AV Construction Works with The Menke Group to Adopt the Employee Ownership Model with an Employee Stock Ownership Plan (ESOP)
Fountain Valley, CA, April 17, 2024 – The Menke Group, a leading full-service ESOP provider, announced that AV Construction, a renowned healthcare development firm based in Fountain Valley, has become 100 percent employee owned with the help of The Menke Group. The Menke Group will assist AV Construction to extend ownership of the company to…
Contribution and Allocation Limitations
CONTRIBUTION AND ALLOCATION LIMITATIONS FOR PLAN YEARS ENDING IN 2024 Date: April 2024 C CORPORATION CONTRIBUTION LIMITATIONS (Sec. 404 of the Code): Example: (The Sec. 404 limit is calculated for all employer plans in the aggregate.) Sec. 404 Gross Compensation 1 $345,000.00 Less Sec. 401(k) Salary Reduction 0.00 Less Sec. 125 Salary Reduction 0.00 Net…
IRS Releases Retirement Plan Limits for 2024
Listed below are the planned IRS (Internal Revenue Service) cost-of-living Adjustments for 2024. This is a preliminary list applicable to most employer-sponsored retirement plans and the wage base for Social Security. The remainder of the health and welfare plan limits for 2024 are expected to be released by the IRS in the near term. RETIREMENT…
Matrix HG Works with The Menke Group to Adopt the Employee Ownership Model with an Employee Stock Ownership Plan (ESOP)
San Mateo, CA, April 2, 2024 – The Menke Group, a leading full-service ESOP provider, announced that Matrix HG, a Concord-based innovator serving the San Francisco Bay Area with commercial HVAC systems, has become 100 percent employee owned with the help of The Menke Group. The Menke Group will assist Matrix HG to extend ownership…
Zepnick Solutions: It starts with an idea.
In 2000, Jody Zepnick, founder of Zepnick Solutions, had an idea. He wanted to create a business that would not only serve a growing niche — manufacturing automation — but would also be a place that people want to work for. Fast forward 24 years, Zepnick has provided engineering solutions and equipment for automation to…
Brown Construction Works with Menke to Become 100% Employee-Owned with an Employee Stock Ownership Plan (ESOP)
San Mateo, CA, March 12, 2024 – The Menke Group, a leading full-service ESOP provider, announced that Brown Construction Incorporated, one of the largest general contractors in the greater Sacramento area and ENR Top 400 general contractor, has become 100% employee-owned with the help of The Menke Group. The Menke Group enabled Brown Construction to…
Hyperion Technology Group: A Bright Future in Mississippi
It’s not every day that the Wall Street Journal features one of your clients. The end of 2023 saw that spotlight shine on Menke client Hyperion Technology Group touting it as a success story in an article about Mississippi and the American South. Competitive salaries and benefits burnish Hyperion’s reputation and standing, CEO Geoffrey Carter…
Can ESOPs Expand the Shrinking Pool of Accountants?
As more accountants retire from the profession, they are not being replaced by new practitioners. A recent Wall Street Journal article shone a spotlight on a disturbing trend: the number of college students graduating with a bachelor’s degree in accounting dropped by almost eight percent from the previous year, according to a study by the…
Employee Ownership: Building Resilience and Security
A recent study commissioned by the Employee-Owned S Corporations of America (ESCA) has unveiled a compelling narrative – workers who own their companies through Employee Stock Ownership Plans (ESOPs) enjoy significantly greater employment advantages compared to the broader American workforce. Employee-owned S corporations excel in employee retention, boasting a corporate culture that fosters worker satisfaction.…
Bipartisan Legislation Aims to Streamline S-Corp ESOP Implementation for Businesses
Congress is continuing its support for employee ownership in general and ESOPs in particular with the introduction of bipartisan legislation designed to simplify the process of establishing Employee Stock Ownership Plans (ESOPs) for S-Corps. The Promotion and Expansion of Private Employee Ownership Act aims to address the barriers that have historically hindered S-Corp companies from…
BDO’s Employee Stock Ownership Plan: A Bold Move
When BDO USA’s 880 partners met recently in Florida, they voted nearly unanimously to establish an employee stock ownership plan (ESOP). The plan is scheduled to go into effect on August 31, 2023 and will give the firm’s 10,000 employees a direct stake in ownership. The firm’s executives will continue to lead the company and…
New Employee Ownership Initiative from the US Department of Labor
Employee ownership is a powerful force for financial well-being and Employee Stock Ownership Plans (ESOPs) benefit both business owners and employees. The US Federal government recognized these factors in the 2023 national budget by including support for provisions dedicated to spurring ESOPs and Congress has introduced bi-partisan measures to advance employee ownership. The drumbeat of…
Menke Client Clark-Devon Hardware Highlighted in Chicago Sun Times
A recent Chicago Sun Times article outlined how Menke client Clark-Devon Hardware, a well-established hardware store based in Chicago, has taken a significant step towards empowering its workforce and securing its future by implementing an Employee Stock Ownership Plan (ESOP). By transitioning to employee ownership, Clark-Devon Hardware aims to create a stronger sense of commitment…
New SBA Guidance Enhances Financing Opportunities for ESOPs
Small businesses looking to transition to an employee-owned model through ESOPs can benefit greatly from two recent pieces of regulatory guidance from the Small Business Association (SBA) which bring positive changes to the financing landscape for ESOPs. These important pieces of guidance are Procedural Notice 5000-846607 and SOP 50 10, Version 7, both of which…
Employee Equity Investment Act: Another Boost for a New Decade of Employee Ownership
In recent years, there has been a growing emphasis on promoting employee ownership in the United States. This focus has been championed by Congressional leaders and various states who recognize the numerous benefits that employee ownership can bring to businesses and their workforce. Earlier in 2023, the passage of the WORK and SECURE 2.0 Acts…
