I still have hope, but not much.
38 replies (most recent on top)
No matter how much you might not like someone, or in this case an entire family, ML suffers from depression. If the family is so bad, raise above them and don’t pick on something that is out of his control you dirtbag. There is a special place in he-l for you. I hope that no one in your family, or close friends, suffers from that at any point.
Following up, is the family staging a TL intervention at McD-U to get him into north shore rehab? How does the Cobra health plan handle that? Will he have to wear diapers like his bro did for a year after the shock therapy? Asking for 2740 laid off friends.
Is History really better than Music History when applied to your business? RP has a History degree. Hopefully he can learn from the historical mistakes made by Follett.
As reported by ShelfAwareness (trusted industry journal)- https://www.shelf-awareness.com/issue.html?issue=4162#m55229
Jones Day (law firm) is bragging about their role https://www.jonesday.com/en/practices/experience/2022/02/follett-corporation-acquired-by-private-investor-group
The company was sold to an investor group led by the private equity company, Jefferson River Capital.
“You gotta post your degree credentials now. If it matters that much.”
What? Huh? Really? Why would my degree credentials matter? I’m not running a business I have no experience or education to run just because my dad married a Follett. I’ve never taken a job I didn’t deserve because of my family name and then pretended I was the big man. During my time at Follett a string of family members did from CT to ML to TL to BF. None had the experience or the education. No hypocrisy. Just a simple observation.
You gotta post your degree credentials now. If it matters that much.
Or are you a hypocrite?
At least we have experience with this sort of leadership. TL sold class rings for Jostens before being placed into a job running Follett School Libraries badly leading to the job of Chairman and CEO running the whole of Follett even more badly. At least this guy has a Harvard degree as compared to a useless music history degree from TCU.
@ckep+1fi7ClGi - I was told the same by a former employee of Follett. Can anyone confirm that’s true?
Or it’s not PE and someone had his father in law buy him a company because he could not get ahead at Vital Source. I heard Vital Source bought his company (Verbo) that he did very little to build, got put in a job that had very limited reports and responsibilities at Vital Source, now he is President of Follett Corp and has 8,000+ employees or whatever we have.
We have a person sitting in a powerful chair that has not sat in more than a VP spot with 0 to a few reports. Oh, and did you see him in the Pulse thing? My lord. Is this Trading Places?
Does his wife have a sister? I would turn to the other side for that.
Short answer. Still a tough business model but better chance of succeeding now.
PE won’t make the same mistakes as past leadership that starved the business of cash and ran up debt (Kiva robots, buying B&T, Valore, running up B2B inventory, paying millions in bonus while losing money, Woodys, westchester lease, signing up unprofitable stores, etc…). Those bad decisions alone cost the company well over half a billion dollars.
PE won’t make those mistakes, but still a difficult model. Declining trends, easy alternatives, and what other outsourcing model can you name where the outsourcee has to pay the outsourcer substantially for the right to provide the service?
The Family Guy is right. The Follett's and the most recent occupants of the 9th floor are some place warm sipping a cool drink. They all had their shares bought out and the EC all got nice severance packages.
The parade is over so move on of your own accord. The guy with the cart and the shovel is coming to dispose of what is left.
We may be gone, but obviously not forgotten.
PS Field layoffs are coming. JH was pushing for them well before the sale and assume she still is with the new group.
Yes, for all intents and purposes, he's been laid off.
After 149 years the family has been terminated.
Great fear that the new owners will succeed where they failed.
All the best to the new owners! We can live with business decisions.
The petty use of your power to punish people who challenge you or question your (terrible) decisions won't be missed.
Family Guy letting the hate flow through his veins.
He finally gets what this site is all about.
The denial is strong in this one
Family Guys is so bitter.
It's not your family's business any more.
You FAILED!
Move on and have a good life.
Sounds like the new owners found this site.
Still a lot of talk of blaming the family. Shame on us for wanting a ROI. How could we want a return on something that we did not see one in 5 plus years (yes, that means no dividends). Well I guess we could of just sold our stock, but we actually could not have cause it’s restricted stock.
Truth of the matter is that the majority are mad because the family cannot be blamed after the next 12 months.
Soon you will need to blame the new owners. Yet, there is one consistency that remains to blame… JH and you all as a FHEG group. You and BT sunk this family business. FSS was pushing off tens of millions of dollars.
If you don’t hit numbers with a PE, doors shut. They do not care if you are feeding families from a dumpster. You think that this is such an upgrade, mark this post and come back in 12 months. Look up JRC, TJ has billions. This company is no more than a tax right off if you all don’t preform.
Non compos mentis?
The folks on this site want the future to begin today as long as it looks like Follett of 15 years ago.
Nobody said that but YOU.
The future starts today! Yesterday cannot be undone.
What that looks like, TBD.
Who knows what the new owners have planned?
Against all evidence, there is hope.
No one can fix the past injustices.......what has been done has been done. The hundreds fired over the last decade will not be brought back. The new owners will what is best for the new owners. It is called business. The folks on this site want the future to begin today as long as it looks like Follett of 15 years ago.
In 90 days or so a new plan will be published....it is how private equity companies work. The new owners will stop what is unprofitable and shift resources, human and capital, to what makes money. They will move quickly and without remorse.
