Rest well, Burt. Thanks for being cool.
Seven percent of 900 million is still more money than any of us will see in twice our lifetimes.
Iâm not sure he got that much, like, nearly that much. Interview on NPR this AM with someone close to him said it was some land and well under a million when he sold, well before the corporate buyout.
Where do you get the 7% number from?
âShavitz didnât seem to mind missing out on 93 percent of a windfall.â
Given the eventual sale of Burtâs Bees to a Fortune 500 company for nearly $1 billion, Quimby may have gotten the deal of the century: For his piece of Burtâs Bees, Burt got a house in Maine worth $130,000.
âIf Mr. Shavitz had held onto the stake he traded to Ms. Quimby for $130,000, it would have been worth about $59 million,â the New York Times wrote in 2008.
In 2008, Quimby said the amount was âembarrassing,â but defended the transaction, saying she threw Shavitz an additional $4 million when the company was sold to Clorox.
Please read the linked WP article in the post.
He was paid 130K and 50K in land when he fled the company, and thrown 4 million later.
Thatâs 7% of the 59 million ââwindfallââ that he might have earned, and not 7% of the near billion.
He may not have felt screwed, but he was. So obviously that the was âthrownâ the additional money after the corporate sale.
Darn, he almost made it to this yearâs âDonât step on a Bee Dayâ (July 10). I guess that could be appropriately observed at the cemetery where heâs buried, anytime thereafter.
The guy died with a conscience that told him heâd made his mark, hadnât screwed anyone, and stood with his convictions. Better than many, and enviable in my book.
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