At the time the company was about to go under although we wouldn’t learn about it until six months later. It was a family-ownedventure and for many years revenues were being used to pay for the children’s lifestyles. After the founder was no longer capable of running things a trust took over. One thing led to another until it was past the point of no return. The sad thing was before the finances became out of control. Jimmy Buffet offered to buy the company but was turned down. It was the founder’s dream to leave it for his children for their security. Then when the only recourse was to sell there was a deal on the table but one of the children wanted the buyer to pay an annual royalty to use the company name.
Reminds me of a company I used to work for. The company did a wee bit better for the year. The CEO ran it by the comptroller in order to boost morale and the idea of having a party at his place for the employees. The Comptroller suggested that a Christmas bonus would be better.
At the time the company was about to go under although we wouldn’t learn about it until six months later. It was a family-ownedventure and for many years revenues were being used to pay for the children’s lifestyles. After the founder was no longer capable of running things a trust took over. One thing led to another until it was past the point of no return. The sad thing was before the finances became out of control. Jimmy Buffet offered to buy the company but was turned down. It was the founder’s dream to leave it for his children for their security. Then when the only recourse was to sell there was a deal on the table but one of the children wanted the buyer to pay an annual royalty to use the company name.