DATE RELEASED: 12/07/17

Long-time foodservice company makes itself open to ownership by employees.

Foodservice manufacturer representative Zink Foodservice has something new to make available—to its 75+ employees, not customers. Through an Employee Stock Ownership Plan, the 40-year-old company is now employee-owned.

Managing Partner Jim Zink says the idea for an ESOP came as an answer to questions about where the company is headed in the future.

"We have worked...

DATE RELEASED: 11/21/17

INDIANAPOLIS, Nov. 21, 2017 /PRNewswire/ -- BSA LifeStructures, a nationally recognized architecture and engineering firm, announced today that the company is transferring beneficial ownership, becoming a 100% ESOP (Employee Stock Ownership Program).

"It is a way for employees to share financially in the wealth we create, no matter the job they hold. We are all now partners in the firm," said Melissa Davis, president of BSA LifeStructures.

What is an ESOP? In short, an ESOP is a...

DATE RELEASED: 11/20/17

The owners of Chuck & Don's, the growing Twin Cities pet-supplies chain, are gradually turning over control of the fast-growing pet-supplies retailer to employees.

The Star Tribune reports on the process, launched by chain owners Bob Hartzell, and Chuck Anderson four years ago. Both men are in their 70s and were looking for a way to turn the business over to their employees and prepare for their retirements, so they set up an employee stock ownership plan (ESOP).

By 2020,...

DATE RELEASED: 11/20/17

The DOL alleged in all three cases that the firm approved transactions without undertaking the due diligence required of an ERISA fiduciary.

By John Manganaro

The U.S. Department of Labor (DOL) has reached agreements to resolve three lawsuits with First Bankers Trust Services Inc. (FBTS), involving the approval of stock purchases for three ESOPs.

According to DOL allegations, FBTS violated the Employee Retirement Income Security Act (ERISA) when it approved...

DATE RELEASED: 11/02/17

Two Portland-area businesses have joined the growing ranks of companies owned by their employees.

Solar energy contractor ReVision Energy has converted to 100 percent employee ownership, as has Pro Search, a 23-year-old staffing agency. An Employee Stock Ownership Plan, or ESOP, is a mechanism that allows employees to become owners of stock in the company they work for.

ReVision's three co-founders chose the ESOP option after a rigorous three-year exploration of various...

DATE RELEASED: 11/01/17

With over a quarter of a billion dollars in annual sales, Inland Seafood employees are empowered to reach even further.

The shareholders of Inland Fresh Seafood Corporation (Inland Seafood), are pleased to announce to the public that the company has recently been sold to its employees. It is now a 100% employee-owned company through an Employee Stock Ownership Plan (ESOP).

In the past few years, there has been a great consolidation in the independent seafood and meat industries;...

DATE RELEASED: 10/31/17

Wisconsin-based company sold 100 percent of shares into Employee Stock Ownership Plan.

Organic ingredients supplier Ciranda has shifted 100 percent of its ownership to its employees, the Hudson, Wis.-based company announced last week.

Effective Octpber 1st, Ciranda sold 100 percent of its shares into an Employee Stock Ownership Plan, allowing eligible employees to share ownership through annual stock distributions. The company currently...

DATE RELEASED: 10/30/17

Hubbard's Hardware will become part of employee-owned Dazey's Supply January, 2, 2018.

After three decades of running the state's oldest hardware store, founded in 1884, the Seus family decided it was time to move on. However, the five siblings who have owned the 133-year-old since 1988 weren't about to turn the reins over to just anyone.

With none of the 29 next-generation nephews and nieces desiring to take on the venture, Bob Seus, the eldest of four brothers working at the...

DATE RELEASED: 10/24/17

Those who labor solely as wage earners all their working lives can never match the financial security that can be gained through long-term participation in an ESOP.

I know—I've seen it firsthand.

In 2015, I was able to retire early—all thanks to my participation in an ESOP.

I worked for 26 years as an employee owner of Web Industries. Having an ownership stake in my organization through an ESOP—as well as an opportunity to grow personally and professionally—made my...

DATE RELEASED: 10/23/17

Employee Stock Ownership Plans, or ESOPs, are a way for employers to ensure that their workers have a personal stake in the success of the business.

Nationally, 9,000 to 10,000 companies use ESOPs, covering 13.5 million employees, or 10 percent of the private workforce, said Drew Barton, vice president of ESOPs of Idaho, a Boise independent advisory firm specializing in business transition strategies. That includes 40 to 50 Idaho companies. More businesses, including "large and...

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