Success of Family-Owned Business: Its Non-Family Employees
By Ater Wynne LLP,
Oregon law firm
The success of Les Schwab Tires is its non-family employees….all 7,000 of them. This is the lesson I took from the discussion with CEO, Dick Borgman on April 14, 2011, at the Power Breakfast sponsored by Portland Business Journal.
Fifty years ago founder Les Schwab established a profit sharing program company wide that gives every employee a stake in the business. This sharing gives each store 50% of the profits to share with the employees of that store.
In addition, every employee has the potential and possibility of becoming a store manager. This is done through growth. Because Les Schwab promotes from within, employees have an opportunity of becoming managers of those expansion stores.Read the full article and discuss it »