Employee Ownership

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Employee Stock Ownership Plan at Immel Construction

At Immel Construction, 100 percent of the company’s stock has been sold to its employees through an Employee Stock Ownership Plan – the next step in the firm’s evolution in ownership – but Immel will continue to operate under the same business model and structure. “We are excited to usher in this new era at Immel Construction

Central Ohio energy company goes employee-owned

Utility Technologies International Corp., a Groveport-based company that works in management, engineering, construction, operations and maintenance of natural gas pipelines and infrastructure, has completed a transition to employee ownership. The company, founded by CEO Richard "Dick" Dickerson in 1992, is now controlled by the 69 people who work there. Several of UTI's former shareholders will

I’m Here To Tell You We Sold The Company

“I’m here to tell you that we sold the company.” Those were the words that Kris Maynard, CEO and Co-Founder of Essential Ingredients, said to a room packed with loyal employees who were gathered under the pretense of a 15-year anniversary party. Instead, their trusted leadership team had just broken the news that everything was about

JetBlue Gears Up for More Stock Buybacks

After expanding rapidly during its first decade of operations, JetBlue Airways (NASDAQ:JBLU) found itself with an uncomfortably high debt load at the time of the Great Recession. In the decade since then, the popular low-fare airline has become far more disciplined about growth and capital allocation. Indeed, between late 2009 and the end of 2017, JetBlue slashed its

California Business Owners Spread The Wealth By Selling Their Companies To Their Workers

With unemployment rates hitting historic lows and state GDP now eclipsing the UK’s, California’s economy seems strong. But many workers are not reaping the rewards. Their wages aren’t growing along with their companies, or even keeping up with the rising cost of living. Most workers struggle to save enough for retirement. And they feel unprepared for

New Structures For Protecting Impact Companies’ Missions

One of the thorniest problems that impact companies face is how to expand—that is, finding ways to scale without selling out. For one thing, growth can involve undermining an enterprise’s mission. Also, a business that, say, brings on equity investors takes the chance of losing control to a less mission-focused partner. With that in mind,

Ready to Sell Your Business? Your Employees Might Be the Best Buyers–Here’s Why

Bill Roark remembers the rug being pulled out from under him, in 1999, when his employer was sold to an outside buyer. Though the acquirer tried to find a job for Roark, "when all was said and done, I was on the street corner with a check and a 'good luck' goodbye," he says. "I didn't want

After 50 years in business, office supplier announces new owners: its employees

Metro Sales Inc. is a Richfield, Minn., company that sells printers and copy machines throughout the Upper Midwest. It's not a big-name company, but it is a successful one; it has nearly 300 employees and has been in business for 50 years in 2019. The company is marking that golden anniversary by turning ownership over

New Belgium Brewery’s employees think like owners. Because they are

It’s a bright morning in Fort Collins, Colorado. An overnight fog has just lifted. And inside the New Belgium Brewery headquarters, a big, glassy barn of a building, the craft beer producer’s CEO, Steve Fechheimer, is facing a firing squad. “There’s been some concern around Mural,” he says, referring to the company’s most significant new

For Goodness’ Sake, Start Teaching About Employee Ownership

It’s inexplicable. Why, with few exceptions, do today’s business and law schools and university finance and accounting departments shun teaching about employee ownership? Why isn’t it a question on the bar, CPA or CFA exams? Why isn’t it a topic in academic and public sector conversations about community and economic development?  “My students had never

This Columbus architecture firm is now owned by its employees

MKSK Inc. is now employee-owned. The Brewery District-based urban design, planning and landscape architecture firm has completed a transition of its ownership structure to an Employee Stock Ownership Plan. That means its 100 employees, split between Central Ohio and six regional offices around the country, are now its owners. "It's an opportunity for us who

Hercules Industries Becomes Employee Owned

Hercules Industries announced that effective October 1st, it will become an employee-owned company. The existing shareholder group is planning on transferring 100 percent of Hercules shares to an Employee Stock Ownership Plan (ESOP). "For the past two decades Hercules has grown to over 20 locations and five manufacturing facilities through hard work and investments back into

Minneapolis restaurant Hell’s Kitchen is selling — to its employees

Hell’s Kitchen, the cheekily named restaurant in downtown Minneapolis that’s known for its house-made peanut butter, lemon ricotta pancakes and crazy huge bloody Mary bar, is turning over ownership of its operations to employees. Instead of selling the 17-year-old restaurant to outsiders, owners Cynthia Gerdes and Steve Meyer (co-founder and Gerdes’ husband, Mitch Omer, died

Macaran becomes 100% employee-owned

Macaran Printed Products a division of W.N. Van Alstine and Sons, Inc. has announced that the company has become a 100% employee-owned entity, converting to an Employee Stock Ownership Plan (ESOP) which became effective earlier this year. Macaran, a high definition pressure sensitive label converter in Cohoes, NY, was founded more than 44 years ago and

The ESOP: When your people are your company

Ex nihilo, out of nothing. When you began your business, it may have been an idea you brought to life with your own ingenuity and hard work. But now, if your company has grown at all, it also bears the image of other creators. Key employees have contributed ideas, talent, a history of hard work

ESOPs Fables

We all know how unprepared Americans are as a whole are for retirement. Just google “retirement crisis.” The statistics are ugly. There are too many reasons to list as reasons why many Americans do not have enough money saved for retirement. Stagnant wages coupled with rising life expectancies, healthcare costs, tuition costs, and housing costs all surely contribute.

How customers benefit from partnering with employee-owned businesses

Each October, the spirit of employee ownership is highlighted during Employee Ownership Month, an ideal time to boost awareness for employee stock ownership plans (ESOPs) and their benefit to companies, employees and communities at large. Leading the charge in Employee Ownership Month is The ESOP Association, which believes employee-ownership improves American competitiveness, increases productivity in the

Crafton embraces ESOP to preserve company’s culture, legacy

Matt Crafton’s entire life has been shaped by the company his father co-founded 56 years ago. Now, he’s put forth a plan that will help shape the lives of the people who work for it. On Sept. 3, Crafton Tull, a multistate engineering and design firm headquartered in Rogers, Arkansas, announced the formation of an

Quiz: Is an Employee Stock Ownership Plan Right for My Business?

Employee Stock Ownership Plans, or ESOPs, are a terrific type of employee benefit plan.  They are also a way for a small business owner to cash out and exit the business — and save on taxes.  The quiz below will help answer the question “is an Employee Stock Ownership Plan right for my business?” About

Benching your VC: The employee buyout playbook

Grow or sell? It’s the ultimate dilemma for startups. This dilemma can become even more acute when you’re the CEO of a VC-funded startup. You want to develop your product, while driving sales and marketing, so that the business can reach its full potential, but your VC’s fund has reached maturity and they want you to sell