CUSIP No. 369730106
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1. Name of Reporting Person
GREG RANKICH
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2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [_]
NOT APPLICABLE (b) [_]
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3. SEC Use Only
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4. Source of Funds (See Instructions) PF
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5. Check Box If Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) [_]
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6. Citizenship or Place of Organization UNITED STATES
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Number of (7) Sole Voting Power 317,848
Shares ____________________________________________
Beneficially (8) Shared Voting Power 0
Owned by ____________________________________________
Each (9) Sole Dispositive Power 317,848
Reporting ____________________________________________
Person With (10) Shared Dispositive Power 0
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11. Aggregate Amount Beneficially Owned 317,848
by each Reporting Person
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12. Check if the Aggregate Amount in Row (11) Excludes [_]
Certain Shares
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13. Percent of Class Represented by Amount in Row (11) 6.15%
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14. Type of Reporting Person (See Instructions) IN
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ITEM 1. Security and Issuer
Common stock of General Employment Enterprises, Inc., One Tower Lane,
Suite 2200, Oakbrook Terrace, IL 60181.
ITEM 2. Identity and Background
Greg Rankich of 21720 NE 181st PL, Woodinville, WA 98077, a natural
person and United States citizen, is engaged as a private investor. He has not
been convicted in a criminal proceeding (excluding traffic violations or other
similar misdemeanors) in the last 5 years, and has not been a party to any
proceedings, or subject to any judgments or enjoinments, related to violations
of state or federal securities laws in his lifetime.
ITEM 3. Source and Amount of Funds or Other Consideration
Personal funds in the aggregate amount of $88,851.04 have been used
to effect the purchases. No part of the purchase price represents borrowed
funds.
ITEM 4. Purpose of Transaction
Although observing and tracking General Employment Enterprises plight
for years, Mr. Rankich only recently began acquiring shares on 2/12/2009.
As of March 11, 2009 he now holds 317,848 shares of common stock. Based
upon the latest publicly available information, the present holding places
Mr. Rankich as the 2nd largest outside shareholder with 6.15% of
outstanding shares owned.
Mr. Rankich is the CEO/President/Co-Owner of a consulting and staffing firm
headquartered in the state of Washington. For the purpose of this transaction,
he is engaged as a private investor. Mr. Rankich currently has no interest in
merging his firm into General Employment Enterprises nor acquiring General
Employment Enterprises. If General Employment Enterprises is interested, Mr.
Rankich would be willing to provide guidance and/or collaboratively engage with
current management and/or Board of Directors, to help support the return of
General Employment Enterprises to a profitable and growing company it has the
potential to be.
Mr. Rankich has been in accumulation mode and has not approached or engaged
with General Employment Management or the company?s Board of Directors. He
does not currently seek to exceed 10% ownership of outstanding shares nor is
part of any group of shareholders. While not the largest shareholder of the
company, Mr. Rankich does feel that his ownership may provide him an
opportunity to work with General Employment Enterprises management in
providing guidance, feedback, and learning that could be beneficial to the
company.
With an extensive background and experience in successfully building and
growing a successful and profitable consulting & staffing firm, Mr. Rankich,
if asked, could provide invaluable insight and business processes that could
help General Employment Enterprises reverse their current course of market
and financial losses. As an outside observer, Rankich is compelled to
provide the following basic recommendations which would improve the
current financial stability of the company and position the company for
long-term growth and prosperity:
1- Restructure the CEO?s pay. $543,000 per year is a gross overpayment for
the CEO based on the historical success and growth of the company. Current
revenue and profitability of the company dictates a salary in the
$125,000-$150,000 per year range, not $543,000.
2- Replace Long-time Board members with Independent Directors who will take
decisive action to help improve General Employment Enterprises? long term
viability as a company.
3- Remove the current "POISON-PILL" OR shareholder rights plan. The current
plan limits the potential shareholder value that could be recognized.
4- Remove commission advancements and implement an industry standard
approach of providing commission as earned. This would increase company
cash flow as well as minimize charge backs and general overhead.
5- Leverage economies of scale to reduce overall recruiting costs, job
board posting, and general and administrative expenses.
6- Most importantly, as it currently stands, the CEO?s employment
agreement and its severance benefits greatly hampers the company's
ability to fully maximize shareholder value. Restructuring the agreement
with incentive-based compensation would improve overall market and
shareholder confidence in management/Board of Directors.
Mr. Rankich has acquired the shares of General Employment Enterprises for
investment purposes, as he believes the company is undervalued currently
and that greater value could be achieved if necessary steps were taken by
the Board of Directors. Mr. Rankich may, at any time, acquire additional
shares in the open market or otherwise while reserving the right to
dispose of any or all of his shares in the open market or otherwise.
