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.
Read MoreHILTON 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.
Read MoreUnity of purpose is something most business owners strive for but ultimately struggle with. It can be difficult to bring people together without shared ideals and common goals, especially if most of the parties involved are primarily interested in a paycheck and little else.
Read MoreWhen 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 time, our culture could best be described as focusing on the customer first," he says.
Read MoreWASHINGTON, 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 of the Senate.
Read MoreIn 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.
Read MoreThe Nebraska legislature passed a bill, LB 49, that would authorize the ownership of public accounting firms by ESOPs. The ESOP could own up to 49% of the firm. The bill, introduced by John Stinner (R—Gering), passed Final Reading on Feb. 28 by a vote of 47-0 and was signed into law by Governor Pete Ricketts (R) on March 6. Most states already allow minority ESOP-owned CPA firms, and Minnesota allows majority ownership.
Read MoreThe South Tempe campus of the electrical contracting industry's largest employee-owned firm, Rosendin, rang in the new year by celebrating a milestone: 100 years in business.
Read MoreTwo likely Democratic presidential contenders in 2020 have made quiet strides in recent years to bring into vogue a little-known policy that could reduce economic inequality — one that harnesses current law to expand workers' ability to become owners in their place of employment.
Read MoreSteve Smith has a special place in his heart for the art of vacuuming. When he was cutting his teeth in the grocery store business in Virginia and Kentucky, Smith took solace in the fact that "going to the grocery store" was the only family task that ranked above vacuuming.
Read MoreWORCESTER — When Wirefab Inc. President James Samsel highlights his firm's minimal employee turnover rate, he frames it as a good-news bad-news scenario.
Read MoreMuch has been written about the growing trend of income inequality in the US; we hear less often about the wealth divide, which is even more stark. While the top 10 percent of US households today own 51 percent of the country's wealth, the bottom 50 percent own one percent. With no savings to fall back on, families cannot manage emergency expenses—their cars break down and they can't get to work; they fall behind on the rent and face eviction; a medical expense sends them into bankruptcy. This is the real failure of the American economy: 40 percent of families can't manage a $400 emergency expense.
Read MoreWith the U.S. economy in a prolonged upswing, it is time for economic policy to focus on challenges that not long ago might have seemed less immediate. One notable and vital challenge for policymakers is to ensure that American families have adequate savings for retirement.
Read MoreDestinations by Design (DBD), a provider of high-quality destination management and event services to the incentive and corporate markets in Las Vegas for 28 years, has announced that effective November 5, 2018, the company's stock has been sold to its employees through an Employee Stock Ownership Plan (ESOP).
Read MoreThe shareholders of Miller/Howard Investments, Inc., an East Coast based money manager, have sold 100% of their ownership to its newly-formed ESOP. The ownership transaction will facilitate a transition of day to day management to a new generation of employees. All employees of the firm will now enjoy the benefits of ownership as ESOP participants. This was a complicated deal due to the regulatory and compliance requirements related to investment management companies and Pilot Hill Advisors is proud to have assisted Miller/Howard on this successful transaction.
Read MoreTodd Moreland says he wanted to be an electrician since he was 16 years old at Ooltewah High School, following in the footsteps of both his father and grandfather.
Read MoreBurlington, Vermont, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Gardener's Supply, one of the nation's largest multi-channel marketers of gardening products and accessories, has announced a new organizational structure and management team. Gardener's Supply was founded by Will Raap in 1983 in Burlington, VT, and is 100% employee-owned. The management change will support the company's growth and plans to expand retail capacity to reach existing and new customers across the U.S.
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