Generations Network/MyFamily.com Layoffs?
I had a question in my inbox today about The Generations Network (was MyFamily.com). The writer said there is a rumor that they laid off a significant part of their staff. I know people who worked there but no one who does now. Can anyone comment on this?
3 Responses to “Generations Network/MyFamily.com Layoffs?”
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September 13th, 2007 at 11:49 am
Ancestry Insider reported on on Wednesday, September 12 about the rumored TGN layoff.
http://ancestryinsider.blogspot.com/2007/09/layoffs-at-generations-network.html
I’d say the rumored report of 30 employees being laid off would be closer to being accurate, if verifiable. I have tallied 6 or 7 layoffs at TGN/Ancestry/MyFamily over the years since the dot com bust of 1999/2000.
I drive by TGN’s headquarters daily on my route to work and took a quick drive through of the parking lot this morning. A third-hand “report” that TGN had laid off 75% of employees would have obviously resulted in a similar percentage of fewer cars in their parking lot, which is NOT the case.
The pakring lot could very well have had 20-30 fewer cars in it (not enough to really notice) but a 75% reduction in force (and the cars they rode in on) would have been blacktop-obvious. The parking lot closest to the call center portion of the headquarters building looked about as full as always.
In the same post, Ancestry Insider also included a blurb re: renewal in speculation (because of the layoff rumor) about an impending “liquidity event” at TGN (IPO, or acquisition by a bigger fish) which might be preceded by a planned, periodic “streamlining” layoff to improve immediate bottom lime by removing the biz-school formula of 5% of redundant or least-productive employees (30 laid off = 5% of TGN work force?)
On September 11, TGN announced Ancestry.de, a Swedish language international version of Ancestry.com (fourth Ancestry.xx international site launched in 2007), and they currently have 5 job openings posted on their corporate site.
Interested former employees with exercised stock options, I’m sure, would like to know about any plans for a TGN “liquidity event”…
September 14th, 2007 at 3:48 pm
[...] Word on the street is that The Generations Network or TGN (formerly Myfamily.com) is in trouble. They recently laid off 60 employees and canned Daren Thayne, their now former CTO. Turnover in the last year, especially among middle and senior managers has been high. The lay off is a strategy by the board and senior management to up the EBIDA by reducing $10M in costs in an effort to make the business look more attractive to potential buyers. Yeah, that’s going to be about as effective as the TGN’s billboards on I-15. [...]
October 1st, 2007 at 8:22 pm
More likely scenario: An acquisition is likely in the works and the potential buyer has expressed interest in some staff and asked for other positions to be let go. I suspect the buyer of TGN already has key personnel in certain positions (like CTO D. Thayne) and will not want to keep people who simply create staffing duplication.
I think the lay-offs are an excellent sign that good things are coming!!