Sorry to see them go, but as a business owner (Now former thanks to Ca politicians and local politicians) that was in the livestock/ pet feed & supply, I can not blame them. Very smart move.
Hell, my work comp (with zero claims in 10 years) was stupid expensive. All the manufacturing fees, weights and measure fees and BS inspection and, OMG the employee Gene pool and retail customer base in Cal... A bunch of no responsibility, think everyone owes them something, crying, blue, RINO.....Ughhh. They all think a business owner is screwing them because we want to keep come of our investment and money the business earns..
I wish I would have left years ago, I would still have credit, inventory, a good name and most of all, a bank account with more then four digits......
Most people do not know that WorkComp is based on your payroll, not fixed like auto or home. Just imagine what Edlelbrocks must be and how much they will save (get to keep) by moving.. If you have a great employee and pay him / her more to keep them, we have to pay more work comp. Many insurance companies will not do business in Cal, SO businesses are forced on to “State-Fund Cal-Comp”, yup state owned and ran insurance... Try to fight, as an employer, against a fraudulent claim. The lying employee is paid, you are a POS for fighting them and have to repay the “State Fund” for its loss.... WorkComp is a % of every dollar you pay in payroll.
Then unions... oh yay.... Better pay for employees and double the cost for the employers..... Slam the doors and move. Employers paid portion of employees taxes.. FRICKEN WOW....
Now employees can refuse to work, collect unemployment ( that the business has to continue to pay into for that employee) , we have to hire someone new, but...BUT we have to save the unwilling employees position within the company.... WTF....
WHY WOULD ANYBODY IN THEIR RIGHT MIND, OPEN A BUSINESS OR DO BUSINESS IN THIS SCREWED UP STATE.
I was forced economically to close, sell all of our locations, sell our commercial rental locations, keeping only the transportation part. I kept it because it is not tied to a brick and mortar location.
All California employees are now unemployed and I will be officially out of this left wing fruit & nut bowl within the next 18 months. We are, more then likely, bound for Tenn....
I could go on for ever, just happy that some new, in need and job wanting folks will gain employment.
If you want to know why California businesses, workers and retirees are fleeing the Golden State, read my dreary, wonky, annotated, updated fact sheet -- comparing CA with the rest of America on 35 economic criteria. www.TinyURL.com/CA-vs-other-states
Arguably the board of any CA company that does NOT leave the state is guilty of fiduciary malfeasance.
Great comments but you are kinda missing the point. The merged company caters to a shrinking market and consolidation and cost cutting will continue. If they can figure out how to put a new cam or manifold on a Tesla things will get better. Oh and where are Teslas made? California
Once a leader in aerospace and automotive technology and manufacturing now, with the exception of Elon Musk companies, it’s all gone. And Musk has said those will go to Texas in time because California is too cumbersome and expensive to deal with. One would think political leaders would care about that fact, but that assumes they are leaders; they are not.
All those taxes where do they go? Born in Cali 1954, it’s a shadow of its former self! All of my neighbors have moved out, mind boggling, right?? Farewell Edelbrock, my 52 Cadillac marine engine equipped with a vintage set of valve covers in my 1958 Chris Craft often complimented at the Tahoe concourse, All the best!!!
Yep. Olive Branch, Mississippi is so full of low wage workers that their median home values are $277,000 with an average of over 500 new homes being constructed there each year since 2000 and has experienced a population growth of 898% since 1990. That growth is due to Black and White professionals fleeing Memphis to escape from crime and dropping property values. If Edelbrock brings along some hourly employees then they'll find nice affordable housing down the road in Hernando and other outlying small towns.
I understand!!! I sold off our west coast real estate holdings, packed up and moved to Texas 15 years ago and was able to replace our buildings at a rate of roughly 2.5 to 1. Best move in my life. Our growth in holdings have since increased over 400% and we have been able to reduce our debt to value ratio down from from roughly 55% to less than 15%. That's real money we get to keep and continue to reinvest that further requires additional employees to help maintain and manage. Many of my old business associates on the west coast are taking major loss's or working on such seriously short profit margins that they don't have room for growth. I spoke to one of them recently that is wanting to flee but the cost associated with liquidating in the current California market has him stuck between the proverbial rock and hard spot. He will be looking at taking roughly a 38% loss to get out due to the California market's state of decline and state tax laws.(assuming he can find a buyer for his property's). The point is, California is not the place to be if you want to start or grow a business and the south is. Good luck Edlelbrock