| Abstrakt: |
In this article, entrepreneur Bernard Bell Lane recalls the advice his grandfather gave to his father, founder of Standard Red Cedar Chest Co. Today nearly 75% of Lane's 6,000 nonunion employees take home between 5% and 15% of their annual salary in profit-sharing or production incentives-depending on a formula that varies by division and on how good a year it was. Lane's high net margins and 17% return on shareholders' equity, achieved with a total lack of debt, have made it the envy of the furniture industry. Lane has had only one earnings decline in ten years--a 13% drop, from $2.76 to $2.39, in 1982. |
