In this era of inflation and the growing gulf between executives’ compensation and everyone else’s, a Denver business owner gives his employees a cut of the profits from the sale of his company
a worldwide provider of temporary lodging. The two privately held companies declined to disclose the terms of the sale, which closed in October.
The business grew out of Wallen’s real estate work in Naples, Fla., where he grew up. He helped arrange temporary lodging for traveling nurses and doctors and then began lining up furnished apartments for people in other businesses who were on out-of-town assignments for at least 30 days. When Travelers Haven was sold, “pretty much everybody” got a share of the profit, Wallen said. The longtime employees’ shares were bigger. “It was done on a weighted scale.”
Hugunin said he will be able to fully contribute to his children’s college fund and get a head start on saving for retirement. He’s looking at buying rental property.And Hugunin, who has been diagnosed with multiple sclerosis, said the money will help as he faces an uncertain work future.
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