The above bill is VERY BAD for business, as it would provide "job security" for employees who work for a company that has been bought by a new owner. Hawaii does not have a reputation of being business friendly; this bill would make the business climate significantly worse and deter investment.
This bill requires that purchasers of a business in Hawaii will have to keep all existing non-management employees. While a few exceptions are included, this bill goes too far in private business matters. It will hurt any businesses who want to sell their business at market value and help their employees.Many potential buyers will be weary of buying a business in Hawaii or investing as a majority owner and providing much needed capital to that business. The opposite will result--if businesses are unable to sell their business, then they will close shop and their employees will not have jobs.
Please help and act now. Hawaii will be the only state in the nation with this law, which will again label us as a bad place to do business and invest. Whether you plan to sell or not, have 5 employees or 100 employees, the business community must stand together on this issue. Even if this bill does not affect you, it may affect one of your clients and is just bad for our business.
The full Senate will be voting on this measure on the floor tomorrow (April 9, 2013). Please email your request to VOTE NO on this bill to: sens@capitol.hawaii.gov.
Thank you for your help.
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