retail news in context, analysis with attitude

Yahoo! News reports on the story of retailer Joe Lueken,who has two stores in Minnesota and one in North Dakota. Lueken is retiring at age 70, and "instead of selling his stores to the highest bidder ... he will transfer ownership to the stores' 400 or so employees.
The employees will participate in an employee stock ownership program, receiving shares of Lueken's Village Foods based on length of service and salary -- and at no cost to them. The program to transfer ownership from the Lueken family to the employees will begin on January 1, 2013."

The reason? Lueken explains: "My employees are largely responsible for any success I've had, and they deserve to get some of the benefits of that."

Lueken says he received offers for the company, but decided that employee ownership would be better for the communities he serves.

The story goes on: "Lueken will be leaving his employees in trusted hands: Last week, he named longtime employee Brent Sicard as the company's new president and CEO. Sicard started out as an overnight janitor at Lueken's Village Foods in 1998 and has worked his way up."
KC's View:
Good for him. Good for them.