Bayada Boss Celebrates 70th Birthday By Converting Company Into Non-Profit
MOORESTOWN, NJ (CBS) -- How often does someone celebrating a birthday actually give a gift?
That happened this week as the top man at a South Jersey-based business turned the operation over to a new non-profit corporation.
Mark Baiada (sic), founder of Bayada Home Health Care, decided when he turned 70 to make a major change in his life, and the company's corporate profile.
"Take everything we've created and turn it into a charity so we can continue to serve people for the next hundred years," he told KYW Newsradio.
But it'll stay in the family. Son David takes over as chairman while Mark joins the newly formed non-profit board of directors.
Mark calls it cutting back to full time work. The turnover will actually take two years to complete.
David says he's totally on board with dad's plan.
"Our vision is to be here in a hundred years to continue to grow and take care of more people in more places," David said. "And so by putting an ownership and governance structure in place that maximizes the likelihood that we can make that happen, and combining it with the entrepreneurial competitiveness and adaptation to change that is really fundamental to our culture, you put those two things together and that's what we hope will help us continue to be successful."
How big a deal is this? Bayada brings in over $1.2 billion in annual revenue and has some 23,000 nurses on call worldwide.
Father and son both say they're always looking for additional help, because the need is constant. More information is available at www.bayada.com.
