DATE RELEASED: 03/20/19

Senators introduced a bipartisan bill that would encourage employee stock ownership as a means of retirement savings for workers. U.S. Senators Pat Roberts (R-Kan.) and Ben Cardin (D-Md.) introduced Senate Bill 177 which would, in part, expand the creation of S Corporation ESOPs. Introduced on January 18, 2019, the new bill has the support of 24 Democrat and Republican sponsors.

The Promotion and Expansion of Private Employee Ownership Act (S.177) is identical to the prior Senate bill...

DATE RELEASED: 03/15/19

Before there was a craft brewery on every corner, there was Mass Bay Brewing Company. Founded on Boston's waterfront by Dan Kenary, Richard Doyle and George Ligeti, Mass Bay was in the vanguard of the current craft beer movement. A postgraduation trip to Europe in 1982 had introduced college friends Kenary and Doyle to the range of beer available outside the American market. Artisanal coffee and ice cream were surging in popularity back home, and the two thought they could do something...

DATE RELEASED: 03/07/19

WASHINGTON (Reuters) - The Parsons Corporation, a construction and engineering company known for building airports and subways, has filed paperwork for an initial public offering that would value the company at around $3 billion, three people familiar with the plan said.

The confidential filing with the U.S. Securities and Exchange Commission sets the stage for employee-owned company to cash in while valuations for defense sector companies are high, people briefed on the talks said....

DATE RELEASED: 02/20/19

Chuck & Don's, a pet-food retail chain with stores in four states, has been sold to a private equity-backed firm.  New York City-based Independent Pet Partners (IPP) said it will create a co-headquarters location in the Twin Cities with members of the current Chuck & Don's team to help grow the other pet-store brands in its portfolio.

Several years ago, Hartzell and Anderson decided to sell the company to employees via an ESOP, or employee stock ownership plan.  Murphy said...

DATE RELEASED: 02/18/19

Lorain, Ohio-based Absolute Machine Tools announces that the company has been sold and is now owned by an Employee Stock Ownership Trust (ESOP), effective immediately. In the transaction, owners Steve and Courtney Ortner sold 100 percent of their ownership interest to a newly created ESOP, allowing current and future employees to gain a beneficial ownership interest in the company without any personal monetary investment.

The ESOP was...

DATE RELEASED: 02/17/19

Led by industry veteran Andy MacGregor, 100% employee-owned general contracting firm to operate out of the West Loop

Today ACCEND Construction LLC opens its doors in Chicago for business. ACCEND is a general contracting firm with a fresh philosophy and approach to commercial construction led by Andy MacGregor, an industry veteran who has headed some of Chicago's largest projects in this space. By utilizing an Employee Stock Ownership Plan (ESOP), ACCEND is the one of...

DATE RELEASED: 02/12/19

Employee ownership can boost workplace benefits and collaboration

William Flynn started Franklin Street marketing 32 years ago and had a number of partners over the years. In 2015, when he started thinking about retiring, he transitioned the firm to an Employee Stock Ownership Plan (ESOP) where, instead of selling to a new buyer or closing shop, he turned the firm into an employee-owned business.

"This structure keeps jobs and engages the employees," Flynn says...

DATE RELEASED: 02/08/19

Liberalism is ascendant, at least in the Democratic Party. New Gallup polling just out shows that for the first time, more than half of Democrats identify as "liberal" as opposed to "moderate" or "conservative." The left's newly minted hero Alexandria Ocasio-Cortez is becoming the right's new favorite foil. Her Green New Deal and amplification of Bernie Sanders' cry for Medicare for All are gaining a great deal of attention for their boldness as much as for their potential to bust the...

DATE RELEASED: 02/07/19

The ESOP Association (TEA) announced that James J. Bonham will assume the role of President and Chief Executive Officer (CEO) on March 1. Founded in 1978, TEA is America's largest national trade association focused on advancing employee ownership through the Employee Stock Ownership Plan (ESOP) model.

Bonham will also serve as President of the Employee Ownership Foundation, an affiliated non-profit with a mission to encourage, educate, and catalyze new research in support of employee...

DATE RELEASED: 02/06/19

Under a specific set of facts, a C-corporation sale to an ESOP may be able to utilize the tax provision benefits of combining Section 1202 of the Internal Revenue Code of 1986, as amended (the "Code") and Code Section 1042. If those facts are present, a seller of stock in a leveraged ESOP transaction may be able to receive some proceeds tax-free while deferring the remaining tax on the sale.

The best way to demonstrate how a leveraged ESOP transaction works is by example. Assume a...

DATE RELEASED: 01/31/19

Intervine, headquartered in California's Napa Valley, became 100 percent employee owned through an Employee Stock Ownership Plan (ESOP). ESOP's were established by the United States Government nearly 50 years ago as part of the Employee Retirement Income Security Act (ERISA).

According to the National Center for Employee Ownership, there are approximately 6,500 ESOPS currently operating in the U.S. covering more than 14 million employees....

DATE RELEASED: 01/30/19

HILTON HEAD ISLAND, S.C. – The Greenery was named the 2018 Employee Owned Company of the Year by the Carolinas Chapter of the national Employee Stock Ownership Plan Association for meeting the award's criteria.

The employee-owned landscaping business has been in business for 46 years.

Among other assessments, The Greenery won for effectively communicating the benefits of employee ownership as it relates to the success of the company. An employee stock ownership plan is an...

DATE RELEASED: 01/22/19

When Bob Whalen became president and CEO of HB McClure back in 2008, the employees were nervous. He was taking over from the grandson of Herbert Bassett McClure, who had founded the Harrisburg, Pennsylvania, heating, ventilation and air-conditioning firm in 1914. The company, which serves both commercial and residential customers, had been profitable for a century. But Whalen says it wasn't running as well as it could. "At the...

DATE RELEASED: 01/21/19

WASHINGTON, Jan. 21, 2019 /PRNewswire/ -- The ESOP Association, the only organization that advocates on behalf of all ESOP companies, applauds Senators Pat Roberts (R-Kan.) and Ben Cardin (D-Md.) for introducing S. 177, titled The Promotion and Expansion of Private Employee Ownership Act. The bill is identical to S. 1589, which was introduced in the last session of Congress and which gained the support of 40 percent...

DATE RELEASED: 01/11/19

In 2005, Mandy Cabot was set to sell Dansko, known for its closed-back wooden clogs, to Timberland for $150 million. She and her Danish husband, Peter Kjellerup, had built the company from scratch starting in 1990, importing clogs from Denmark and marketing them to customers in the U.S. who appreciated the shoes' comfort, durable construction and distinctive style.

But as the company flourished, she and Kjellerup started worrying about their lack...

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