Ivan Boesky could tell you. But then would you want to listen given the way he is today?
Posted on 07/25/2023 10:32:45 AM PDT by DallasBiff
Get mad at me but this smells more fishy, than a pizza anchovie.
Looks like they are doing well.
Well, I heard somewhere that it was a good thing for the workers to control the means of production. Now, who said that?
Communists rule taking advantage of rules of capitalism.
That’s very nice for them.
In the “old days” it would have simply been called a “partnership.”
All good if you have good employees. This situation reminds me of Mina’s World coffee shop in Philadelphia which dd not turn out so well.
Yes, nothing new. My uncle and another guy ended up owning a hardware store that way. Owner wanted to retire, so he loaned then the money. to buy it and accepted very favorable payback terms. They took a cut in pay til it was paid but then owned it.
My brother sold his business to his employees when he retired. They were not professional engineers like him, so he redirected their business plan to projects they were competent to do. The business still exists, more than ten years later, although there have been ups and downs.
I like this better than passing a business down to kids who don’t want it and can’t do it.
Now I get it, it’s like a respected retiring doctor who sells the practice.
“What is a “leveraged buyout”?”
They bought him out, but with someone else’s money. So essentially the bank owns their shares, until they finish paying off the bank.
Hey, if the workers want to buy the means of production, more power to them.
Using the naked force of the state to steal the means of production is what most people objected to.
except these workers are also OWNERS... big difference
Ivan Boesky could tell you. But then would you want to listen given the way he is today?
It’s a nice idea.
And typically once they do it, they all go at each other’s throats and gut the business with lawsuits, stupid demands and general infighting. Weirton Steel comes to mind, but there’s a million other examples.
“leveraged buyout”
Taking out a loan to buy something. Also commonly called ‘credit’.
The owner sold the company to the employees but they took out a loan, probably with him, to buy it. Often, these employee buyouts are an ESOP, employee stock ownership plan. The owner didn’t really loan any money, the employees simply go into debt to own the company, but they immediately start collecting profits, if any.
Although it is fairly poorly written this sounds a bit like an ESOP. Employee Stock Ownership Plans have a way of making businesses very successful and, depending on the nature of the business, making the employee/owners lots of money in the long term. Good for them.
I’ve ate there.
I don’t remember it being something worth going again.
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Dennis: I told you, we’re an anarcho-syndicalist commune. We take it in turns to act as sort of executive officer for the week…
King Arthur: Yes…
Dennis: …but all the decisions of that officer have to be ratified at a special bi-weekly meeting…
King Arthur: Yes I see…
Dennis: …by a simple majority in the case of purely internal affairs…
King Arthur: Be quiet!
Dennis: …but by a two thirds majority in the case of more…
King Arthur: Be quiet! I order you to be quiet!
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This guy makes it sound like he’s doing something for the community. He’s not. He’s making money by slowly selling his business to people who work for him. This is capitalism, no matter how much he wants to make it sound like they are holding hands singing kumbaya around a fire.
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