If there’s a "good" way to be laid off, Andrew Singleton found it. The 43-year-old resident of Neshanic Station, N.J., had been working for a technology firm called Old Bridge Solutions as a senior relationship manager when the firm was bought by PNC Bank in late 2007.

Old Bridge had developed a product used by financial advisors in brokerages, banks and investment entities to manage and monitor customers’ accounts, and Singleton had signed on for a three-year contract in June 2006.

Golden parachute

“When I signed on, I was contracted to stay for three years,” Singleton said. “If I did, I would be paid an agreed-upon sum paid out in equal distributions.”

As the economic downturn deepened in the last months of 2008, Old Bridge decided to eliminate staff to save money, and Singleton was laid off. However, since his contract was still valid, he had a pretty cushy safety net and would receive his regular paychecks until June 2009.

“I got a great severance package, and I’ll still get paid through June, which is great,” he said.

But while many in his situation would have sat back; relaxed; and taken a long, corporate-funded sabbatical, Singleton did exactly the opposite.

“I’m not one to just sit around, and I wasn’t interested in simply getting a paycheck until my contract ran out.” Singleton said he allowed himself one whole day to relax mentally and let his situation sink in ¾ and then got to work.

“The next day, I was building my resume, searching company job postings on the Internet and posting my credentials on just about every job-search engine out there,” Singleton said, including on SalesLadder.

Singleton’s drive paid off, and he received a lot of interest and many interviews through February 2009. All in all, he received seven job offers between December 2008 and March 2009, but none of them seemed quite right.

Waiting for the right time

“I could have had a job a week later, but I talked to my wife and decided that this was really the prime opportunity to be more discerning, and find real fulfilling work instead of just employment,” he said.

Lending credence to his willingness to hold out for the Perfect Position were statistics showing there were still around 2.8 million jobs being created, he said. Though he knew that with so many out of work, the competition would be fierce, he said the situation presented great opportunities for anyone up for the challenge.

That faith and persistence led Singleton to accept an offer with Meyers & Kent, a business-advisory firm that caters to the needs of small and medium-sized businesses. Singleton said his experience as a relationship manager contributes greatly to his success in his new position: He consults regularly with businesses to develop new customer and partner relationships and provide strategies for owners to grow their businesses, even in a difficult economy.

“That relationship manager role is being taken to the next level — so much of my new position involves helping people to do the best they can for their businesses and their families,” he said.

Moving up the ladder

Though he started as a managing director, Singleton was recently made a partner in the firm, now called Singleton, Meyers & Kent.

While Singleton admits he was extremely lucky to have his severance and contract payments to fall back on as he searched for a new position, he believes the real key was in maintaining a positive attitude.

“If you allow yourself to get depressed, you’ll become another victim of this economy,” he said. Though Singleton had never experienced a layoff in more than 20 years of employment, he said he looked at the event in a much different light from many.

“I looked at this as an opportunity to really get into things I love,” he said. “You’re never going to know what you could do or what job you get until you make that leap, but it behooves job seekers to prepare themselves properly so they’re not caught off guard.”

Another lesson Singleton takes from his experience is a new perspective on the job market in general and his career in particular. He said he no longer assumes that employment opportunities he has now will last a lifetime. Instead, he considers them a way to add to his existing skill set and to develop new talents.

“What’s normal now is for employers to hire you for an immediate need, and then if you’re not able to develop a new set of skills to meet the next set of needs, your time there is going to be very short-lived,” he said. Even if your best efforts don’t seem to be bearing fruit, Singleton said to stick it out.

“You only need one job,” he said. “If you stick with it and don’t give up, the simple laws of playing the odds mean one day you will get to where you want to be.”