April 3, 2017 (Chicago) – A staunch supporter of the American manufacturing movement, Hannibal Industries today announced that 2016 was a historic year of growth for one of the leading manufacturers of steel pallet racks in the material handling industry.
Read MoreBy 2001, global market strategies forced long-time customers to send work overseas—including Dacor, Yale Security, Halo Lighting, Motorola and Federal Mogul—and the drop-off forced Arlington Plating to take a serious look at its business model.
Read MorePrivate equity investors typically share equity ownership with a select group of very senior managers. The conventional (if empirically wrong) wisdom is that the top echelon of management can "move the needle" on the value of a company, and only the top people understand and value ownership.
Read MoreIn a recent Forbes article, PFS Brands founder Shawn Burcham talks with Darren Dahl, contributor to Forbes magazine, about his reasons for selling his reasons for creating an employee stock ownership plan, or ESOP. Mr. Burcham – in his mid-40s and far from retirement age – sold his business to the ESOP to help grow the business faster. Having a 100% ESOP will relieve the company from paying corporate taxes, show commitment to the employees' future and incentivize them to pull together to fulfill their ambitious growth plans.
Read MoreJim McCormack and Raymond "Skip" Hansen, both young insurance salesmen who had been friends since junior high school, decided to form their own agency and strike out on their own 35 years ago. Their agency would become Diversified Insurance Solutions, which now employs about 70 people in Brookfield.
Read MoreLAMAR, Mo., March 24, 2017 /PRNewswire/ -- Danny Little, CEO of Redneck Outdoor Products, Inc proudly informed employees on December 27th, 2016 that the Company has formed an Employee Stock Ownership Plan (ESOP) and, in doing so, has joined the growing list of companies whose employees are stakeholders.
Read MoreIn a recent court decision (Perez v. First Bankers Tr. Servs., Inc., No. 3:12-cv-04450 (D.N.J. March 17, 2017), a district court ordered First Bankers Trust (FBT) to pay almost $9.5 million to the plaintiffs for failing to adequately protect the interest of ESOP participants by allowing the ESOP to overpay for the shares from the owners of SJP Services. SJP provides site development for residential construction in New Jersey. The ESOP paid $16 million to buy the company's shares in 2007 (a price at the low end of the valuation range). The company subsequently saw a significant decline in stock price during the housing recession.
Read MoreA recent study published by the NCEO (www.nceo.org) based on data from the Department of Labor, indicates there were 6,717 ESOPs covering approximately 14.1 million participants at the end of 2014 (latest complete data set available.) These plans held assets in excess of $1.3 trillion, or roughly $92,000 per participant which is more than 125% of the average annual income.
Read MoreA class of employees from Constellis Group Inc. recently won a $29.8 million ERISA judgment, representing the difference between what employee stock ownership plan trustee let the ESOP pay for the private security firm and what a Virginia federal court ruled it was worth.
Read MoreSherwin Williams Co. wasn't engaged in a tax shelter when it pre-funded its employee stock purchase plan contributions in 2003 and 2004 to insulate employees from threats to the stock price, the California State Board of Equalization said ( In re The Sherwin Williams Co. , Cal. Board of Equalization, No 785285, hearing 2/22/17 ).
Read MoreSummit, NJ: Pilot Hill Advisors is pleased to announce its client, an international, privately-held commercial equipment manufacturer, recently completed a partial ESOP buyout.
Read MorePALO ALTO, Calif., Feb. 20, 2017 /PRNewswire/ -- Harrell Remodeling, Inc., a leading design and build remodeling firm headquartered in Palo Alto, CA has earned the accreditation of being named a "certified employee-owned" business by San Francisco-based Certified EO, announced Ciro Giammona, CEO of Harrell Remodeling.
Read MoreDennis Frampton spent nearly 50 years working at Meadville's C&J Industries, a custom plastic-injection molder and medical device contract manufacturer, founded in 1962.
Read MoreSummit, NJ: Pilot Hill Advisors is pleased to announce a New York City-based client has recently become 100% ESOP owned.
Read MoreTanimura & Antle has become the largest agricultural company in Monterey County to share ownership with its employees.
Read MoreBrismarck Tribune: Hebron Brick Company, an area clay brick and concrete block manufacturer, has converted to an employee stock ownership plan, a benefit plan which provides company stock as part of employees' retirement benefits, reports Jessica Holdman.
Read MoreHOLTS SUMMIT, Mo. — The sole shareholders of PFSbrands, Shawn and Julie Burcham, have concluded the sale of 100 percent of the company to its employees through an employee stock ownership plan (ESOP). PFSbrands is the parent company to the Champs Chicken and Cooper's Express brands.
Read MoreSARATOGA SPRINGS, N.Y. — Stewart's Shops is making a $10.5 million contribution to its Employee Stock Ownership Plan (ESOP), an increase of $500,000 over last year. This company contribution equals approximately 15 percent of a Stewart's employee's pay in 2016.
Read MoreA chance conversation on a ski hill led to a dramatic turn of events for Peter Saladino, the president and then-majority owner of a Seattle construction company.
Read MoreIn a recent Forbes article, consulting firm Point B's CEO Mike Pongon discusses his experience as a second generation leader of a 100% ESOP owned company. Darren Dahl, contributor to Forbes magazine, interviewed Mike to learn about how its ESOP has contributed to its business and talent. Point B became 100% ESOP-owned in 2014 after started the ESOP as a 20% owner in 2008…
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