Friday, May 16, 2008

Classy Move by McQueary

I wrote about McKesson’s (MCK) acquisition of McQueary Brothers last month in Big Premium in the McKesson–McQueary McDeal. So check out this recent Springfield (MO) Business Journal article in which President David McQueary explains why they sold the company now. There are also some comments from yours truly on the market and historical context.

Mr. McQueary is quite philosophical about the deal, saying:

“It’s not really a celebratory-type situation for us. We’ve been in business for 84 years, and we expected to be in business another 84. It’s kind of a bittersweet thing. It was done with a heavy heart.”

Further demonstrating why these guys will be missed, the owners of McQuery Brothers will be sharing $21 million of the $190 million sale price with long-time employees based on years of service. (See Drug Company Shares in its Sale.) Classy move!

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Posted by Adam J. Fein, Ph.D. on Friday, May 16, 2008

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2 comments:

  1. They were a good customer for us over the years, but they made the right choice to sell while they could
    ReplyDelete
  2. Dr. Fein

    Just wanted to send you a quick note of thanks for your kind words, both on your blog and the Springfield Business Journal. It was not an easy decision to sell our business, in fact the main thing that got us through the process was knowing that we were going to take care of our employees. Rick and I are just following through on what our Grandfather and Great Uncle(the co-founders of the company) taught our fathers, who taught us, to take care of our employees. We look at the employees as not only friends, but an extension of the McQueary family and we couldn't turn our backs on "family". Without them and their work ethic and dedication to customer satisfaction, McQueary Bros. Drug Co. wouldn't be the company that it is. Thanks again.

    David McQueary
    ReplyDelete

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