Owners who do not wish to permit employees to possess minority shares are certainly well within their rights. However, they should not whine and snivel that the "Indians" might not understand about golf -- or that as owners, they could not face the barbecues and picnics they might have to attend with their new-found "partners" ("In Search of Equity," April). Such people sound as if they would tell starving French peasants to eat cake. They should stay in their offices and play with their executive toys.

Meanwhile, creative and bold owners will recognize the value of allowing employees to purchase a stake in the business. In terms of control and influence over managerial decisions, there may be little (if any) real effect. The psychological advantages of being an owner, however, cannot be ignored.