S.L. Green’s Family Business
The new business magazine, Portfolio, reported in their December 2007 issue that S.L. Green Realty paid Gary Green 13.6 million in 2006 for cleaning and extermination work. Buildings definitely need this type of service; however, this information is noteworthy because Gary Green is the son of S.L. Green’s chairman, Stephen L. Green.
Is this type of intra-family business necessary for public companies? I would argue that it is acceptable for private companies to work with other business owned by family members. I would counter that when a company crosses into the public-realm extra care should be taken to avoid nepotism scenarios. S.L. Green depends on the trust of the investment community. Therefore, why risk that trust with a silly business deal between family members?
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Dec.23.2007. 09:34
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