This man is giving people a chance to get a leg up in life, and I agree with him, if the employee has a stake in the company; she/he/they will be to work on time, not call off, nor quit and put out a better product. How is this not a part of other places and boy don't we all feel dumb for hearing this and not working somewhere that does do this. I want an application!

@BrianHencheyShow

Жыл бұрын

Sometimes the idea of ownership is used to attempt to turn employees into slaves. I’ve experienced this personally. But it sounds like this equity firm is doing things right.

My dad, Jack Braun of Braun Intertec in MN did an EPOPS back in the 90’s for the civil engineering business he started by himself in 1957. He knew the importance of the “employee “ and their contribution. It’s now all employee owned. He was an awesome, authentic human. They are rare! He passed in 2021. ❤ nice story!!

@theresaoneal1607

Жыл бұрын

Your dad sounds like he was a wonderful caring man. You must be proud. We need more people like him. ❤

The more his equity firm is known for helping employees after a buyout, the more companies will want to have them as a buyer.

@kimberlyenglehardt5770

Жыл бұрын

That circle of companies was mostly financial companies. Not factories.

Great commercial for KKR and private equity.

Magnificent employment, what a blessing ,everyone is a winner.

The Problem is there are companies that Do Not Care About Employees, and will short change them, exploit them, and just downright Use Them. Even after they are Gone.

Congratulations to Pete Stavrose at KKR! We need more guys like him especially since he grew up in a blue collar family. My deepest respects!

What a great way to add value!

Thank you NPR and CBS for doing and sharing this story. Surely, employee-owned companies and cooperatives are a big part of the solution to reducing income inequality and job instability while also supporting better, more collaborative workplaces where people feel cared for -- and therefore -- more genuinely loyal to.

Sounds like a worker's co-op. Instead of automating, firing people, and pocketing the profit. They're giving back.

KKR owned my company. No payout, just layoffs.

@snicky069

Жыл бұрын

What was the name/location of your company? I work for CNG featured in this video and what you describe has been far from the case here.

@josephjarrell4229

Жыл бұрын

Same here. I work for CNG as well and we haven’t had that here.

What a great story! Only thing that could have made it better was if I worked there. 😅

I just love watching this show on my cell phone and watching this show since day one

Superb way to do this!, do more!!

Way to go Pete!! This is awesome!! So glad to see this is happening and a fundamental shift is underway! Hope it catches on!!❤

ESOPS are great, my dads company sold for 550m, he got a nice chunk. if only i was old enough to benefit from it when i worked for them to obtain some stock myself :(

This man understands that company success is made by their employees. I think this modal will incentivize productivity and profits

Thank you for sharing this story.

Why isn't this front page news?

This is a slight variation of the Basque Co-ops in Spain initiated by a Catholic Priest. In 1951 the Mondragon Corporation was started and is now the seventh-largest Spanish company in terms of asset turnover and the leading business group in the Basque Country. At the end of 2016, it employed 74,117 people in 257 companies and organizations in four areas of activity: finance, industry, retail and knowledge. By 2019, 81,507 people were employed. Employee ownership is a proven model, even if it is "new" in the USA.

Brilliant and inclusive. That's what we need. These are great working people they deserve a share.

This is nice but what happens if that business goes bankrupt? Shares gone. No money. It’s still a risk. I worked for a company that gave me the 401k match in company stock. Every year I changed it to a mutual fund.

@jauntily

Жыл бұрын

Yeah. It reminds me how foolish some of the Enron employees were 20+ years ago to keep all their savings in Enron stock. When the huge fraud came to light they lost it all. Diversifying your portfolio is a must.

@SamSung-nf6tr

Жыл бұрын

Everything is a risk. I was in the newspaper business for 25 years. Then I worked for another company that went out of business. Then another company sold out and got rid of everyone under 50 legally.

