Succession plan

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PAQ Inc. Turns to ESOP for Food 4 Less Stores

PAQ Inc., an independent franchisee of Food 4 Less operating 20 stores in central and northern California, has created an employee-owned stock ownership plan (ESOP) in light of the retirement of owners Patricia and John Quinn. Business partner Glenn Evans will remain with the company as chairman of the board. The three partners founded the business in

How employee stock ownership becomes a succession plan

As succession strategies go, the employee stock ownership plan might be the ultimate twofer. For Joe Reeves and Ron Butt, co-founders of Louisville, Kent.-based ARGI, the pursuit of a viable succession plan for their $2.6 billion financial planning firm was the original objective, but the ESOP provided the added bonus of giving all employees a potential stake in the RIA's

Consider An ESOP As Your First, Not Last, Resort

Despite appealing reasons for business owners to establish an employee stock option plan, or ESOP, an enormous knowledge gap exists that prevents many owners from even considering one.  Many view an ESOP as the last resort when contemplating an eventual retirement or succession plan, believing it too complicated. If that’s your view, let me address

Employee Stock Plan Could Brew Up Productivity For Great Lakes

There’s a tradition at Cleveland’s Great Lakes Brewing Company. Each day around 4 o’clock, employees gather in the brewpub for a complimentary “shift beer.” It’s a chance to celebrate the fruits of their labor. Soon though, the employees at the 30-year-old company will be getting a new perk, probably worth a lot more than a

Retiring Entrepreneurs Are Selling the Business to Their Employees

Baby boomers own about half of all privately-held companies with employees in the United States. The 2.4 million business owners who belong to this aging demographic (one-third of whom have already passed 65) will need to develop sound and sensible exit strategies. As they look to the future, there is an elegant solution that all

USA Mortgage transfers ownership of company to employees, forms ESOP

USA Mortgage's sole owner, president and CEO, Douglas Schukar, transferred ownership of the company to employees through an Employee Stock Ownership Plan (ESOP). Schukar said he'd been mulling the idea of an ESOP since 2015, when a pair of employees abruptly resigned citing a lack of a succession plan at the company.  "I was stunned,"

Sharing the wealth: The push for workers to buy the companies that employ them

Carolyn Berke knows the challenges of owning a food business in the Bay Area. As the owner of Union City-based Niles Pie Company for several years — and having owned and worked in bakeries on the East Coast — she’s experienced some of the industry’s long-standing challenges: a struggle to find and keep employees in

Closely Held Businesses: You Make the Plan, or a Plan Will Be Made For You

Who is the Better Planner for Your Affairs: You or the State? Planning for succession of a closely held business is a lot like making a will. An individual has the opportunity to make a will which directs how the individual's final affairs will be handled and property distributed.  If an individual fails to make

Leto to lead Palmer Group as president

Palmer Group announced that David Leto has been promoted to president of the Des Moines-based employment firm, effective Oct. 1. Leto will succeed Austin Palmer, who will remain with the company as chairman of the board. “I am extremely pleased to move forward with this next step in our leadership succession plan,” Palmer said in a

How ‘Fluffy’ the secretary became an owner of a $54 million Philly company

Sometimes a succession plan involves champagne and bruschetta at Del Frisco’s swanky steak house in Center City. And sometimes it involves throwing a chair against the wall. William A. Graham 4th, 76, chairman of the Graham Co., has had it both ways in a three-generation, father-and-son saga that’s about love and rivalry and the need for each