There is such a thing as a Perfectly Good Business. It provides a Perfectly Good profit for its owners, a Perfectly Good living for its workers, a Perfectly Good product for its customers at a Perfectly Good price. It is a Perfectly Good neighbor to its community.
Obviously, the people running this PGB are total suckers. If a private equity (PE) firm sees such a business, you’d have one of those sequences from old cartoons where the PGB suddenly looks like a lollipop. Or maybe a pigeon.
I mean, if they’re providing a Perfectly Good living to its workers, clearly too much is going toward labor and those workers need to make less. If they’re unionized, the anti-union arsenal needs to be brought into play to crush the union.
If they’re providing a Perfectly Good product, there is money that can be squeezed out there. Can’t we reduce the quality? Why should it be Perfectly Good? Can’t it be made crummy, but spend some more on lawyers and marketing to mask that?
And, worst of all, if it’s a Perfectly Good member of its community, there’s certainly money to be made there. Why can’t it dump its waste into the groundwater, if that would save some money?
And all that money that comes from impoverishing the workers and denying their bargaining power, from reducing quality, from being a bad neighbor, all that new wealth and profit can go to some douchebag on Sutton Place who was clever enough to see this opening.