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Corporate Buy Outs

post #1 of 9
Thread Starter 
They say that Wal Mart is bringing down locally owned small businesses. While that may be part of it, there's a bigger fish that is swallowing anything and everything it can. Corporate buy outs.

It goes well beyond the telecom industry - though didn't we break up the big telecoms in the 80s to create all of the Baby Bells that are now being consolodated? I know there is zero competition in Colorado. It's all owned by Qwest, and they set the market rate. Even if you write your check to another company, all of the lines are owned by Qwest and are just sub-leased to these other companies.

I think there may be one locally owned bank left. I've been with two banks that have been bought out by some national corporate bank in the past 7 or so years. The first one I left (after having been a customer of that bank for 20 years) because the service got so bad, as well as the new policies that were not customer friendly. My parents even switched banks after the buy out. Again, my bank has recently been bought out by some national bank that is devouring every locally owned bank in the region that they operate in. My work's bank was bought out by the same corporate bank (originally they were different banks). Same thing - service has gone down the toilet. However, this time I don't really have much of a choice of switching to another locally owned bank. It's only a matter of time before the one that is left is bought out too.

The company I work for is an engineering firm. One of our suppliers for the engineering sized paper was just bought out by another national firm. Guess the service will go further down the drain with that company too.

It seems that no type or size of company is exempt. I've seen it with other engineering firms locally that are now a part of some national conglomerate monster.

Am I the only one with a real problem with this trend? Is it happening everywhere, or am I just noticing it more here in this area?
post #2 of 9
It is very real and started with the phone company and the anialation of the "bells" .... I hear ya on the banks ... my first one past thru five hands in that many years , I now bank at a local local bank which I love ...
post #3 of 9
Heidi, it's not just a local problem - it's happening on this side of the Atlantic, too, at an alarming rate. It's sometimes difficult to keep up with whom you're getting power, cable television, cell phone service, water, etc. from. We just got notice that our credit card account has been taken over by yet another bank - the third in five years.
post #4 of 9
Its just one way of survival in corporations. My insurance company got traded out, cell phone companies are merging, computer manufacturers are merging as well. Heck, the last company I worked for had a bunch of sub-companies that they began to finally merge. It was crazy! But again, it was the only way to survive.

I know you're not just talking about companies merging, but also talking about take-overs as well (Local Bank 1 is now National Bank 1). Most likely the local bank was affiliated with another bank (they use national ones as backups), and instead of just elimenating the bank all together they just renamed it.
post #5 of 9
A lot of it is just a matter of globalizing, and I don't want to totally villify globalization and multinational corporations, because I do see a lot of advantages. I spend about a month a year in the U.S., and due to globalization, I can now use my cell phone there, and my debit card (issued by a local S&L). I can order books, DVDs, etc., from Amazon in the U.S., Canada, the U.K., and probably half a dozen other countries, and have my German bank account debited for the amount due.
post #6 of 9
Yeah this really annoys me here! Tottenham Court Road in London used to have many corner stores (i guess the equivilent of mom and pop type stores in the US) and local super grocery store chain Tesco has bought them all out. Its so annoying as these stores used to have different products from each other while the tescos are all replicas of the one before them.

Do we REALLY need 30 tescos down one road?!!!!
post #7 of 9
I try to support as many local non-conglomerate places as possible. I see it as a problem too. My whole family does. My sister was getting her windows and roof replaced, and both times hired companies which were slightly more expensive but were owned and based in her town, with only one location.
I make a point of shopping at the smallest businesses, because its better for the economy to have diversity than to have one company that dominates everything. I'd rather know that someone in Ohio is profiting since we have such a terrible economy than that some guy with billions of dollars is earning just a little more.
Our power and cable are obnoxious though. There are like twelve "companies" that sell power, but they're all owned by Ohio Edison. And there's only one cable company, and they charge an obscene amount the likes of which nobody in their right mind would pay-- and I don't have cable for this reason-- in a bigger city.
Odd that Coca-Cola is one of the most recognized things in the entire world.
post #8 of 9
I hate globalization! I always try to shop at smaller, more expensive stories where I can buy food and products that aren't from conglomerates but it's hard when you don't make much money...
post #9 of 9
just for note..qwest is not on my happy list. they can :P
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