Tri Wire Engineering Solutions, a broadband service installation company for the telecom industry headquartered in Tewksbury, announced that in January, 100 percent of the company's common stock was transferred to the employees through an Employee Stock Ownership Program, making Tri Wire one of the largest broadband service companies completely owned by its employees. With
Switchback Brewing, with a thirty thousand barrel production capacity and 30 employees now joins half a dozen other breweries around the country that have established ESOPs - or Employee Stock Ownership Plans. More than six thousand other U.S. firms are now ESOPs, with a total employment of more than fourteen million workers. There are perhaps
A mid-sized Vermont brewery has become the latest employee-owned craft beer company in the US. On February 8 the Switchback Brewing Company in Burlington, VT officially became the first 100 per cent employee-owned brewery in the state via an Employee Stock Ownership Plan (ESOP). At the company’s annual meeting, owner and brewmaster Bill Cherry announced
Dennis 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. When retirement beckoned for the company's president and chief executive in 2016, he and his family members serving on C&J's board of directors opted against selling the plant to an out-of-town company
On a call with Seven Days in late November 2015, Switchback Brewing cofounder and president Bill Cherry reflected on the success of his flagship amber ale. He had formulated the beer and supervised its production since its 2002 debut, tweaking the recipe along the way. Even so, Cherry refused to take full credit for it.
Riverford Farm entrepreneur Guy Watson is set to take his business into employee ownership.The businessman – who employs more than 500 staff at the farm near Staverton in South Devon and at sister sites in Hampshire, Cambridgeshire and Yorkshire – said that the move makes good business sense with happier engaged staff and tax benefits.
Employees are the new owners of a popular gardening and pet supply store in Anchorage. Alaska Mill Feed & Garden Center announced Monday that it has transitioned to what's called an employee stock ownership plan, a type of retirement plan. Alaska Mill Feed, along with the wholesale side of the business called Alaska Garden & Pet
Santanna Energy Services (Santanna) is pleased to announce that as of January 3, 2017, Santanna has become an employee stock ownership company. As a company with over 28 years of service in the deregulated energy industry, Santanna is excited to provide its employees with a stock ownership program. This stock ownership program comes after years of
Switchback Brewing Co. owner Bill Cherry called his employees into a conference room Monday to tell them some pretty big news: He had sold the company. Many employees were shocked and confused as Cherry told them how the decision to sell would affect them, said Meagan Gorton, a Switchback employee. “I guess it’s time for
On January 1, 2017, Arbor Assays became the first employee-owned (EO) life sciences company through the use of a “perpetual trust.” The owners sold their interests to the employee trust and provided seller financing. This method of employee ownership maintains the company perpetually for the benefit of its employees. While a relatively new technique in
Markertek, the leading supplier to the broadcast industry, recently announced it is now 100% employee owned through an Employee Stock Ownership Plan (“ESOP”). The ESOP program means employees are part owners in the company thus creating an environment where both customers and employees alike benefit directly from a job well done. Under this new plan,
One of the oldest manufacturing companies in North Dakota has been sold. Fargo-based Hebron Brick Co. was recently turned over to its employees through a complicated process known as an Employee Stock Ownership Program (ESOP). Hebron Brick Co. President Jeff Laliberte says former owner Rodney Paseka wanted to make sure the company remains in North
Clark Insurance, which started making the transition to employee ownership in 1992, is now 100% employee owned. The Portland-based carrier's Employee Stock Ownership Plan covers 100 employees in Maine, New Hampshire and Massachusetts. The process was started by former president Richard Clark. The ESOP, which had previously owned 54% of the company, purchased remaining shares.
A Dundee shopfitter is moving to employee ownership as it prepares to mark its 30th anniversary next year. Balgray Works based Bentleys Shopfitting will transition to the new ownership model with the establishment of a new Employee Ownership Trust to acquire existing shareholders’ stock. The move – which will give the firm’s 50 employees a
One of Atlanta's top private companies ranked by companywide revenue will soon be 100 percent employee owned. Atlanta-based Choate Construction Co. reported it is transferring beneficial ownership via the newly created Choate Employee Stock Ownership Plan (ESOP) Trust. Company founder Millard Choate said the firm was “solicited continuously over the years by larger contractors to
In a statement provided exclusively to Golf Course Industry, the company said: “Harrell's, LLC is proud to announce the formation of the Harrell's Employee Stock Ownership Plan. As of September 30, 2016, Harrell's ESOP has been vested as the sole owner of Harrell's, LLC. The Harrell and Schermerhorn families are confident that the Harrell's ESOP
Budget airline SpiceJet Ltd may soon offer stock options to employees to reward them for helping revive the airline from the brink of closure around two years back. “We are working on ESOPs (employee stock ownership plan),” SpiceJet chairman Ajay Singh said in an interview, adding that the broad contours of the policy are being
One of Greater Cincinnati's largest IT firms is handing over full ownership of the company to its employees. Covington's Tier1 Performance Solutions announced Sept. 13 that it completed a transaction to transition the company to a 100 percent employee-owned firm. The transaction implements an Employee Stock Ownership Plan in which the founders of Tier1 will sell
A Perth-based company hopes to climb to success under the ownership of its 14 employees. Tayplay, a manufacturer of rope, playground and climbing equipment for the playground and leisure industry, has announced it has become Scotland’s latest employee-owned business. Founded in 1994 by Andrew Hoddle, Tayplay has developed into the UK’s leading supplier of rope playground equipment, manufacturing hundreds
Delcie Bean likened an employee stock ownership plan, or ESOP, as one is commonly called, to an onion. “Over the past 2 ½ years, we kept peeling back the layers. I’ve learned more about this over the past few years than I could ever have imagined.” Read more at Paragus Founder Gives Employees an Ownership Stake