If It’s the Last Thing I Do
By David Fitz-Gerald
By David Fitz-Gerald
Publication Date: August 15th 2023
Publisher: Historium Press
Page Length: 329 Pages
Genre: Historical Thriller
It's 1975, and Misty Menard unexpectedly inherits her father's business in Lake Placid, New York. It never occurred to her that she could wind up as the CEO of a good old-fashioned manufacturing company.
After years of working for lawyers, Misty knows a few things about the law. Her favorite young attorney is making a name for himself, helping traditionally owned companies become employee owned, using a little-known, newly-passed law. When he offers to help Misty convert Adirondack Dowel into an ESOP, pro bono, Misty jumps at the chance.
The employees are stunned, the management team becomes hostile, and the Board of Directors is concerned. Misfortune quickly follows the business transformation. A big customer files for bankruptcy. A catastrophic ice jam floods the business. Stagflation freezes the economy. A mysterious shrouded foe plots revenge. Misty's family faces a crisis. The Trustee is convinced something fishy is going on, the appraiser keeps lowering the company's value, and the banker demands additional capital infusions. Misty thought she had left her smoking addiction and alcoholism in the past, but when a worker's finger is severed in an industrial accident, Misty relapses.
Disasters threaten to doom the troubled company. After surviving two world wars and the Great Depression, it breaks Misty's heart to think that she has destroyed her father's company. All she wants is to cement her father's legacy and take care of the people who built the iconic local business. Can a quirky CEO and her loyal band of dedicated employee owners save an heirloom company from foreclosure, repossession, and bankruptcy?
Excerpt
After the lunch break, I closed the door to Father's office for the first time in the week that I'd been there. I thought about dialing the number myself but instead called Joanne and asked her to get Attorney Ted Drake on the line. It felt like forever since I retired from the firm and I missed the camaraderie. I especially missed the enthusiastic young lawyer who specialized in the laws governing retirement plans.
"Misty, is that you?"
"Yes, Ted. It's good to hear your voice."
"Gosh, it's been a long time. I thought you said you were going to stop in and visit every once in a while."
"I know I did. You'd be surprised how busy one can get when they retire."
Ted laughed. "I don't think I'll ever retire, Misty. Maybe if I had a hobby or two. I can't even imagine retiring. It will be another century before I'm old enough for that anyway. Oh, listen to me go on. What have you been doing?"
"You wouldn't believe it if I told you, Ted." I paused for a moment, took a breath, and said, "My father passed away, and he left me his company, so I moved home to Lake Placid in the Adirondack mountains of New York."
"Lake Placid! Why that's practically in Canada, isn't it? I thought people went south when they retired, not north. I'm terribly sorry to hear about your father, Misty."
"Thank you, Ted. That means a lot. I appreciate it."
"What are you doing about the business?"
"Well, I decided to run it myself, at least for a little while. And I wanted to talk to you about that thing you were always bragging about. I can't remember the name of it. All I can think of is esophagus, but that isn't it. Do you know what I'm talking about?"
"Yes. Of course. You're talking about ESOP. That stands for Employee Stock Ownership Plan. Not esophagus. Heavens no." After a brief pause, Ted added, "Why do you want to form an ESOP, Misty?"
It was hard not to get emotional when I answered his question. "Over the past week, I've been amazed to learn about Father's employees. They work hard but never get ahead. They are fiercely loyal, but the longer they work for us, the poorer they become. Our night watchman, Stanley's house doesn't have running water. Poor Hogan's family can't afford electricity. Millie's house only has a dirt floor. It's been decades since the Great Depression, Ted. In this day and age, why are people still living like this?"
"They shouldn't have to. But you are paying a legal wage, aren't you?"
"Yes, but it's not enough. They deserve better. It pains me to hear about their finances. To think of all the money I squandered, by calling Father for emergency loans I never repaid, and what it could have meant to his employees if he paid them more instead of wasting that money on me. And then, to think of how management treats the employees. Why should they have to work for short pay and be harshly treated? They deserve respect, Ted. It breaks my heart." My voice broke and I squeezed the phone tightly in my hand before continuing. "Do you think I could buy an ESOP so that Father's employees could own the business?"
Ted chuckled. "Not exactly, Misty. You don't buy an ESOP. You form one. That's the easy part. The rest is a bit harder."
"I was afraid of that. I was hoping it would be easy. Do you think you could explain it to me?"
I hate to admit that my mind wandered as Ted went into the technical details involved in the formation of an ESOP trust and transitioning ownership of a company to it. I pictured the blond-haired lawyer's chubby, cherubic cheeks that reminded me of a cartoon chipmunk, and for a moment I was afraid that I might giggle. When he was done, I said, "Do you think we can manage all that?"
Ted was reassuring and I asked him if he could fly to New York and drive to Lake Placid. He said, "I'd be glad to come, and what's more, if you decide to go ahead, I'll do the legal work for you pro bono."
I was speechless, but managed to squeak out, "I'm so grateful, Ted. I can't wait to see you."
Before I let Ted hang up, I asked him whether he had found a wife and settled down. He said, "Not yet, Misty. I guess I work too many hours, but my big news is that I just made partner."
"Good for you, Ted. That's fantastic! I'm so proud of you." It was rare for someone to make partner so young, and it was also unusual for an unmarried man to be promoted into the ownership ranks of a prestigious law firm. I thought of Joanne and wondered whether Ted and Joanne would appreciate being fixed up together.
After we hung up, I reminded myself, "Not esophagus. An ESOP for us!"
The evening after my first meeting with the management team, I walked down the sidewalk to the store and purchased a pack of Winstons. The slogan, "Winston tastes good like a cigarette should," ran through my head. I resisted the temptation to light a smoke on the way home. By the time I closed the door behind me, the urge had passed. I tried to think about how many packs I'd bought through the years and later tossed out unopened. If I ever ripped off the cellophane, I was sure I'd be powerless to resist, and if I smoked one I'd be hopelessly hooked, yet again. It was hard to quit drinking, but giving up smoking was even tougher. I slipped the cigarettes into my dressing table drawer and tried to forget they were there.
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David Fitz-Gerald
David Fitz-Gerald writes historical fiction in his spare time, with the hope of transporting readers to another time and place.
If It's the Last Thing I Do is his 7th novel.
Dave has worked for more than 30 years as an accountant, employee owner, and member of the management team at a "silver" ESOP (employee-owned) company. He has championed the cause in national, non-profit association leadership roles.
Dave’s family roots run deep in the Adirondacks, going back generations. He attended college and worked at a deli in Saranac Lake during the 1980s. He spent two summers as an elf at Santa’s Workshop on Whiteface Mountain in the 1970s and is an Adirondack 46-er, which means he has hiked all of New York’s highest peaks.
Connect with David Fitz-Gerald
Thank you very much for hosting David Fitz-Gerald today on your lovely blog.
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The Coffee Pot Book Club
Thank you so much for featuring my new book, IF IT'S THE LAST THING I DO at Yarde Reviews & Book Promotion!
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Dave
You are more than welcome, David.
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