Brent Nussbaum, CEO of Nussbaum Transportation, the trucking company his father started in 1945, says the best way to keep the firm family-owned for the next generation and to retain good people is by having his employees become part owners. Beginning April 16, the Hudson, Ill., carrier gave 35% of ownership to employees through an
Successful entrepreneur and hotel magnate Gary Tharaldson shared stories from his business career during an event at Minnesota State University Moorhead on Monday, April 16, wowing his audience with tales of how a boy who grew up near Dazey, N.D., on a farm that didn't have running water built a company that was sold to
A new employee stock ownership plan will provide employees with a financial stake in Nussbaum Transportation. The Hudson-based freight carrier has transitioned 35 percent of the company ownership to employees through an Employee Stock Ownership Plan (ESOP). “We’re excited to bring our employees into ownership of Nussbaum Transportation,” said CEO Brent Nussbaum in a statement.
Three pioneers of the solar industry in the Bay Area are in different stages of transferring the businesses they created, but they are all traveling on a similar road. They are all transferring the ownership of their businesses to their employees. SOLARCRAFT Bill Stewart is the former CEO and co-owner of SolarCraft, a 34-year-old solar
At Stewart's, employee ownership is making convenience-store millionaires: "Stock for the privately held company, which employs more than 4,500 people, has boomed this decade, rising 66 percent between 2011 and 2016, according to annual reports filed with the U.S. Labor Department. Stewart's workers, who own almost 40 percent of that stock through a company retirement program,
Employers can compensate their employees in three primary forms: cash, benefits and stock. Cash compensation - as would be expected - includes hourly wages, salaries, bonuses, contract income, benefit plan payouts and matching retirement plan contributions. Benefits include vacation, sick time, insurance, tuition, childcare, and other perks like expense accounts and company vehicles. Employers can
Morrico Equipment LLC announced that its company has become employee owned. The announcement was made last night during a special employee meeting at the Hilton Guam Resort and Spa. The conversion to an employee-owned company, also called Employee Stock Ownership Plan, became effective March 31. As the company fast approaches 30 years in business on Guam,
Workers at Stewart's Shops are riding a rising company stock price that has created dozens of new millionaires heading for retirement, at least on paper. Stock for the privately held company, which employs more than 4,500 people, has boomed this decade, rising 66 percent between 2011 and 2016, according to annual reports filed with the U.S.
ALLWEST Testing & Engineering, Inc. announced it is now a 100 percent employee-owned company. The announcement comes on the heels of a record year for the company, which is based in Hayden. ALLWEST experienced a 17 percent increase in revenue in 2017, a continuation of rapid revenue growth since the company’s Meridian office opened in
“One of the main things we lamented over in the very beginning was, if we sell the business, will the person who takes it on still carry on the same quality of business and mission that we have”? After 34 years, Linda and Gregory Coles struggled with the idea of selling their child care business
Popular convenience and gas store chain Wawa has launched its annual spring hiring campaign and says it’s goal is to hire up to 5,000 new employees during the next three months. The new hires are spread across Wawa’s 790 stores in six states, but Wawa has a big Washington-Baltimore presence, and its local footprint is
The Principal Financial Group is seeking to involve advisers in its latest effort to get small business owners to plan ahead for their retirement. In an effort to boost the low level of succession planning among U.S. business owners, the Des Moines, Iowa-based insurance and financial services provider has launched a new website to help
Two bills on employee stock ownership plans (ESOPs) have passed without dissent in the Small Business Committees in the House and the Senate, and both have bipartisan support. By unanimous vote, the House Small Business Committee passed the Main Street Employee Ownership Act, sponsored by Nydia Velaquez (D-NY), with a friendly amendment from Steve Chabot (R-OH). Kirsten
When it comes to retirement and business succession planning, survey data shows clearly that small business owners have given relatively little thought to how they’ll shift into retirement or enact an exit strategy. According to Jerry Ripperger, vice president of consulting at Principal, more than 70% of business owners in the U.S. do not have
Here’s the scoop: Joy Cone Co. is celebrating its 100th anniversary. And in recent years the company has been on a delicious ride of expansions. What started out as a small local operation is now the world’s largest ice cream cone company. Producing more than 1.5 billion cones a year, it has operations in Hermitage,
Quick: what do a grocer in Sonoma County, California; a bookstore in Cambridge, Massachusetts; a real estate company in Columbus, Ohio; and a coffee house in Rock City, Maine have in common? Answer: all four companies are converting to worker ownership. At NPQ, of course, we have profiled employee ownership. As we noted, “a business succession crisis
In most businesses, the owner works harder than anybody. The extra push beyond just the paycheck comes rewarded by equity in a company that grows in value. Oliver’s Market, with nearly $175 million in sales expected this year from stores in Cotati, Windsor and two in Santa Rosa, launched an employee-stock-ownership plan in 2017. So
Strategic Financial Solutions, which has targeted growing to at least 1,500 jobs in Amherst in the next few years, is now employee owned. The New York City-based company took the step through an Employee Stock Ownership Plan at the end of 2017, said Ryan Sasson, the company's chief executive officer. "We've had many investors show interest in Strategic,"
Case goods and contract furnishings manufacturer, Whitewood Industries recently announced that it has sold its privately-owned company to its employees through an Employee Stock Ownership Plan (ESOP). The company, founded in 1982 by partners Jorge Mata and Ron Feibel, was originally a supplier to ready-to-finish furniture stores. Yet over the past three decades they diversified
Unlike other methods of raising capital, because an ESOP is also an employee retirement plan, the ESOP can also serve as a powerful engine for attracting and maintaining a competent and committed workforce. These goals are wholly complementary and achievement of the latter may well serve to insure the success of the former. Here are