This is similar to a story I posted last November: Family Business Gives $6.6 million in Bonuses to Workers. I both cases long time owners sold their company to a foreign buyer and then gave a significant amount of the proceeds to long time employees.
Miami banker gives $60 million of his own to employees
For longtime employees, the bonus — based on years of service — amounted to tens of thousands of dollars, and in some cases, more than $100,000.
Sharing the wealth with staffers came naturally. Abess and his wife, Jayne, have long been big contributors to local organizations, such as the Greater Miami Jewish Federation and Mount Sinai Medical Center. In 2006, the Abesses gave $5 million to the University of Miami to promote environmental studies.
But he also wanted to reach out to his staff. ”I wonder if I did enough,” he recently mused.
”I knew some of these people since I was 7 years old. I didn’t feel right getting the money myself,” said Abess, who was concerned that their 401(k) plans had taken a beating in the downdraft on Wall Street last year.
Both these actions demonstrate respect for employees, rather than the hollow words many companies profess.