Employee Stock Ownership Plan

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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

SCS Engineers Becomes 100% ESOP Owned

SCS Engineers, a leading national environmental consulting and construction firm, recently achieved a significant milestone when it completed a transaction to become 100% employee-owned through its employee stock ownership plan (ESOP). SCS Engineers established its ESOP in 1986, and recently purchased a small number of outstanding shares from minority shareholders, achieving 100% ownership through the

Retiring Boomer Business Owners Turn to Worker Co-ops to Preserve Legacy

Worker co-ops are “an idea with growing appeal for small-business owners,” observes Karen Angle in Bloomberg Businessweek. Angle adds that according to data from the US Federation of Worker Cooperatives, the US now has about 800 worker-owned co-ops—still a small number, but more than double the 350 that existed a decade ago. These worker co-ops now employ

Cornerstone Systems announces 100 percent employee owned

Memphis-based third-party logistics provider, Cornerstone Systems, Inc. announced that it is now a 100 percent employee owned company as Founder/Chairman Rick Rodell sold his last 51 percent. In 2013, Cornerstone officially became an ESOP when Rodell sold 49 percent of his shares to the newly created ESOP. “When you’re 49% ESOP, you’re in deep,” President/CEO

metroConnections Becomes 100% Employee Owned

metroConnections leadership is proud to share that the company has formed an Employee Stock Ownership Plan (ESOP) as of January 1, 2020, and in doing so, has made every metroConnections employee a critical business stakeholder. The ownership transition is a further commitment to metro’s customers, as the employee ownership further cements its reputation of being

Another large Columbus company is now owned by its employees

GreenScapes Landscape Company Inc. is the latest in a line of Columbus companies to transition to employee ownership. The landscaping company has transitioned to an employee stock ownership plan, or ESOP, placing control in the hands of its 90 employees, a succession plan initiated by founder Bill Gerhardt. Since opening in 1977, the company has

Kovatch Castings embraces ESOP to preserve company culture, family legacy

When Doug Kovatch began to ponder retirement a few years back, he found himself in a position not uncommon among many of today's leaders of family businesses. Kovatch, now 62, had been president at Kovatch Castings Inc., a Uniontown manufacturer started by his father in 1976, for more than 40 years. The second-generation owner was ready

Loftness in Hector becomes employee-owned

Loftness Specialized Equipment Inc. based in Hector, MN has joined an employee stock ownership plan. Through this change, the manufacturer of agricultural and vegetation management equipment is now 100 percent employee-owned. “Our employees, as well as the entire community of Hector, mean very much to us so we’re excited to present them with this new

Loftness Becomes 100-Percent Employee Owned

As of January 1, 2020, Loftness Specialized Equipment, Inc. has joined an employee stock ownership plan (ESOP). Through this change, the Minnesota-based manufacturer of agricultural and vegetation management equipment is now 100-percent employee owned. “We’re proud to become 100-percent employee owned,” said Gloria Nelson, president and CFO of Loftness. “Our employees, as well as the

Palmer Holland Converts to Employee Stock Ownership Plan

Palmer Holland converted to a privately held Employee Stock Ownership Plan (ESOP) with an ownership team made entirely of employees. While Palmer Holland was a private company prior to the transition, this move solidified the organization's goal to remain an independent specialty chemical and ingredient distributor for the long term. While others in the sector have

Employee Shareholders Have Alternatives To Manage Their Pre-IPO Stock

Over the past 30 years of my career in startups, I have assumed the role of an investor, employee, executive and board member — all of which have been incentivized and compensated by varying levels of private company stock and options. This has provided me with incredible insights into the complexities of stock and option

Valuation Helps Set Plan for Succession Transitions

Cash flow is the lifeblood of any business, but for owners who want to pass their companies onto the next generation of leadership, it holds even more importance. When it comes to making the transition of a business from one generation to another – or selling it to another company – the valuation is one

Eileen Fisher built a fashion empire. Her employees now own nearly half of it

For many entrepreneurs, the ultimate goal is to take their company public. But for fashion designer Eileen Fisher, staying private and giving her employees a share of the business has allowed her to carve her own path to success. Fisher personally owns 60% of the company that shares her name, while the remaining 40% is

Pride & Service Elevator Becomes 100% Employee Owned

Pride & Service Elevator, Inc. has completed a transaction to become 100% employee-owned through its newly created Employee Stock Ownership Plan (ESOP). The Company was founded in 1983 in New York, NY, and has been designing, maintaining, modernizing and repairing elevators for 36 years throughout New York and New Jersey. The Company has been owned and managed by The Todd

SCJ Alliance Is Now 100 Percent Employee Owned

With the graying of America, many businesses are looking towards what comes next. Nationwide founders, creators, officers and owners are researching transition options as retirement age approaches. For SCJ Alliance , the choice was clear, though not exactly simple. They decided to keep the business in the family, so to speak, by becoming 100 percent employee owned,

Selling a business to an ESOP offers more than just financial benefits

Business owners who decide to sell their company to an employee stock ownership plan (ESOP) often say they do so not just for the significant tax advantages, but to preserve their legacy. “They really want the business to survive them, especially if their name is on the door,” says Jim Altman, Middle Market Pennsylvania Regional

Barrio Brewing Company turns business over to employees

In an historic expression of gratitude as the annual season of gift-giving draws near, Barrio Brewing Company, the oldest craft brewery in the state of Arizona, today announced that it is transferring the entirety of the business' ownership to its employees through an Employee Stock Ownership Plan (ESOP) beginning in January, 2020. With this announcement, Barrio