Illinois Family Sells Company, Gives 6.6 Million Dollars In Bonuses (VIDEO)

Many presuppositions come to mind when you hear the headline: Illinois Family Sells Company, Gives 6.6 Million Dollars in Bonuses to Employees. But I ask you -- no I challenge you -- not to jump the gun, judge or fill your head with preconceived notions about the Spungens or why they decided to be so generous. Laurence and Florence Spungen and their four children sold their PEER Bearing company last fall and gave the money to employees as bonuses (some bonuses were six figures) based on years of service. Sure, many of the 230 employees needed the cash. Who wouldn't during this time of economic turmoil (ok maybe former financier "Bernie" Madoff, but I won't go there), but that wasn't the impetus for the generosity.

In a time where we are inundated with bad news about our economic landscape, corporate greed and bank bailouts -- it was refreshing to meet such an authentically kind family with solid values -- A shining example of corporate responsibility (Listen up corporate America). A family that cares as much about their employees as they do their own family and treats them with dignity and respect -- Traits not often heard of in big corporations. When a GoInspireGo.com viewer sent me an e-mail about the Spungen family from Waukegan, Illinois and told us about their generous deed, we were intrigued and wanted to know more about them. Who are they? Why would they give millions of dollars away during the economic downturn?

But it didn't take me long before we found out why the Spungen family was so caring and sharing. What I didn't expect (before even making any contact with the family) was that they'd be so down to earth, genuine and extremely compassionate. While taking a tour of the Spungens' other business, PEER Chain, Unlike owners of many other big companies, the Spungen family knew the names of every employee, how many children they have... and their stories.

When I asked the family my favorite question of all time; WHY? The Spungens explained that it was "just the right thing to do." When the family decided to sell their ball bearing company, the family knew they wanted to give some money to the employees, to thank them for their dedication and hard work -- they just didn't know how much. After figuring out an equation based on years of service, the family got right to work on the big surprise. The family hand signed every "Thank You" card -- printed on them, were the names and years of service and a heart-felt message of gratitude. When the Spungens called a company wide meeting to tell the workers about the sale, Eddie S., an accountant for more than 30 years with the PEER, says "I thought we were going to get laid off... But I was excited to see the large sum of money and I was happy to see that I was being compensated for my loyalty." The family says "many people cried, other employees say the money helped save their home from foreclosure." "Sure we all wanted to do it, but there we just didn't know how much." Laurence Spungen, former PEER Bearing CEO joked, "After we gave the bonuses, they had to check to see if I was still standing." Glenn Spungen says the workers were an integral part of their success, so they wanted to compensate their employees for their loyalty and "blood, sweat and tears the workers put into the company."

Just have a conversation with the Spungens, and you'll realize that kindness and generosity is a huge part of the Spungen legacy. The family also created the Laurence and Florence Spungen Family Foundation dedicated to cancer research and Jewish causes. Every year, the children and grandchildren are required to research and donate to a charity of their choice. Wow. If we could all plant the seed early, what a difference it would make in our community and our world. "How much money do we really need," says Debbi Spungen. "I want others (big businesses) to do the same, if they can."

In such turbulent economic times, where all we hear about is corporate crooks and Wall Street woes, it was refreshing to meet a family who humbly built their empire (through lots of hard work, determination and passion) from the ground up and used their success, resources and talents to help their employees; the very people responsible for putting in the elbow grease, talents and time in the well oiled multi-million dollar empire.

You may remember the Spungens from my last Blog and Video. When they heard about Jorge Munoz (School bus driver responsible for more than 70,000 meals) they wanted to help him. "We want to buy him a new refrigerator and stove," the family said. They stuck to their word. I recently hopped a flight to meet them in New York to deliver the stove to Jorge. It was amazing to see how this experience, though www.GoInspireGo.com unfolded. Here you have two families, the Spungen's and the Munoz's -- Both come from opposite ends of the financial spectrum, yet their values and characteristics so aligned; compassion, good will and philanthropy. So to the Spungen and the Munoz Family -- we salute you. Thank you for helping elevate humanity.

What YOU can do:

You don't need a million dollars to make a positive impact on your community or on someone else's life:

1.) Volunteer, it's free, fun and a great way to meet people. Partner up with a friend or sign up a group of friends. I've volunteered at the San Francisco Food Bank and packed food with some friends -- we had a fabulous food packin' time. Try it!

2.) Got a special skill? Lend it to someone in need! When I was laid off from my TV Reporting Job in San Francisco, I thought, "What can I do, using my talents and resources to improve someone else's life?" Little did I know, that in 5 short months this question would turn into the Vision of my inspirational website www.GoInspireGo.com

Check out this video to see my recent video of what one school bus driver in Queens, NY -- who makes $700 a week, has fed more than 70,000 people in his community! (He spends more than half of his paycheck weekly to do this).

3.) Ask, ask, ask! It's the little things that count most -- especially during these tough economic times. Use family, friends and neighbors as a sounding board to see what they think you can do to help others. So many people I connect with say, "I wish I could do more, but I don't have time or I don't have anything to offer." Get of the humility boat and ask folks in your circle, they may give you insight on how you can help. That's how I got my website started!