@snicky069

Жыл бұрын

I work for CNG (featured in this story). There is NO investment made by the employee. The "shares" are given to us based on our length of time with the company. So if the company goes bankrupt I lose nothing, other than my job as anyone who works for a bankrupted company would.

@connor_flanigan

Жыл бұрын

@@snicky069 so if you obtain $1 in stock and then the company that dollar is invested in goes out of business, you don't think you've lost $1? that's like inheriting millions or winning the lottery and blowing it and having nothing and then saying you didn't lose anything.

Brilliant!

Cooperative ownership, along with unions need to make a comeback.

Can't imagine this becoming a trend in the "Pirate Equity" culture here in the U.S.

Am I missing something. This was a buyout? What does that mean for the employees going forward. Do they still have jobs?

@susannpatton2893

Жыл бұрын

The employees got shares in the company. They are part owners of the company. So when they get profits from the stock market, the employees get money too. It's great. I want to go work there. Yes they still work there, I think that's a condition of having the stocks to begin with Leave the job, lose the stock

@smoothiegreenburg6065

Жыл бұрын

yes. my dads company got bought out and they didnt fire anyone. his company held the money depending on how much you got, status, etc so it didnt come in at once, as in you cant all take your money and quit leaving the company with no employees.he got 1/3 of it right away, then year later some more, and so on for like three years, then he is retiring anyways. the last thing they want is for all the employees to leave a thriving company because they got a big pay day :)

Charter Next is in a pretty depressed area, and is now one of the largest employers in North Central Ohio. They recently took over the site of an old GM stamping plant. They are brining hope and jobs to my area, and would be wonderful if there is an even bigger payout one day

This company gonna flourish..if they can hold on to values.

¡Finalmente! ¡Bien hecho! 💜

If only this would catch on. But unfortunately I believe this to be an anomaly, and not the norm.

Please do a story on B corporations. Thanks.

@angelisa368

Жыл бұрын

Yes!! B Corps!! Love the concept of B Corps!❤

@daniel51020

Жыл бұрын

Good idea! + 1

KKR is changing everything for the better!! Incredible

@c.aresty

Жыл бұрын

Doesn't it feel kinda like a PR stunt? I'm at Wachtell and work with a lot of people from KKR and they don't come off as too interested in helping the world. Also their rep under Henry Kravis was historically pretty controversial. Do you think it's for real?

Wow!!!

Amazing

Only question is what happens when an employee sells?

Im working through two buy outs from a mom&pop to a 2nd corporation, and I wish it would've gone down like this. The 1st company was ok, but the 2nd one is trash. I just remember thinking that maybe the original owner would give us something for making him rich, but instead all we got was a thank you and nothing more. Now we have to fend for outselves from our corporate overlords.

Do not minimize the importance of "yes the private equity (firm) will still keep the Lion's Share of profits of any sale - the company can still be sold without these workers' consent. 6:10

@snicky069

Жыл бұрын

And this could happen to any company. So what's your point?

@theresaoneal1607

Жыл бұрын

Like the man said....Companies are sold every day and the workers don't get anything. They all seem extremely happy. Its a start.

So if the company's been sold, what happens next? Are the employee/owners now back to being regular employees? Will the new owner "streamline"?

@snicky069

Жыл бұрын

I work for CNG (featured in the video). If the company sells then I get a fat fat check. What happens after that I do not care. Of note: I am paid well now (even before KKR bought into us) and have already received over 17k from this that I wouldn't have if it were just a regular owned business.

This is great. Unless there's something hidden.

Wow, it shows the world we live in now when I'm waiting for the other shoe to drop where they didn't get their payouts and law suits are happening. Good for this program.

So is like startup shares they are worthless until it is sold?

But do these people get to keep their jobs if company is sold?

Best of success to them! At least nobody creams off their work without contribution!

The employee ownership can't be a gift from above. There shouldn't be an above for it to come from.

rather I'd see reasonable and meaningful regulation than exploitation of the already exploited system. if KKR wants industry to adopt, make the govt do it. morality to society and socialized wealth is not exactly compatible with duty to shareholders first in an unregulated neoliberal enterprise as this.

