March 29th, 2019 For Crafts Technology of Elk Grove Village, Illinois, building an innovative culture required asking for intellect, sharing ownership, and rewarding good ideas. The company, one of the oldest continually operating tool companies in the U.S., has expertise in cutting, tooling, and shaping ultra-hard materials. Their precision tools are used in the manufacture of…
March 28th, 2019 Vermont-based Chelsea Green Publishing is now fully employee-owned, marking the completion of an eight-year transition initiated by founders Margo and Ian Baldwin. Through an employee stock-ownership plan (ESOP), the company purchased ownership shares from the Baldwins on behalf of the 25 employees of the owners of the independent publishing house. Read More:…
March 27th, 2019 Democratic Colorado Governor Jared Polis’ administration is putting together an Employee Ownership Center within the Colorado Office of Economic Development and International Trade The center will work with law firms and accountants to simplify the process and reduce costs associated with converting to an ESOP or Employee Stock Ownership model. Read more at: https://nonprofitquarterly.org/2019/03/26/colorado-says-it-wants-to-be-the-delaware-of-employee-ownership/ Menke & Associates,…
By Victor Alam, Esq We recently came across a company whose ESOP distribution procedures prohibited participants from electing a stock distribution. Those plan provisions were in the original plan document when the ESOP plan was first adopted years ago. When the company converted from an S corporation to a C corporation a few years later,…