A new business model to tackle wealth inequality by making company employees part-owners is coming from an unlikely force: private equity.
Life took a big turn last May for the employees of C.H.I. Overhead Doors, in the small town of Arthur, Illinois. Every employee was a co-owner of the company. They'd been told if the business sold at a profit, they'd all get a payday. Now, it was actually happening."I'm just upfront, being all excited," said production manager Jim Hill.
C.H.I. Overhead Doors, in Arthur, Illinois, was recently sold by the private equity firm KKR, for $3 billion. The factory's 800 workers, who had been given part-ownership, each received payouts averaging $175,000. Josh Ryan, who works as an assembly line supervisor at C.H.I., said,"You've never seen people grab their phone to get their calculator out so fast!"
"It always helps growing up in a family where your dad was a construction worker, so you understand both sides of it." But it wasn't all about ownership; employees needed a voice. As co-owners, workers at C.H.I. voted in air conditioning, a new cafeteria, and an on-site health clinic. The collective pursuit of profit means problem-solving spans from the corner office to the factory floor. When asked who owns the company, Charles Marlow, a plant training coordinator, proudly said,"We own this company."
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