An employee could collect his accumulated funds
11.Červenec 2011An employee could collect his accumulated fundsAn employee could collect his accumulated funds after five years, but would forfeit them if he terminated before that time.Before 1947 ended Texas Distributors had cheap christian louboutin signed an agreement with the Worthington Corporation, making TD a bona fide distributor of air conditioning equipment. The trouble was that there really wasn’t any wholesale business to distribute to. It brought new customers and a steady supply of equipment, but it also brought new challenges. TD had to christian louboutin cheap overcome the thinking that Worthington was not well-suited for smaller jobs. A bigger challenge involved money: equipment has to be paid for when the distributor takes delivery of it. A company needs a healthy cash flow in order to stock enough equipment to make a good distributor, and cash was something TD did not have a lot of in 1948.Jack took the problem to his employees and offered to sell them christian louboutins for cheap stock in the company which, at that point, only he, his officers, his aunt and hi*other owned. He explained that the company was in need of additional working capital and that the company could perhaps get the money in other ways, essentially by going into debt, but this plan might keep the company out of debt and thereby benefit both it and its employees. A subsequent meeting christian louboutin knockoffs of stockholders authorized issuance of an additional 217 shares of stock valued at one hundred dollars per share. The company agreed to loan its employee*oney to buy the stock with the understanding that they could repay the loans in installments subtracted from their paychecks. The stock would be nonvoting stock.Fifteen employees subscribed to 187 shares of stock that day. In addition, friends louboutin knockoffs of the company pledged to purchase the remaining thirty shares. The company’s capital value wa*ore than doubled.[edit] Early StrugglesEven in 1946, twenty thousand dollars was not much capital with which to jump into the air conditioning business, and capital shortages were a recurring problem for Texas Distributors for most of the 1950s. Expenses were kept at a rock bottom. Not until 1953 did TD buy its first new service truck. An arrangement to provide service for all new Kelvinator equipment helped provide a meager, if steady, income. TD also leased and serviced drinking knockoffs christian louboutin fountains, and a system of painting refrigerators inexpensively was developed. After that came opportunities to handle Philco window air conditioning units and Worthington’s commercial air conditioning equipment. LL
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