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When the contracting company for which I worked more than 17 years was contemplating turning itself into an Employee Stock Ownership Plan company I was discussing the negative attitudes of some of my fellow employees with the ESOP advisor. The problem was that the four partners were seen as having appropriated company property for personal use. All four had extensively and expensively remodeled their homes and things such as new electrical service panels had gone through the warehouse even though we did not use such products on any of our jobs. I just figured that that was something that would stop after ESOP conversion, but others were more skeptical. The advisor told me: "The owners of small companies always look on the company as their personal piggy bank." In this case all four were expected to only loot about the same amount each.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Apr 26th, 2011 at 10:38:20 AM EST
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