@lewstone5430

Жыл бұрын

Most likely they don’t want government to change anything because I bet the type of acquisition we see in this segment makes up a very small percentage of their overall acquisitions. The rest are probably much more cutthroat to the worker.

wonderful story. this is the American way. Giving real ownership in the company to the employees on the ground floor will lead to better results.

No company likes a rich employee.

Interesting, is this a worker cooperative model?

Pay workers well and they go the extra mile, even show up for work Saturday Sunday.

The only cash I am allowed to receive a small amount from the American Government in the form of A & D. It's not even enough for me to purchase my own home or apartment. I have been blacklisted from the American workforce. And am forced to live the rest of my life in extreme poverty, desolation and a homeless shelter. I have no family, no friends, not even a marital spouse and a biological child of my own. I struggle daily with Complex ptsd and have been broken down by our government system to just existing with my mere energetic creative identity ripped from me.

Aren't the investors/stockholders mad? "Hey, that wealth should have come to me!"

People used to have pensions too

in my opinion,employees ownership can be part of solution for wealth gap inequality. But then,governments itself should do their roles to alleviate the massive wealth gap of future generation by creating future fund for each baby/children and sponsor 1k-2k dollar for each account. These accounts will grow big and help future generation to atleast shield or secure their their life.

If all business operated like this the productivity will go through the roof people will actually take pride in there work and want to work. Most people hate there jobs because yes they are getting taken advantage of do you think for one second you happy for you a boss who drives a car 10x what you could ever afford. Do you think people like seeing other profit massively off all off them and there worker friends. No way on this planet!!

This the 21st century union! This is what ALL companies should do!

Is this a commercial for KKR??

This is the way it should be...

If you work for a company that doesnt pay you in equity, the only moral action for you to take is to burn the place to the ground.

I am wondering. Are they out of jobs after the equity payouts?

@Bob-jn8gt

Жыл бұрын

Maybe some of the management will get cut by the new ownership but most likely the manufacturing staff will stay on. All depends on who the new owners are.

Not all heroes wear capes...

40k life xhanging?

I think this is great. I would point out the term for this type of economic system - where the employees own the means of production - but most Americans are told it's a terrible idea and will never work. A hint, it's not "co-op" but instead starts with an "S."

@erikalesi7603

Жыл бұрын

From each according to his ability, to each according to his needs.

@compugasm

Жыл бұрын

Socialism is a system of government though. It's not the same thing as employee ownership.

@seminolefantodd4736

Жыл бұрын

@@compugasm Socialism is an economic system (like Capitalism or Feudalism is an economic system) where the employees own the means of production and share profits equitably and the workplace is democratic because the employees vote on who is their leaders. The government under Socialism would do as it does now, make and enforce the rules in-which the economy would run. Now, you know who doesn't like Socialism? The Oligarchs and wealthy who currently hold all the cards thanks to a Supreme Court that says money is speech and corporations are people. I'm sorry but Walmart and Amazon should not have more power in politics than the average voter.

@compugasm

Жыл бұрын

@@seminolefantodd4736 Right, but when you refer to a single company, you are referring to a co-op, or a non-profit. It's not a 'socialist' company. What kind of surprises me though, is all the commenters here thinking this is a new idea. Those interested should look up Dr J Robert Beyster and his company Leidos.

I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Hilson Ferguson. I now make huge profits by weekly through her services while still learning to stand on my own.

@jasonwiese3794

Жыл бұрын

I think he trades for everyone I meet. I met him twice at a meeting in Germany and after him lectures from Hilder I had to personally ask him to be my financial advisor. He is definitely good

@franklinbright8736

Жыл бұрын

I'm new at this, how can I reach him?

