Posted by Spook on November 30, 2010 at 11:32:05 from (75.45.81.143):
In Reply to: OT sell-out posted by patsublett on November 30, 2010 at 10:51:15:
The new owner doesn't have the old companies debts. What I have seen in Michigan is family owned companies, especially the 2nd or 3rd generation, sell the company to foriegn buyers, who promptly get rid of the US employees. The younger generation does not want to run a business, they want the $$$ now!!! I worked for 2 family owned shops that did this. In one case, junior decided that he would rather stay in Florida on his yacht, than run a tool shop in Michigan. He got a few million for the machines and real estate, we got introduced to the Michigan unemployment system. Working for family owned companies generally sucks if you aren't family.
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