Menke Case Study: Kennon Products
Protecting High Value Assets Protecting High Value Assets: this phrase expresses the mission for Kennon Products and the litmus test for decisions on investing the company’s resources. Located in the foothills of the Big Horn Mountains in Sheridan, Wyoming, the company’s ability to innovate and excellence in engineering led to its focus on protecting high…
Private Equity and Employee Ownership: The ESOP Opportunity
A recent article in Middle Market Growth magazine explores a new trend in private equity: investing in companies with employee stock ownership plans (ESOPs). Private equity has traditionally shied away from these companies, seeing ESOPs as an ‘either-or’ proposition. However, private equity investors are looking at ESOPs with fresh eyes. Recent Federal legislation may well…
Kicking Off 2023 with The National Center for Employee Ownership
The Menke Group is looking forward to participating in the 2023 meeting series for the The National Center for Employee Ownership. The meeting series is designed for business owners who are evaluating whether an Employee Stock Ownership Plan (ESOP) is the right vehicle for their business succession needs. The first meeting of 2023, entitled “Is…
US Government Measures to Spur ESOP Adoption
ESOPs are a powerful tool for businesses, as they can help to align the interests of employees with those of the company and can also serve as a means of attracting and retaining top talent. The United States Congress recognized these advantages when they passed the 2023 Omnibus Bill, a comprehensive spending bill that funds…
Department of Defense Pilot Program Encourages Contracting with Employee-Owned Businesses
The Department of Defense (DoD) issued a memorandum on November 8, 2022 of great import for employee-owned government contractors. The memorandum describes a pilot program for S-corporations that are 100% owned by an employee stock ownership plan (ESOP) to receive a noncompetitive award for certain follow-on contracts. This pilot program is especially noteworthy since it…
ESOP Fables at the ASPPA Annual Conference
On October 23, retirement industry professionals will gather in Washington DC for the annual conference of the American Society of Pension Professionals and Actuaries (ASPPA). Menke Group’s CFO and COO, Trevor Gilmore, will address the meeting on the topic of “ESOP Fables: Succeeding with a Powerful Succession Option”. An Employee Stock Ownership Plan (ESOP) is…
ESOP Updates in Hawaii
The Hawaiian Chapter of The ESOP Association is holding its first in-person event of the year on October 20 and the Menke Group will be there! Our Senior Corporate Counsel, Victor Alam, will be making two presentations at the conference in Honolulu: Current Issues Facing ESOP Companies Special Administration Issues Rebalancing, Reshuffling, Recycling, Diversification and…
Phil DeDominicis to present ESOP overview for owners, CFOs & CPAs
Sept 15 / Oct 13 / Nov 17, 2022 — Phil DeDominicis will be presenting a webinar for my-cpe.com where he will give an ESOP overview for owners, CFOs & CPAs. This webinar provides a broad overview of ESOPs, discussing key topics such as using them as a business succession tool, how they are structured and financed, typical scenarios where they are used, and the tax differences and benefits between S corporation and C corporation ESOP-owned companies. Attendees will learn about who runs and controls an ESOP-owned business, how ESOP shares are valued compared to other sale options, and how employees can benefit personally and become more productive.
Menke to Sponsor 2022 Midwest Regional ESOP Conference
The ESOP Association 2022 Midwest Regional Conference is just around the corner, and Menke & Associates, Inc. is proud to be a bronze sponsor! This year’s conference will be held in Milwaukee, Wisconsin, from September 20-22nd. The conference will feature a variety of sessions on topics such as employee ownership, succession planning, and employee benefits.…
Menke Client, Mower Ad Agency Becomes 100% ESOP-owned
Syracuse, N.Y. — Eric Mower, who turned his Syracuse-based ad agency into one of the largest independent marketing communications firms in the country, has sold ownership of the company to his employees. The agency said Wednesday that Mower transferred 100% ownership of the company to a newly formed employee stock ownership plan. The agency’s executive…
Nautic Partners Announces Investment in IT Solutions
FORT WASHINGTON, PA. & PROVIDENCE, R.I.–(BUSINESS WIRE)–Nautic Partners (“Nautic”) is pleased to announce that it has finalized the recapitalization of IT Solutions Consulting, Inc. (“ITS”), a market-leading managed information technology (IT) service provider servicing commercial clients throughout the northeast, in partnership with ITS management. Headquartered in Fort Washington, PA, ITS is a full-service IT services…
ESOPs Fight the Great Resignation with Retirement Savings
Employees are leaving their jobs at record rates. The Bureau of Labor Statistics reported that nearly 9 million Americans quit their jobs during the last two months of 2021 alone. Who among us has not had the experience recently of seeing a favorite local business with a sign in the window saying, “Sorry, we are…
Colorado Real Estate Brokerage Shows the Versatility of ESOPs
Employee Stock Ownership Plans are sometimes viewed as only being a good fit for certain specific industries. Manufacturing businesses, for instance, make up roughly a quarter of all ESOP companies. Architecture, engineering, and construction firms have embraced ESOPs at an increasingly rapid rate and have seen a marked benefit, reporting a 35% higher median value…
Colorado Launches Tax Credit to Help Businesses Become Employee-Owned
If your business is based in Colorado and you are considering employee ownership as part of your succession plan, or simply as a way to reward the workers who have helped you get to where you are, the decision just became $100,000 easier. Governor Jared Polis announced that the CO Office of Economic Development and…