[Midnight Flyer]

It's been reported that on Friday shareholders of Swift Transportation approved a $2.5 billion buyout by the company's founder, Jerry Moyes. The shareholders agreed in January to Moyes's $31.55-a-share cash offer to take the company private. Wonder if this is a good thing or a bad thing? 8)

[GMAN]

It is probably a good thing for Jerry Moyes. Otherwise, I don't think he would have done it. It may be better for the employees. All too often, companies cater more to their shareholders than employees. They forget that without employees there would be no company. Since he founded the company he will likely have more interest in the company than someone who doesn't really have a vested interest. Only time will tell whether it will be good for the employees or not.

[Uturn2001]

Having worked for Swift when Jerry was CEO I can tell you that he cares about only one thing. Money. Jerry does not do anything unless he thinks he can make a dollar or two million.

[continental]

That's what I've heard. He is the sole reason for Swift being what it is.
Being a privately held company also means that you don't have to
file reports with the SEC.

[Ridge Runner]

Originally Posted by GMAN

It is probably a good thing for Jerry Moyes. Otherwise, I don't think he would have done it. It may be better for the employees. All too often, companies cater more to their shareholders than employees. They forget that without employees there would be no company. Since he founded the company he will likely have more interest in the company than someone who doesn't really have a vested interest. Only time will tell whether it will be good for the employees or not.

While I don't know much about Swift or Jerry Moyes, I'll bet this will be the best thing that has happened for Swift ( and esp. its' people ). I know of no other major company were the founder took the company public and then bought it back.

With you living just up the road from me you know of our carpet industry. What was once a bunch of family based bussiness is now mostly owned by three major "public" companies. Working for one of the "big three" now sucks. They boast that some of their people have been with them for 20 plus years, when in fact they worked for the company that they bought-out for 20 plus years and they are trying to hang on till they retire. Most can't hang on as they are being forced out by "cheaper labor". The major founders of these companies are starting to retire and selling their shares and I can see this whole house of cards starting to fall. Too bad some of the guys in our industry didn't have the nerve to do what Jerry is doing now.

[Ridge Runner]

Originally Posted by Uturn2001

Having worked for Swift when Jerry was CEO I can tell you that he cares about only one thing. Money. Jerry does not do anything unless he thinks he can make a dollar or two million.

When he was CEO was it a public company? If so then his FIRST duty was to the share holders. It sucks, but that is the way things work when there are share holders involved.

[GMAN]

Originally Posted by Ridge Runner

While I don't know much about Swift or Jerry Moyes, I'll bet this will be the best thing that has happened for Swift ( and esp. its' people ). I know of no other major company were the founder took the company public and then bought it back.

With you living just up the road from me you know of our carpet industry. What was once a bunch of family based bussiness is now mostly owned by three major "public" companies. Working for one of the "big three" now sucks. They boast that some of their people have been with them for 20 plus years, when in fact they worked for the company that they bought-out for 20 plus years and they are trying to hang on till they retire. Most can't hang on as they are being forced out by "cheaper labor". The major founders of these companies are starting to retire and selling their shares and I can see this whole house of cards starting to fall. Too bad some of the guys in our industry didn't have the nerve to do what Jerry is doing now.

My first driving job was hauling carpet. At that time there were a lot of smaller carpet companies. There were some large ones, but most were still privately owned. It is not the same since these conglomerates have bought up everything. I recall delivering to old converted chicken houses. They had double pass tufting machines. Many of these people made a good living. I don't think that big is always better. This country was built with small businesses. Small businesses still provide most of the new jobs in this country. At some point things will come crumbling down and they will start all over again. Frankly, I am surprised that there are not more smaller carpet manufacturers in North Georgia. It is difficult for a small company to compete with a Goliath. Then again, smaller companies can fill a niche'.

[Ridge Runner]

My first driving job was hauling carpet. At that time there were a lot of smaller carpet companies. There were some large ones, but most were still privately owned. It is not the same since these conglomerates have bought up everything. I recall delivering to old converted chicken houses. They had double pass tufting machines. Many of these people made a good living. I don't think that big is always better. This country was built with small businesses. Small businesses still provide most of the new jobs in this country. At some point things will come crumbling down and they will start all over again. Frankly, I am surprised that there are not more smaller carpet manufacturers in North Georgia. It is difficult for a small company to compete with a Goliath. Then again, smaller companies can fill a niche'.

[b]At some point things will come crumbling down and they will start all over again.

One can only hope!!!

Then again, smaller companies can fill a niche'.

Here again, they seem to have bought up all the "niche'" companies. Only a VERY few are left. The one I work for has pillows , all sorts of home decor. Patio furn., ect... It is not just carpet, it is "floor covering" ....tile, hard wood, tile, ect...., Printing carpet to match your china pattern....

OH well, I have my own plan, I will be doing something that I wanted to do from the begining. Just waiting till things are complete.

[ben45750]

Originally Posted by Ridge Runner

I know of no other major company were the founder took the company public and then bought it back.

Jerry Moyes Bought Central Freight from Viking in 1997 and then took Central Freight public, then bought it back 3 years later. The only thing he didn't take public was the terminals so he collected rent for using the terminals for the 3 years it was a public company, think the number was close to 20 Million he collected in rent? might be wrong?

There is a reason he's buying Swift back, don't know what it is but you can bet it's to make money.

[Ridge Runner]

There is a reason he's buying Swift back, don't know what it is but you can bet it's to make money.

Sure, making money is a part of why people take the risk of starting/buying a company, investing in the stock market, ect.... , but there are also other reasons for them to take the risk. A love for what they do and knowing they can offer something better to people than what they have, or offering it for a lower price. ( I try to stay away from the "low cost at all cost" folks because in the end they usually lose in the end * except Wal-Mart* ) :P

My personal feelings are that you can add value to any product or service on the market and there are people who will pay for it.

IMHO the best way to make money is to help people solve their problems. Wal-Mart did it by helping middle to lower income folks save money. The drug companies do it by developing new drugs that work on what people need to get/stay healthy. Small trucking companies do it by being dependable and on time. As a company driver you and I do it by being dependable and on time ( and being understanding when crap happens ).

Back on topic here: What if......... Maybe ol' Jerry has a plan. What if he thinks about the shortage of drivers out there and thinks " what if I can get AND keep drivers, then the other big outfits could not take on other business, even have to give some up. Well you can see where I'm going with this.

Such are the ramblings of a man that just came off of a 12 hr shift.

Good day to you all.

Just some thoughts to ponder.


Ridge


PS:

Read my tag line.