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Article: Employee Ownership Leads Homark Inc. Out of Red Ink.(Originated from Grand Forks Herald, N.D.)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 25, 1996
- Author:
CopyrightCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RED LAKE FALLS, Minn.--Feb. 24--Taking ownership of your work is far more than a buzzword at Homark Inc.
When nearly 50 Homark employees bought the company in 1990, the mobile home manufacturing company was almost dead. It was running in the red and production was down. Its owner said in November that the company would close at the end of that year.
Then, the employees voted to buy. They took over the company's outstanding debt and, in many cases, signed personal notes with their own property as collateral.
"That's when you really care," said Larry Eukel, Homark's sales and marketing manager.
And the new owners turned things around immediately. ...