Mark Cuban’s Advice for Business Owners: “Give Employees Stock”
In an interview with LinkedIn’s Daniel Roth, Mark Cuban (of “Shark Tank” and owner of the NBA’s Dallas Mavericks) told the story of the sale of Broadcast.com, stating:
When we sold Broadcast.com to Yahoo, 20 years ago give or take, out of 330 employees, 300 became millionaires. And those [other] 30 weren’t only because they started too late. But they got paid as well.
This is a familiar story for many of us in the world of employee ownership, as the most successful ESOP companies often have employees retiring with 6-figure (and even 7-figure) ESOP account balances. As further explained in this NCEO synopsis of the interview, Mr. Cuban has been a supporter of employee ownership for many decades.