Employee Stock Ownership Plan

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A beginner’s guide to employee stock ownership

You’ve landed a new job in a new company. As part of the company’s benefits package, they’re offering stock options. What does it mean? Maybe, you don’t have any idea what stock options mean. It can also be that you’re not sure how to get started with it. It’s essential to note that most companies

Northern Tree Service Transitions To Employee Stock-Ownership Plan

Northern Tree Service Inc. announced it has transitioned the ownership of its business lines over to an employee stock-ownership plan, or ESOP. The Lazear Capital Partners team worked with the management of Northern Tree Service to design a custom solution that included employee benefits, financial flexibility, and maximum tax advantages. Founded in 1932 by Walter

CEM Machine announces it will become employee-owned manufacturer

CEM Machine Inc. announced to its employees Thursday morning that the privately held manufacturer has been bought out and will become 100 percent employee-owned. President Mark D. Robinson, who has been an owner of CEM since 2000, gathered about 30 of the company’s 55 total employees outside the West End Avenue facility — in order

Armstrong Craven Moves to Employee-Owned Business Platform

Executive search firm Armstrong Craven, headquartered in Manchester, U.K., has become a majority employee-owned business. The firm will continue to be led by joint managing directors Rachel Davis and Peter Howarth. “We have long believed that the well-known benefits of employee ownership, when combined with our extremely dedicated team, will be a recipe for success, and

DeBlois Electric of Lewiston now employee owned

DeBlois Electric Inc. announced Monday that the company is now 100% employee owned through an employee stock ownership plan. The announcement signals the beginning of a new ownership structure that will continue to operate with the same vision and leadership previously established. The privately held company was started by Willie and Gaetane DeBlois in 1967,

Don’t Wait to Begin Business Succession Planning

A common and costly mistake when it comes to business succession planning is not starting the process early enough. By waiting too long, an owner runs the risk of not having the right people in place to run the business, as well as having much of the business’ value consumed by estate taxes. Either misstep

Greenfield Company Goes Employee-Owned

A Greenfield-based specialty underground contractor has switched its ownership status. Midwest Mole Inc. says it has transitioned to an Employee Stock Ownership Plan following the retirement of second-generation owner and Chief Executive Officer Dan Liotti. The company, which provides boring, trenchless tunneling, and directional drilling services throughout the Midwest, has been family owned since its

Alltek founder sells company to employees

Alltek Energy Systems president and co-founder Mike O'Connor has sold his 40-year-old plumbing, heating and mechanical contracting firm to his 60 employees. O'Connor, 67, formed an employee stock ownership plan this month turning over 100% of the assets of a Waterford company that has worked on hundreds of hotels, supermarkets, restaurants, apartments, medical centers and college campuses

Erie Company Becomes 100 Percent Employee-Owned

An Erie-based company has completed its transition to a 100 percent employee-owned business. Officials from Onex, an industrial furnace company, announced the creation of a new Employee Stock Ownership Plan (ESOP) at a company event on August 21. Company officials say the transition secures the Onex's future in Erie. "Being 100 percent employee-owned rewards our

Applewood Seed Company Announces Employee Stock Ownership Plan

Gene Milstein, founder, and his wife, Dee Milstein, co-owner of Applewood Seed Company, announce the formation of an Employee Stock Ownership Plan (ESOP), transferring significant ownership of the company to current and future employees. As part of a comprehensive succession plan, the Milsteins formed the ESOP to implement their goal of keeping Applewood Seed as

Healics has become a 100% employee-owned ESOP company.

Healics is excited to announce it has become a 100% employee-owned ESOP company. Becoming an ESOP allows Healics to reward each of its employees with company stock as part of their retirement benefit plan in addition to the company's existing 401(k) plan. Healics' leadership team spent 18 months researching and planning for the ESOP conversion

With an ESOP, many winners in sale of a business

Former owner Jim Dow, who retired as CEO at 81, said he did the right thing in selling Diversified Plastics to its 80 employees. For many business owners, a succession plan is about more than creating an exit strategy or profiting from the sale of the company. It’s about preserving a legacy in a way

Avion Solutions Announces Transition to 100% ESOP

Avion Solutions, Inc. is proud to announce it is now a 100% employee-owned company. This announcement of the sale to the Employee Stock Ownership Plan (ESOP) was made on July 31, 2020 to employee owners. "Since we became an ESOP company in 2007 our goal has always been to be a 100% employee-owned ESOP," said Chad Donald, President

Communication is Key – Especially Now

As I write this blog, I’m getting my oil changed.  I realize that this is not an earth-shattering event and that it happens all the time.  But I realized I had not had to change it since late last year.  I literally cannot think of another time since I started driving at age 16 that

Considerations For Those Contemplating Employee Ownership

“Treat employees like they make a difference and they will.” Jim Goodnight, CEO SAS Why consider employee ownership? Think about the first time you applied for a job or interviewed someone for a job. The conversation probably did not include a discussion of who owned the company. For public companies, this is not surprising, because

Saratoga County-based company now boasts 88 millionaires on paper

Stewart’s Shops, the chain of convenience stores found across the Capital Region and beyond, has seen gas and coffee sales drop during the COVID-19 pandemic in keeping with the decreased commuter traffic. But the shops are selling more dairy and grocery items, spokeswoman Erica Komoroske said. That includes milk, butter, eggs and packaged ice cream.

Employee Owned Publix to hire ‘thousands’ amid disease spread

Publix announced Friday that it wants to hire “thousands” of new employees this month amid the coronavirus pandemic. The positions would be in stores and distribution centers and come as demand is increasing as coronavirus spreads. “We take pride in serving our communities during times of need, and with the unprecedented demand we are experiencing,

Georgia Theatre Company Transitions to 100% Employee Ownership

It’s the ultimate bonus: Georgia Theatre Company (GTC), the 18th-largest theater circuit in North America, has rewarded the diligence and dedication of its roughly 700 employees by making them the owners of the company. This apparently unprecedented action by a movie-exhibition chain is made possible by the creation of an employee stock ownership plan (ESOP),

AVEKA group announces formation of ESOP

AVEKA Group, Inc., a contract manufacturing and research and development company based out of Woodbury, MN with a plant facility located in northeast Waukon, has announced that the company has become an S Corporation ESOP (employee stock ownership plan), effective October 15, 2019. In the transaction, prior investors sold 100% of their ownership interest to

Midland Trust Announces the Formation of an Employee Stock Ownership Plan

Midland Financial Corp., a Florida holding company for Midland IRA Inc. and Midland Trust Company, has become an employee-owned company effective January 29, 2020. Midland sold 25% of its ownership interest to a newly created Employee Stock Ownership Trust, allowing current and future employees to gain a beneficial ownership interest in the company. This was made