4.) Let us know what you're up to -- and maybe we'll feature you on our site. And if you still don't think you can do anything, volunteer for www.GoInspireGo.com

Please make a comment below and click on the heart icon to become a fan.

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You can find out more about Toan Lam at http://www.goinspirego.com. Click on the YouTube link and check out the stories his team created, and videos created by viewers.
Contact Toan at: [e-mail]

Follow Toan Lam on Twitter: www.twitter.com/Go Inspire Go

Comments

[WendySSmith]

Thank you for the GOOD news pieces Toan!

[chexican66]

Awesome. This is the kind of news we need right now. Let's pay it forward.

[Toan Lam - Huffpost Blogger]

The Spungens are truly an inspiring dynamic family. They are just so genuinely nice and generous. Truly rich in spirit -- and waaay beyond money and finances. This family just gets it.

Thanks everyone for the continued support, I've been receiving so many emails about how people have been inspired by our Go Inspire Go movement. People are reading our blogs and sharing their blogs with their communities; churches, schools and even during bedtime (stories). It's also exciting to see so many people that are being inspired to start blogs of their own -- creating awareness in their daily lives-- and so many people reaching out worldwide to tell us that the stories are creating a shift in their lives and inspiring them to change gears and follow their passion. Authenticity at its best! Keep the comments and emails coming...

Big Smiles!
xx
TL

[GKang]

Toan, it's a inspiring to hear that despite layoffs, buyouts and corrupt CEO's --- families like the Spungens still exist.

Digging deeper into their family history --- we discover they have connects to the Holocaust. They are a strong and giving Jewish family.

That spirit of giving has touched the lives of all their employees. The real "bonus" is the fact they know each employee's names and backgrounds.

This has "good karma" written all over it.

Thanks so much for your great work!

[AnnieRoyal]

Toan's two stories goes to show you that doing something to help others doesn't require millions. While large gestures that change lives are extremely impressive, it is how we live our lives, and the kindness we show others, the efforts we make beyond our own interests, that makes living on our little patch of earth worthwhile.

[Primerafik]

I always doubt the compassion and understanding of wealthy individuals. I think of them as self-centric and unwilling to understand why others do not succeed as they succeeded. Then stories like this challenge my reality and I realize how good small family owned corporations do help out America.

The Spungens emphasis what we as Americans should strive to do. We should all strive to succeed in our own professions, but also realize the limitations of our needs. That way, we give back to the community and help those less fortunate than ourselves.

Kudos!

[Quyen Thai]

Its wonderful to see the employees being rewarded for all of their hard work. Thank you Spungen family for your generosity. Thank you GoInspireGo for telling their story and demonstrating that there are acts of kindness everyday and everywhere.

[SwissGIGfan]

WOW- Toan, thanks for sharing the story. It is now getting around Switzerland and men and women all over the world are seeing the "goodness of people" -- what a great thing to happen, even in tough economic times. We all await your next story!

[TN]

Greedy people are so stupid. When you are generous and caring and not stingy, workers appreciate it. They work harder, they don't waste material or time, they take of sick less, and on and on and on. Thus, this family made a lot of money based on caring about their employees rather than wanting grotesque amounts of money at the expense of the employee on the floor.

[myshelly]

it's nice to know that in a time when corporate greed may be at its highest...family run businesses like the Spungen's still stand out. there is still hope for the corporate world. Go Inspire Go!

[ForVivi]

Thank you Toan for the uplifting story. There are enough downers to sink ones spirit. Maybe the human race is worth saving.

[ryanquintana]

This is such a great story. GIG continues to show how hope is all around us and there are true heroes out there dedicated to make other people's lives better. This family shows that the American dream is built from the ground up... from the blue collar worker all the way up to the the management that signs the paychecks. It is amazing to watch GoInspireGo and Toan Lam spread great messages and show us all that even in the darkest of hours and the toughest of times, there are people out there that are working toward something bigger and better than themselves. A working bonus not only helps to save a person's home and put food on the table, but it can also restore hope in the hopeless and bring smiles to so many countless faces.

Keep up the good work Toan... Don't forget to check out www.goinspirego.com

[abbyrose86]

What a wonderful story. I've always believed business and ethics can go exist. I have renewed faith in humanity.

[AshleyL]

I love how our mission here at Go Inspire Go has already become reality. Our goals are to inspire people through our stories to help others. Here's a perfect example. Toan did the story on Jorge Munoz in Queens, then went to Chicago to meet the Spungens, got to talking about the project and other stories he's done, and voila! The Spungens have helped Jorge now! (see Toan's previous blog for that one!)... what a great family, to see a U.S. corporation with morals and values makes me blink twice! Its a reality! I wish more companies would learn from the generosity of the Spungens.

Please continue to share and spread the inspiration!! Even if it means one small thing... without the small things, nothing big could ever happen.

GO... INSPIRE..... GO!

[sidd76]

Great Post Toan,

You know it's nice to know that there are still companies out there that really care about their employees. The Spungens business model is smart, because they reinvest in their bottom line knowing that it is the glue that holds the company together.

I think other companies can learn from this type of model. Thanks so much for sharing another wonderful post.