70-year old Joe Lueken is retiring after decades as a store owner in Minnesota. However, his two songs aren’t interested in inheriting the stores.
Despite receiving numerous financial offers from interested parties, Lueken is instead opting to do something benevolent – he’ll transfer ownership of both stores to his employees (roughly 400 of them), through an Employee Stock Ownership Program.
The employees won’t have to pay a dime in order to obtain their shares in the company, which is pretty great.
“My employees are largely responsible for any success I’ve had, and they deserve to get some of the benefits of that. You can’t always take. You also have to give back.”
It’d sure be nice if more bosses adopted the kind spirit of Mr. Lueken, wouldn’t it?
(via Minneapolis Star Tribune)