Minnesota grocer gives company to employees
Best boss ever?
- Duration 3:01
- Date Jan 5, 2013
Best boss ever?
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This transcript is automatically generated
It's Fred thanks -- -- what he was retiring it could have easily sold a successful business to the highest bidder but instead it -- -- -- founder -- -- -- -- gave his.
46 year old company to his employees all 400 of them.
We are now joined this morning by the new CEO.
Of that food stories Brent C card nice to see this morning -- -- the show.
Thank you -- in Joseph who is suffering from parkinson's not feeling well this morning and of course retired.
And how -- this all unfold what may be what made him decide.
I'm not going to sell my company the highest bidder I'm gonna give it back to my employees you being one of them.
Well Joseph has always thought about what's the right thing for the employees and for the community.
And he just decided a long time ago that if if -- kids.
Put it in the hands of the employees whatever he was gonna do you want to take care of us.
A year ago he sat down with his fan wins and said this is what I think we should do.
And they put the plan in action and then we made the announcement in September.
So what exactly is their plan a lot of people home probably thinking what how to like just how to -- suddenly take ownership of a company how exactly does that work to some crucial to my office one day with a check.
Do I get I get a corner office how does all this unfold.
Well what happens is is it's it's done through its common hee-seop employee stock ownership participation plan.
And and instead of the employees trying to.
Get -- so that they can take out -- -- and -- the business really that the owners they get to.
Sell the company to the company itself the company buys itself and hands hands the stock.
Options to -- employees and that's just divided down so over time based on seniority in and pay.
But everyone who's who meets the qualifications it's two.
Be a part owner in the company.
As -- now do you feel there's an ownership quality the beginning of this year now all of these 400 employees have an ownership.
In the company like that they've never had before.
Do you think that this.
-- and get out of bed a little was a little bit more of a spring in his step going to a company that they now have a part ownership that.
Definitely does we -- -- come to us with lists of things that they think that we could do better.
I think one of the best examples as a small thing.
The very first day after the announcement has so -- one year old.
Is -- looking at a chair that was it was about to be thrown away say hey that's gonna cost us money to replace I think we just need a five dollar part to replace that.
That's thinking like an owner.
Let's grab one of other companies will take this hour it was Joseph the best and hope that his health.
Improve -- here in this new year but -- an amazing story.
-- we appreciate you joining us might give us the best to Joseph he's done for his company there thank you.
I sure will thank you thanks.