FedEX, one of the biggest employers in town, is looking to cut back on its workforce in the next month, and that includes thousands of workers at its corporate headquarters in Memphis.
Sounds like dismal news for the local economy, but that's not how everyone sees it.
MORE: FedEx to offer buyouts with up to 2 years pay
"This just represents another chapter in several people's lives that go through corporate restructuring in general," said Demetri Patikas with the Memphis-based investment firm Duncan Williams.
This is not only an opportunity for the FedEx employees, but Memphis businesses and investment firms as well, Patikas added.
The FedEx buyout package is generous. Details are still being finalized, but early reports say employees could receive as much as two years base pay plus $25,000 in health care costs.
FedEx has not been more specific other than to say its targeting "thousands of workers."
Financial analysts estimate 4,000 - 5,000 employees will take advantage of the buyout. Patikas sees this as an opportunity to help thousands of people invest, and wisely spend their new found infusion of cash.
"What we focus on is each individual client," he said. "Each client is an entity to us and we focus on the individual, what their particular needs are. It's like snowflakes; everyone is different."
Starting Jan. 17, Duncan Williams will host a series of dinners at Folks Folly. The idea is to attract the buyout candidates, give them information on estate and tax planning, and hopefully gain their business.
While it may seem like thousands will now be out of work, this is not a layoff, but a buyout. That means employees who volunteer for the program will see a lump sum of cash, to invest and spend locally.
"We want them to be able to give to the organizations they want to give to, each one of our clients to achieve their goals," Patikas said. "Our goal is to help them achieve their goal and if that's spending money on a new car or vacation home, we want to help them achieve that."
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