I'm getting some good suggestions in the

forums for how to prepare for a layoff.

I think the key ones are:
1. Get your finances in order. Build up the emergency fund and start cutting fat from the budget.
2. Get your career prospects in order. Polish up the resume, start talking to your friends and contacts, maybe freshen up on your skills that would be desirable to employers.
3. Don't panic or feel bad. This is business and you can't take it personally. Take it as an opportunity to find something better that you wouldn't have otherwise taken the risk to find.
4. Find out in advance about resources available to displaced workers: unemployment benefits, outplacement services, social programs, etc.
5. Leave on a good note! You may need to get back in touch with your old coworkers in the near future.