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Kudos to Mr. Dow, and to Wieffering for highlighting this kind of business move.
I find this line curious, however: "Mitt Romney finds himself under attack for being a successful businessman." Really? If Mr. Dow had decided to sell his company and Romney's Bain Capital had decided to buy it, this is what would have happened: Bain would have had the company take out millions of dollars of loans (i.e. overleverage the company), use the millions to pay themselves huge amounts in dividends and management fees, and then when the company became insolvent, break it up into little pieces to sell to the highest bidders. All with no regard for what happened to loyal employees.
Mr. Wieffering, you cannot seriously approve of both both Mr. Dow and Mr. Romney's actions. One is most laudable, the other a most compelling case of Wall Street greed.
I applaud Mr Dow for putting the welfare of his employees first. He understands what it's going to take to grow our economy again... an investment in employees and their future. Congratulations for not taking the money and running and leaving your loyal employees to chance. May other business leaders learn from your actions.
I agree with tacyray and tgnelsonl's. My question is how many small businesses are there in MN where the owner would like to sell to employees, and employees would love to purchase the company, but employees don't have cash to make the purchase? Isn't this a place where our Governor and legislators should set up a 'window' offering reduced interest loans for employees so they can purchase their company? Mr. Wieffering, please do some research and find out how many workers were terminated or laid off by owned companies in Minnesota in the last x years.
Good to read story that tells the other side of capitalism. Not every business owner is a greedy multinational corporation moving jobs offshore while taking tax breaks.
I would like to add to the kudos for Jim Dow. ESOPS have been around a long time, and used successfully. To rolfealeary I would state that a lender is normally part of an ESOP. If it is a good business, the loan will be made. Please, no government involvement.
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