General Discussion

high density

(13,397 posts)

40. "For free?" Free to the employees, but it sounds like he's still making out.

Sat Dec 1, 2012, 05:31 PM

Dec 2012

It sounds like he is having the business buy shares in the company from him which the business then gives to the employees. Not a terrible idea by any means, but the headline insinuates he's giving the business away, which he isn't.

http://www.startribune.com/local/180550281.html?refer=y

The program will pay off the Lueken family in three to five years and leave employees with shares based on length of service and salary, at no cost to them. If the company keeps growing, the shares' value will too, and the group is obligated to repurchase shares of any employee who leaves or retires.

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Grocer, 70, gives stores to his employees — for free, transferring ownership as a thank you [View all] Liberal_in_LA Nov 2012 OP

I love this guy. yellerpup Nov 2012 #1

Gotta love his sons also. Chips off the old block. Good family. Booster Nov 2012 #22

No doubt about it. yellerpup Nov 2012 #29

I was skeptical about the sons... awoke_in_2003 Dec 2012 #38

Bravo! K&R n/t OneGrassRoot Nov 2012 #2

Wow LadyHawkAZ Nov 2012 #3

Now THAT is a true American hero and business man! ChisolmTrailDem Nov 2012 #4

"You can't always take. You also have to give back." Barack_America Nov 2012 #5

I wonder if the employees will sell it for a quick payout. I wonder if the buyers who were HiPointDem Nov 2012 #6

First they have to tpay off the debt they took on, the proceeds of which go to jtuck004 Nov 2012 #10

I caught that too, but it does not negate the gift. Lucky Luciano Nov 2012 #19

That is an assumption. There is no value until the loans are paid off. jtuck004 Nov 2012 #24

There is still value to the equity. Lucky Luciano Nov 2012 #27

Of course, never stated otherwise. What I always question is the size of the equity. jtuck004 Nov 2012 #32

edit: never mind, i see the debt is for the esop shares. HiPointDem Nov 2012 #21

Good man. If only Sam Walton had done so instead of passing his business onto his greedy offspring. freshwest Nov 2012 #7

What does John Walton leaving his sawmill to his children itsrobert Nov 2012 #15

Well John Boy and Jim Bob seemed to have quite a bit of business experience. japple Nov 2012 #20

Yeah, I did. But I won't be around much for a while. So have at. freshwest Dec 2012 #42

you can't trust those mountain folk... awoke_in_2003 Dec 2012 #39

He should be able to shop free adieu Nov 2012 #8

A True "Job Creator." Caeser67 Nov 2012 #9

Damn shame this femrap Nov 2012 #11

He even looks like such a nice guy! sabrina 1 Nov 2012 #12

Awesome! A true American. blackspade Nov 2012 #13

What a great way to do business.... midnight Nov 2012 #14

K&R for this great guy MotherPetrie Nov 2012 #16

What a great guy!! LOVE this story. rivegauche Nov 2012 #17

bravo dionysus Nov 2012 #18

But, But... this is Marxism!!! no, no NO!!! Iggy Nov 2012 #23

Maybe the owner could sense the jig was up? Shankapotomus Nov 2012 #28

Heh Heh.... Right Iggy Nov 2012 #30

Mitt Romney needs to meet THIS guy for Lunch flying-skeleton Nov 2012 #25

Another story that makes me cry. Democratopia Nov 2012 #26

THIS GUY IS FUCKING WIN BEYOND WORDS! ElboRuum Nov 2012 #31

We knew him and also his sons. A wonderful family. glinda Dec 2012 #33

Mr. Lueken and family, thank you for your generosity. I'm so saidsimplesimon Dec 2012 #34

Correct me if I"m wrong, but he's selling his stores to his employees zaj Dec 2012 #35

It is a sale to the employees paid for by profits that the store makes. Lucky Luciano Dec 2012 #41

This says it all: "You can't always take. You also have to give back." calimary Dec 2012 #36

Minnesota Nice! Odin2005 Dec 2012 #37

"For free?" Free to the employees, but it sounds like he's still making out. high density Dec 2012 #40

oh wow that's cool/ k/r nt limpyhobbler Dec 2012 #43

Kudos to Joe Lueken! AverageJoe90 Dec 2012 #44