What happens from here forward regarding Donald Sterling’s ownership of the Los Angeles Clippers has the potential to change the definition of business “ownership.” In my opinion (in addition to all of the lawyers), NBA Commissioner Adam Silver should consult with the National Association of Corporate Boards (NACD). I’ll bet they could provide insight and expanded options.
“The market” knows how to punish a disgraced business owner. Employees and customers who do not respect the owner(s) of an enterprise can hit owners where it hurts the most…their pocketbooks. Products can be boycotted. Lawsuits can be opened.
In this instance, millions of people hope Sterling feels pain swiftly. The sooner the better!
There are numerous examples in the world of professional services where a disgraced owner has lost everything when a new competing enterprise has been established, and the top talent from the previous team was “cherry picked.”
Can’t well connected people like Oprah Winfrey and Magic Johnson start a new team? I would buy some shares of a business owned by Winfrey and Johnson. Why pay Sterling a dime?! Could player contracts be broken? Could the NBA support the new entity?
If/when the NBA forces Sterling to sell his business, a statement of disgust will have been expressed by the employees, the fans and the NBA. But his racist beliefs will not have been changed. If the NBA can legally force Sterling to sell, he will end up with a multi-million dollar windfall (gain) and a precedent will be established that could have an adverse impact the rights of all business owners from here forward.
What constitutes business ownership?
The nomination forms for those lists often require information about the company’s participation and donations to the surrounding community (civic responsibility), data about financial stability and profitability, evidence of providing fair compensation and reasonable benefits to employees, details about career advancement opportunities and statistics about employee turnover. Also, the nomination forms also include questions about the all-important “happiness” factor.
Being an accountant has not been viewed as a glamorous career, so it is interesting to see CPA firms included on the lists of “best places to work.” Go ahead…Google Withum Smith + Brown, PC. You’ll see information about a regional accounting firm that has been included on the lists of “best places to work” for several years. They also appear on several lists of “fastest growing” companies.
The readers of NJBIZ frequently see WS+B display advertisements that feature a photograph of their Managing Partner Bill Hagaman. A tall thin man, he played basketball and still coaches. I know Bill. He is also a good person.
Go to YouTube, and you will find videos of WS+B’s annual flash mob to celebrate each New Year. If you can’t imagine conservative accountants dancing to modern music, watch their videos. Who wouldn’t want to work where the managing partner dances?
Generation X, Y and Millennial employees crave challenge, inclusion and more frequent celebration of little successes.
Does your company need to take a hint from an accounting firm about how to attract and retain top talent…by being more fun?