He sold his company for $1.7 billion -- then handed $240 million to the 540 workers who stuck with him

[Yo_Mama_Been_Loggin]

Many business owners who sell their companies for a huge sum will happily walk off into the sunset with their billions. Graham Walker chose a different path.

The majority owner of family-run Minden, Louisiana-based Fibrebond sold his company earlier this year for $1.7 billion. To thank longtime workers at the maker of enclosures for electrical equipment, though, he earmarked $240 million of that for bonuses, which resulted in life-changing cash infusions for 540 full-time employees.

On average, The Wall Street Journal reports (1), employees received $443,000. Workers with long tenures received more. Much more. The money will be paid out over a five-year period, as long as the employee stays with the company. (Workers over the age of 65 received the entirety of their bonus and won't have to continue working if they don't want to.)

The employees didn't own shares in the business. They weren't investors. Their windfall came through a founder's generosity.

https://finance.yahoo.com/markets/stocks/articles/sold-company-1-7-billion-193500329.html

[Melon]

1. Good man.

[UpInArms]

2. Sometimes

someone tries to restore faith in humankind

[TheProle]

3. That still leaves him with over a billion. Roll out the guillotine.

[dave99]

4. Can't be perfect

[FadedMullet]

14. Exactly/ The guillotine? Really? A little perspective here, please.

[DFW]

20. That depends on what his after-tax net take was.

I thought that bloodthirst was a Republican trait. Did DU apply for equal time, and I missed it?

[BlueWaveNeverEnd]

5. wonderful!!!

[dickthegrouch]

6. They WERE investors

They invested their time and talents in the company. Probably for halfway decent wages/salaries.
Then they received bonuses to show how much those investments were valued by a boss who understood that the PASSIVE investors should never be as entitled as the ACTIVE ones.
Graham Walker understands that better than most, and certainly better than the idiot who wrote the article.

[FadedMullet]

15. Exactly right and seldom acknowledged.

[flashman13]

7. That is what a real class act looks like.

[Emile]

8. Capitalism with a conscience !

[paleotn]

12. Controlled capitalism coupled with morality and good sense.

[highplainsdem]

9. Love this story.

[Figarosmom]

10. I wish all employers appreciated their workers

They wouldn't have had a business without them.

[paleotn]

11. He understood that the company wouldn't have ever been worth 1.7 billion....

without the work and dedication of those 540 employees. Few in management ever understand that simple principle. The person with the idea and the capital to start it is rendered useless without the employees who make it happen.

[Aussie105]

13. Some rich people say . . . no amount of cash will fill the holes in my soul!

Others go . . . that's a lot of money, who deserves some of it?

Second group is a rare minority.

[AllaN01Bear]

16. Ding this

[Fil1957]

17. Billionaires are you paying attention? Graham Walker proves you don't have to be a greedy asshole.

[Orrex]

19. In the 90s I worked for a company that did something similar

But instead of handing out $443K bonuses, they locked the doors, tore down the signage, and mailed us our final checks (mid pay-cycle so they were smaller than people had come to expect.)

Good times!