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It's worse than that. When the owner retires, all staff lose their jobs. That's a fairly big bummer. I'm currently part of a "small" business/factory (around 5
by bruce511 12d ago
It's worse than that. When the owner retires, all staff lose their jobs. That's a fairly big bummer.
I'm currently part of a "small" business/factory (around 50 employees). The owner is nearing retirement. Are all 50 of us gonna hit the streets tomorrow? Should our customers, many longstanding over 20 years get their contracts terminated? Do they get any warning? Can they easily switch to other suppliers? Is our offering somewhat unique?
Frankly, I think the thought-experiment is very incomplete if you can't see major downsides.
- Xirdus 11d agoRecently, the owner of the factory my grandfather worked for the last 30 years has retired and sold their business, as a single package, fully operational, with employees and pending orders. It was still shut down and all employees were let go without any severance. From what I know, this is the norm for retirement sales, not the exception. In this thought experiment, the result would be very similar to what happened, except with less wealth concentration, and with fewer Boeing-McDonnell Douglas mergers that ruin good companies in pursuit of short term profits (because short term profits are harder to realize by design). Lost jobs are also a lot less of a problem in countries with functioning safety net.