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Old 02-15-2009, 03:58 PM
kknudson kknudson is offline
1990 500SL
Join Date: Oct 2003
Location: Hawthorn Woods, IL. USA
Posts: 329
Yes unfortunately they are few and far between.

There was one recently I remember, the owner got about 30 mill (after uncle sams cut) and proceeded to give 20 of it to his employees.

MANY years ago a close friend, after he came out of college went to work for a company. A very family oriented style company.
Well after a few years he was almost running it, the owner pretty much looked over his shoulder but let him have his way.
He is a very dedicated, hard working person.

A few years later the owner came to him and gave him a task, figure out how to GIVE the company to him and the employees. Minimize taxes, and give the owner a reasonable salary for the rest of his life. He was in his 60s at the time.

The owner told my friend he should take 51%, and come up with a fair way to divy the rest to the employees.

This was back in the 80s, the company was worth somewhere in the 50 mill range, it was probably a third of that before he took over. Well my friend went one further, he did take 51 %, voting rights. He actually took about 30 % ownership and gave the 20+% extra he was supposed to take to an employee pension / charity type setup. This was used to help the pensions, employees with special needs and college education for the employee's children.
Oh and if anyone asked he did this to minimize taxes etc, while true it really didn't make a big difference, he did it because he felt since he was actually a shorter term employee it wasn't fair for him to get that much more than the long term employees. Knowing him, in the 10ish years he worked there, he had 20 years worth of hours.

The other 30ish % was split up amongst the employees based on a formula he developed that kept politics and friendship out of it.

1990 500SL

I was always taught to respect my elders.
I don't have to respect too many people anymore.
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