Continuing from last time, here are the signs you might be shown the door, and what to do if and when the axe falls.

First of all, trust your gut. That’s really just another way to say that you need to pay attention to your perceptions, intuition and instincts. You probably have a good sense of how things appear when they’re “normal,” so you usually can tell when things are a little weird, strained or goofy. Here’s a pretty good list of warning signs.

A friend told me once that he kept seeing his boss and other managers in meetings with HR people and just KNEW that he was gonna get blown out. He went so far as to check with an HR person he knew, calling her at home over the weekend. She told him that there was nothing going on that she knew of, so he chilled a bit, but the hairs on the back if his neck were still at attention, and he SWORE that something was up. Sure enough, he got cut a few days later.

Why was he so sure? For one thing, he knew that the company was in transition and he’d had a blowup with the big boss a few months earlier. The issue had been “settled” and everyone made nice, but he was wise enough to know that some wounds don’t heal… and that some heels wound! He figured that it was just a matter of time and he was right. Here are some things to do to prepare… just in case.

If the axe DOES fall, make sure that you get the best deal possible from your soon-to-be former employer.

Remember, when you're ushered into that little room and handed a piece of paper with your severance terms DON’T SIGN IT. The company, naturally, wants you to, but you will usually have a few days to look it over, so take your time. Bring it home with you and read it carefully, preferably with your spouse or partner.

You may be in a state of shock, numb or just very angry or sad, so give yourself some time to review it. A while back, I was laid off, but managed to get the company to extend my health benefits a bit, just by asking. You can even negotiate for more money, a later departure date, use of the office or anything else, just by asking. You won’t necessarily get everything you ask for, but if you don’t ask, you’ll never know.

In the event of a layoff or cutback — when several individuals or A LOT of them are let go — your leverage and ability to negotiate will be limited. The company probably has a set of guidelines they’re following and exceptions are rare, but it still doesn’t hurt to ask.

Above all, stay cool. Don’t yell, scream, make threats or get violent. Crying is OK; for women, too.

Seriously, though, in today’s economy, layoffs are par for the course. But as a wise man once said, “Dig your well before you’re thirsty.” In other words, always be prepared.

Next week, we’ll talk a little bit about networking and dealing with the first few days of a layoff. The following week, we’ll resume our job interview/employment discussion. If you’re confused, please don’t be. I’ll lay out both series — with links to each part — next time!

Richard Pachter is the MOLI View's Exception To The Rule.