The future started months ago when the family decided to sell the business units. The future is already here, what is unclear is who will be part of the future and who will need to move on.
Wow! AH? REALLY? Think about what you are saying!
Can you do anything about what the Family did in the past?
What is your solution, have the new owners fire everyone and start over?
Perhaps the new owners will evaluate their management team and make changes as they feel necessary.
Do you have a time machine where you can go back and fix these injustices?
The future starts today!
Dead fish rots from the head down.
Perhaps they were just parroting what the Family position was.
They have families, they needed their jobs.
Fresh start for everyone. Hopefully the results in the field will impress everyone!
I don't think brick and mortar are done!
many that were involved in handing out the beatings are still intact!
Give it a chance.
The future starts today!
Hopefully they will be given the Come to Jesus speech and, if not heeded, they will be gone.
New slate, new start for everyone!
I pray that you are correct. Hard to see it though when the many that were involved in handing out the beatings are still intact!
Please give the new owners a chance!
The Family failed for sure. That's over - can't change the past.
Not unusual in the US.
Family owned business rarely last past the 5th generation (think of Schwinn Bicycle).
The new owners expect a nice ROI. One way to get that is with happy motivated employees. The Follett Family business model of the beatings will continue until moral improves has hopefully ended!
I agree that there is enough blame to go around. To go around several times. What I do not see discussed here is the demise of the Follett business model. The college bookstore is as relevant to students today as the horse and buggy. Anything a student wants can be obtained online and usually at a lower price. What will survive is digital and all inclusive programs. The students, their parents and alumni are not coming back, in the numbers of the past, no matter how much money you pour into those stores. Brick and mortar will survive but as a greatly diminished ghost of what it once was. Some places like ND and Stanford will go on because they are more showroom than store. I worked for Follett for many years before I was let go. I am sad to see the company become what it is. The business and the world has changed, it is time to say good-bye.
That's why Follett is a poor employer.
or WAS a poor employer...
Time will tell.
New owners (The NEW Follett?)!
The Future Starts Today!
perhaps new management will help you. Your assessment is correct to a point. Make money, offer competitive comp package (although follett's pay is poor), yada yada yada.
follett's intangible over the past decade is a consistent disdain for long term employees. They abused, laid off or fired employees so they could re-staff with temps and part time staff.
Guessing you have fewer than 10 years in. Once you pass 10 years, you're number's coming up sooner than you think.
That's why follett is a poor employer.
Face the facts. A business main propose is to make its shareholders money. If you or I started a business, that would be what we want. It’s how the companies go about doing it. And unfortunately, in most businesses, they feel like that is with overly paid executives. There are a few companies, mostly companies with more money than they know what to do with, that really focus on treating employees with respect. So let’s look at what we get. We have a decent 401k with a company match that is equal to the national average. Pretty reasonable health and dental insurance. Great PTO. And a few more. Now does all that out way how we are treated. Now that’s for you to decide. For me…it’s about equal. Even though I think the treatment can be better. Treating someone with respect goes a long way. Is the work load too much? Sometimes, but look around, that is at every Job.
No. Not family. No. Not an c-suite. Yes. From the field.
Fingers crossed this isn't our future...
PE firms are not known for being good to their employees. They are all about cutting costs and maximum profit for their investors.
The last 10 years under the Family hasn't been a bowl of cherries.
Focus on profit by professionals might be a great thing.
The Sears and K Mart folks sure failed right? An army of dedicated associates RIF'ed and blamed for senior management's failure, followed by more failure.
BM used to be good, but I think worked for the dark side to long. Another one that assumed multiple jobs as RCMS team was cut. If all they are going to do is watch us to ensure we do a list of stuff, put that in a system.
I think there is consolidation coming. PEs look to cut. I have been told by my RM to ensure everyone looks busy if there are HO visitors, or cut the staff that day so we don’t look over staffed. This came down from a few layers up based on what they have been hearing in the tower. Protect yourselves and your labor.
Hopefully see you on the other side.
Don’t know where they would cut except for the c-suite. 34 + with president in their title. Everything has been gutted.
Have to agree with BM in CM. Someone needs to send him a message via carrier Pigeon to get a clue.
I was thinking of a different BM (course materials and still here) that is just the worst along with SZ. Then maybe JH.
I was hoping for some changes, but unfortunately PE firms are not known for being good to their employees. They are all about cutting costs and maximum profit for their investors.
BM is gone from what I heard. I was having store server issues and I was told that he is no longer with Follett during the conversation. Agree about the other JH, but would rather see JC under him go. I get insulted day in and day out because of my connectivity and server issues that are the providers fault. I am not a expert in either, but his team is.
As for RMs hires, there are only a few that I know without looking on the Quad (sad I know), and they all are not bad. I would say about 50% are, but other 50% are trying to help. I speak with one often, and they are challenged with a lot of the same issues that we have; do more with less, hold multiple positions, cut teams, work more hours for well below market rate and actual role responsibilities.
All points of view are welcome but wanted to share mine from another store perspective.
Give the new owners a chance to clean house.
Maybe a Come to Jesus chat will bring them around to valuing each and every associate?
Both JHs, BM and anyone RM hired as a vp and a few others on that team. Just to list a few.
Who are the self serving leaders that are still in place?
I know one that survived, JH. Who else?
Not with the current culture and the current self serving “leaders” still in place.