Wal-Mart may be regretting doing this deal on a handshake
If you ever need a reason to be glad we don’t do business on a handshake anymore, this cautionary tale ought to do it: Wal-Mart’s former video-production company now is selling footage from its meetings. Including some things its execs, former execs, and even a presidential candidate would rather not see in the public eye–but because there never was anything in writing, the company seems to be getting away with it. At least for now. From the article:
- For nearly 30 years, Wal-Mart Stores Inc. employed a video-production company here to capture footage of its top executives, sometimes in unguarded moments. Two years ago, the retailing giant stopped using the tiny company.
At first, the decision threw Flagler Productions Inc. into a panic. Now it’s Wal-Mart that’s squirming.
In recent months, Flagler has opened its trove of some 15,000 Wal-Mart tapes to the outside world, with an eye toward selling clips. The material is proving irresistible to everyone from business historians and documentary filmmakers to plaintiffs lawyers and union organizers.
Just in case you needed any other excuse to quadruple-check your contract.
Related Topics: Business stuff, Strange but true
April 11th, 2008 at 9:41 am
Wow - that’s a major oversight. We certainly hang on to our source tapes but I believe most agreements and NDAs prohibit us from reusing them in this fashion. We have 25 years worth and I can say it takes up an awfully large amount of space.
While I am not a big Wal-Mart fan, I can’t say I love the way Flagler is handling the situation. I doubt anyone will trust them with their video assets again. Just because you can doesn’t mean you should.
Leave a Comment