ITEM 5. Interest in Securities of the Issuer
As of the close of business on March 11, 2009, respondent has
sole voting and dispositive power over 317,848 shares of General
Employment Enterprises, Inc.'s common stock. According to the company's
latest 10-Q filing, as of December 31, 2008, there were 5,165,265 common
shares outstanding. Respondent is thus deemed to own 6.15% of the
company's common stock. Transactions effected by the respondent in the
60 days prior to the March 3, 2009 "trigger" date, through March 11,
2009, were performed in ordinary brokerage transactions, and are
indicated as follows:
3/11/09 bought 200 shares @ $0.32
3/11/09 bought 800 shares @ $0.34
3/10/09 bought 200 shares @ $0.34
3/10/09 bought 600 shares @ $0.32
3/10/09 bought 1000 shares @ $0.37
3/10/09 bought 1500 shares @ $0.39
3/10/09 bought 4700 shares @ $0.38
3/10/09 bought 5800 shares @ $0.30
3/10/09 bought 7600 shares @ $0.36
3/9/09 sold 2500 shares @ $0.36
3/9/09 bought 300 shares @ $0.31
3/9/09 bought 2700 shares @ $0.30
3/6/09 bought 200 shares @ $0.30
3/6/09 bought 100 shares @ $0.35
3/6/09 bought 200 shares @ $0.32
3/6/09 bought 701 shares @ $0.24
3/6/09 bought 1200 shares @ $0.36
3/6/09 bought 1200 shares @ $0.31
3/6/09 bought 1800 shares @ $0.29
3/6/09 bought 4600 shares @ $0.27
3/6/09 bought 5400 shares @ $0.25
3/6/09 bought 4600 shares @ $0.33
3/4/09 bought 200 shares @ $0.38
3/4/09 bought 800 shares @ $0.39
3/4/09 bought 1900 shares @ $0.37
3/4/09 bought 2600 shares @ $0.35
3/4/09 bought 7000 shares @ $0.36
3/3/09 bought 100 shares @ $0.39
3/3/09 bought 1400 shares @ $0.40
3/3/09 bought 5500 shares @ $0.37
3/2/09 bought 200 shares @ $0.32
3/2/09 bought 2700 shares @ $0.35
3/2/09 bought 3900 shares @ $0.30
3/2/09 bought 10200 shares @ $0.33
3/2/09 bought 31200 shares @ $0.34
2/27/09 bought 100 shares @ $0.33
2/27/09 bought 200 shares @ $0.36
2/27/09 bought 400 shares @ $0.35
2/27/09 bought 1400 shares @ $0.34
2/26/09 bought 260 shares @ $0.34
2/26/09 bought 650 shares @ $0.31
2/26/09 bought 2240 shares @ $0.33
2/26/09 bought 9900 shares @ $0.32
2/26/09 bought 5247 shares @ $0.30
2/24/09 bought 10000 shares @ $0.31
2/24/09 bought 4900 shares @ $0.32
2/23/09 bought 100 shares @ $0.27
2/23/09 bought 100 shares @ $0.26
2/23/09 bought 200 shares @ $0.28
2/23/09 bought 600 shares @ $0.30
2/23/09 bought 1200 shares @ $0.33
2/23/09 bought 18000 shares @ $0.25
2/23/09 bought 11200 shares @ $0.32
2/20/09 bought 200 shares @ $0.27
2/20/09 bought 100 shares @ $0.28
2/20/09 bought 200 shares @ $0.33
2/20/09 bought 1001 shares @ $0.32
2/20/09 bought 2450 shares @ $0.30
2/20/09 bought 2100 shares @ $0.34
2/20/09 bought 2549 shares @ $0.35
2/20/09 bought 4300 shares @ $0.31
2/20/09 bought 13800 shares @ $0.25
2/19/09 bought 100 shares @ $0.25
2/19/09 bought 100 shares @ $0.24
2/19/09 bought 199 shares @ $0.29
2/19/09 bought 450 shares @ $0.23
2/19/09 bought 800 shares @ $0.29
2/19/09 bought 1800 shares @ $0.27
2/19/09 bought 5102 shares @ $0.30
2/19/09 bought 8799 shares @ $0.28
2/18/09 bought 22100 shares @ $0.21
2/17/09 bought 50000 shares @ $0.20
2/12/09 bought 24400 shares @ $0.20
ITEM 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer
Not Applicable
ITEM 7. Material to be Filed as Exhibits
Not Applicable
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date 03/12/09
Signature /Greg Rankich/
Name/Title Greg Rankich, Private Investor