NORTH MANKATO — Glen Taylor has replaced daughter Jean Taylor as the top official for North Mankato-based Taylor Corporation.
A recent announcement to some Taylor Corporation employees said Jean Taylor was resigning her post as CEO and president of the privately held company and that Glen Taylor would replace her.
Officials with Taylor Corporation did not return messages seeking comment.
According to a biography on the Taylor Corporation website — which was removed from the site by Monday afternoon — Jean Taylor began serving as CEO in 2007. She had previously held president and vice-president duties since 1994.
From the Mankato Free Press.
almost 2 years ago
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These sort of business dealings seem awkward for everyone
I can understand Taylor wanting to pass his business on to his children. But it seems like in general putting your children in top positions of power within a large company is awkward for everyone.
Do the children love and know the business? Did they get straight As in an MBA program? Did they start out at the bottom and work their way up the ladder, earning everything on their own merits?
Or are they gifted top jobs that they are not particularly interested in and/or well suited to perform?
Seems awkward for the other employees too. Work hard, and you can move up. Unless, of course, a family member would like the same job.
"It's tough to make predictions, especially about the future." -- Yogi Berra
Here's what I find interesting
He removes his own daughter after three years at the top, whereas McHale was allowed how many years of questionable decisions?
Takeaway point – Taylor knows the printing business FAR far better than he knows the basketball business.
"Styx might be the mullet of bands."
I think we read too much into this
it is not uncommon for the 2nd generation to choose to walk away. In many cases, they have lived a more privileged life style and find the demands of being a CEO too much to handle. Remember – the press release says “resigned” not removed, forced out, etc.
Talyor Corp is doing very well. It’s just the Twolves bleeding money : )
RUMINT has it..
…that the margins are smaller than ever before (probably due to the economy more than anything else) and that after a billion plus dip in personal worth Glen’s taste for throwing money overboard with the Wolves is at an all-time low.
Forever splitting the Cheechakos from the Sourdoughs
www.canishoopus.com
Its all making sense now.
And it isn’t pleasant.
I think this is the first time in history one man managed to destroy an entire city by himself. Even the Enola Gay had a flight crew.
I believe
most of the limited partners (maybe all) have used some minority rights legal maneuvers to prevent another cash call. That really makes it essential that they Twolves stop losing money and/or Taylor antes up by himself.
It should be noted..
…that Taylor Corp is fantastically diversified and they are doing relatively well, but there have been layoffs in a few subsidiaries (we had 3-4 neighbors laid off from Carlson Craft last year) as well as one gigantic loser: the Wolves. He’s also lost a ton of net worth over the last few years. He’s still a billionaire but he was reported to have lost about a 1/3 of his value last year by Forbes.
Forever splitting the Cheechakos from the Sourdoughs
www.canishoopus.com
Well, ,the Wolves won't be a loser if they keep payroll where it currently is
There’s essentially no way to lose money in the NBA if you have a close to minimum payroll.
We Are the Washington Generals
by Eric in Madison on Jul 27, 2010 5:00 PM CDT up reply actions
Does
Taylor’s 1/3 drop in worth coincide with the stock market’s roughly 1/3 drop in value in recent years? If the stock market were to go up to 14,000 points tomorrow, I think many of these billionaires would be immediately far richer (we’re talking hundreds of millions to even billions richer). I’m not saying that Taylor should continue throwing money at the Wolves, but I wonder what the context really is – is it mostly a ‘paper’ loss or has the Taylor companies really lost a billion dollars in recent years.
"Styx might be the mullet of bands."
Good question
And I don’t have the answer.
Forever splitting the Cheechakos from the Sourdoughs
www.canishoopus.com
With most of his holdings private
the stock market has very little direct effect on him.
Rather, it is the value of his assets and the earning power those assets have that determines his worth. Obviously, commercial real estate is way down. For a manufacturing intensive business, that would be a big hit.
Interestingly, years ago, brokerage firms use to do this type of analysis to determine the value of nearly every publicly traded stocks. Now, quite frankly, stocks are far more dependent on what people’s bets are (will they go up or down) and far less on the fundamentals behind it.
heh
yeah… the market is pretty darn efficient at what it does. A stock will take a hit if 90% of the investors think it’s going down, but they’re either a) right, and it should have gone down or b) wrong, and it’ll soon go back up when more news comes out.
You're not letting natural selection take its course! You're like the guy who invented the seatbelt...
speaking from someone in financial services
bets are rarely on fundamentals in the absolute discounted cashflows sense. We all forget that our money gets pumped into the stock market on an allocated basis every paycheck through our 401K and stocks can get overvalued very quickly for very little reason other than I needed somewhere to put it and not on any real world variable.
Sad but true.
No one is getting Rubio's rights unless they pry them from our cold dead fingers.
by TheEvilProfessor on Jul 28, 2010 7:41 AM CDT up reply actions
It's also wise to note that Taylor's core business
wedding invitations, has lost a lot of ground thanks to people doing their own desktop printing. You can buy kits now to gild your invite, etc.
Taylor spent a lot of time securing a monopoly on speciality printing jobs in the upper Midwest, and that’s an industry with a finite future. I’m sure the rest of his empire is in much better shape than his core business.
That's what my sense of it is
They have a hand in quite a bit of stuff.
Forever splitting the Cheechakos from the Sourdoughs
www.canishoopus.com
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