@leahroberts2

Жыл бұрын

"Tradewithferguson"

@leahroberts2

Жыл бұрын

Telegram

@leahroberts2

Жыл бұрын

Tgram

Sounds like a lovely PR tactic to have workers blindly accept more market concentration leading to oligopolies and monopolies. The investors will make many more times than the pitifully smaller employee owned shares. So long American small and middle-sized businesses..

@susannpatton2893

Жыл бұрын

Wait, least they are getting something. Before them, no one but the higher-ups got this. So what's your real issue? I myself want an application to these places.

@SamSung-nf6tr

Жыл бұрын

I gave my life to companies at 66 I have nothing.

@susannpatton2893

Жыл бұрын

@Sam Sung am sorry, your story is exactly why I never went to work at a factory. They will replace you at the drop of a hat no matter how many years of service you put in I seen it happen to others when I was young and made that vow right then

@snicky069

Жыл бұрын

I work for CNG (featured in the video) and your comment is utter nonsense.

I doubt that this is a good thing for most employees. In the end, these private equity firms only care about their own profits. This is another way to squeeze more out of the workers.

@BrianHencheyShow

Жыл бұрын

I just made a similar comment: to turn employees into slaves.

@snicky069

Жыл бұрын

I work for CNG (featured in the video) and your comment is complete nonsense.

@BrianHencheyShow

Жыл бұрын

@@snicky069 Which comment? In my personal experience, the idea of “We’re all owners!” was used to enslave the employees, all of whom were salaried/exempt, not hourly (like I believe many were in the CBS story). So my previous experience was mine; it sounds like yours is different, which is good.

Better than unionizing the company. Congrats to all those employees.

@Gcanno

Жыл бұрын

Until You Realize This Is A Needle In Haystack And 99.999% Percent Of Other Equity Or Whatever Holding Entities Would Never Ever, Ever Do This.

Really, its about time. These vultures are a horrible thing in this combat capitalist country. I love private enterprise and more money is indeed an incentive. He has it right! Apparently he's different in that 1) he's not as greedy and 2) KKR has a longer-term view.

BOOOO CBS . . . This is not a "news" report, it's an "ad" for Private Equity . . . you brought on ZERO experts to "counter" the one-sided report you offered here . . . You could have easily put up a chart showing terms of the agreement, and how the "benefits" are heavily weighed toward KKR, not the employees . . . Instead, you did this "we won the lottery" portrayal of the story . . . I expect 5 news stories from CBS News outlining "What's wrong with Private Equity and why it should be regulated" -- then maybe you can call yourself a news division . . . pathetic.

#NotCapitalism

Great job portraying employee stock options, something that's been around forever, as somehow new and innovative. No journalism here whatsoever, just a commercial for KKR.

I think the executive at KKR is full of it. He's doing it for clout, and doesn't believe anything he's saying.

KKR is a horrible company. It will typically take a firm with little debt and modest profit and liquidate the assets using debt instruments that saddle the firm with colossal debt and pay themselves and the banksters a mint. for what ever reason they sprinkled some fairy dust on the employees and they not knowing, think they have a chance or won the lottery, but it assures KKR that there is no chance of the employees suing the firm for financial malfeasance and severance. in the EU they have laws against this practice of Louie the Liquidator and have been losing in EU Courts. Now they think they have a model with a little cheese can make the workers happy and still destroy the capital of the company which legal plunder of assets. CBS thinks this is a fairytale

@snicky069

Жыл бұрын

I work for CNG (featured in the video) and your comment is complete nonsense.

@btk1243

Жыл бұрын

@@snicky069 Great. Maybe you can upload the terms of the agreement between KKR and the employees, and explain how employees benefit "more" than KKR (i.e. They don't) -- Also, explains what happens when an employee is "fired" -- What happens if the company goes bankrupt. Glad to have an "insider" here who can provide us with all this information.

*(Quick! Do more of this before it's outlawed as "Socialism" run amok!😂)*

Hey Elon Musk! Hey conservatives! Are you watching?

Socialism