JIM LINDSEY
He started the company, bought a 72-foot yacht, took out about $16,000,000 for himself when he sold. Some liked him, some didn't. Some thought him ethical, some didn't. What are your thoughts about Jim?
posted by florky49 | 6:00 AM
SOUND OFF
What we cannot say at the office, we can say here.
Monday, October 23, 2006
He started the company, bought a 72-foot yacht, took out about $16,000,000 for himself when he sold. Some liked him, some didn't. Some thought him ethical, some didn't. What are your thoughts about Jim?
8 Comments:
Jim wanted an office in the company he founded then sold. John and Bob denied him an office even though there was plenty of space available. After Jim was essentially fired, his staff was also fired by John as he brought in his new team. Has the new team made any money yet, or have they simply been lining their own pockets? Maybe Jim deserved what he got. Of course, he took $16,000,000 out of the company when he handed it over to John. That had to be comforting.
He had three partners. One quit giving 2-weeks notice. He fired another. He appointed the third one president after paying him $1,000,000 that the last partner demanded and arranging a $300,000 salary/bonus package for him. Then he promoted three to VP. One of them promptly died, one was demoted, and the last one is still doing the same job he has always done, only as an aging VP. Finally, he hired an ex-GE thug as CEO who fired both Jim and Bob, demoted or ran most of Jim’s team off and replaced them with his pals, other ex-GE thugs. The place now resembles a monkey circus. How did Jim do? Lousy, except he took care himself very well.
Surrounded himself with so-called "friends" in order to secure their loyalty. Betrayed those friends one by one as they suggested that he keep his part of their bargain. Wary people wisely avoided him. He was not a man to be trusted.
Jim was true to himself and loyal to no others.
I was happy to see him go. He was a liar who hid behind the facade of a jovial bumbler. He was no bumbler. His act was one that he had perfected since the early 1950's or earlier. This man would not keep his word to anyone.
He spent a lot of time bemoaning Mike’s professional demise yet for years, he tolerated Mike’s childish outbursts and sluggish performance while others had to pick up his load. Until he fired Mike in 1999, Jim never took obvious steps to encourage Mike to knuckle down. Jim was a great one for bemoaning things.
He built a company on the basis of friendships and promises. Yet when he sold out, he rewarded each of his surviving friends with either 1/40 or 1/140, depending on which story you believe, of 4% of the sale proceeds. For each $1000 he took out for himself, each of his friends shared in the proceeds to the extent of about 25-cents each. As for his promises, he broke them all. Jim was the cheapest man I ever knew.
Now he buys cheap cruises off eBay, flies cheap seats to some port to catch the ship and bobs away somewhere. His children are gathering around anxiously waiting for their shares of his estate. That has to be annoying him no end. Good, may his knees rust.
A real skunk. Stripped the company of all its assets except the people that built the company for him, left his friends high and dry by handing them over to an ex-GE goon to abuse. This guy is a coward.
I thought he was great. He engineere d the purchase of my company and now I am free to live on the beach in Florida while consulting now and them when I wish.
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