Why can't that work in any form of business dude? The simple principle behind it is that it makes its workers invested in the company and therefore they perform much better and it makes the business excel. Do you know the history of Mondragon? They build that shyt up from absolutely nothing after Hitler bombed their entire village because the spanish King didn't like their people.
I just explained why it can't. No Mondragon worker actually makes minimum wage. Why is that? Because most Mondragon industrial enterprises are highly specialized and demand a small core of highly skilled employees. In industries that thrive on (relatively) cheap labor to create economies of scale, Mondragon would not survive.
For example, I doubt that Mondragon could compete in the modern textile industry. I doubt Mondragon could run steel plants.
I do, however, think that certain elements of Mondragn could be applied most anywhere. Wage ratios, for example.