On Feb 6, 2010 Lifetime Products held its 42nd bi-annual Profit Sharing Meeting. If you’re like me, and don’t know what profit sharing is when you first hear of it, let me explain. Profit Sharing is a program where a company shares a portion of the year’s profit with its employees. At Lifetime, everyone is involved with Profit Sharing and we all get the exact same amount (with the exception of people that have been with the company for less than a year or have not met performance requirements).
Lifetime's Profit Sharing meeting is also a report on the company. Both the Lifetime Products President Richard Hendrickson and Owner/CEO take the opportunity to update us on company initiatives, company goals and values, and new products. In this meeting we learned that Lifetime is still completely debt-free, and doing great after recent hard economic times. We also have a LOT of exciting new products to look forward to! Check our blog for the release of these new products.
Every other Profit Sharing meeting, it’s tradition to award our annual “Humanitarian Of the Year” award. This year’s award went to a very deserving group rather than an individual. Jared, Mike, Ken, Mary, Cliff, Adam, Ron, Sandy, Jayson, Jeremy, Tim, Kevin, John, and Wes all chose to use their budget for a manager’s team-building activity to coordinate a local service project. In the summer of 2009, they coordinated a large-scale overhaul of a Christmas Box House location. In response to the service, Lisa McDonald, a representative from the Christmas Box House said:
“Because of the generosity of community supporters like the wonderful individuals at Lifetime Products, The Christmas Box Houses are able to provide a variety of resources to children who have been abused and/or neglected. It means a lot to the kids to know that people care about them. They love the new playground equipment.”
• Cleaning, mowing and weeding a backyard play area
• Painting a key on a basketball court
• Painting a 4-square game on the sidewalk
• Installing a sandbox
• Installing playground equipment made by Lifetime Products, including a basketball system, Geodome, Shed, Helicopters, Deck Box, and Kids’ Picnic Tables.
• Moving an old shed and replacing it with a Lifetime shed, where they organized the charity’s bikes, helmets, skates and scooters.
Congrats to the winners of this prestigious award! And thanks to all those who came to Lifetime’s Profit Sharing!