before COBRA kicks in)


• A positive reference from the company


• A minimum of 2 weeks of pay for each year of service

There are many other things that you might want to negotiate, but they are dependent upon your level in the company and your negotiating power. If they perceive you as an intellectual threat or someone that may initiate litigation, you may get more than someone else. The bottom line is not to take their first offering. You dedicated your time and energy to the company, and if they didn't pay the CEO a gazillion dollars, they might be able to keep some employees around for a longer time frame.

Thursday's post will discuss starting your own business.