Written by Jill Odom, this article was originally published at TotalLandscapeCare.com February 4th, 2020 There are a lot of myths and mysteries that surround employee stock ownership plans (ESOPs) and some of these misconceptions can scare landscape company owners away from considering this business option. Make no mistake, some ESOP structures are complex, but they…
Earlier this month Jimmie Gipson, 78, announced he would be retiring as of March 31st, 2020 from Houchens Industries, where he has worked for 55 years, the last 27 as CEO. Houchens, which began over 100 years ago with a single grocery store in Barren County, KY, has grown to encompass multiple retail grocery chains,…
On January 1st, 2020, Loftness Specialized Equipment, an agricultural equipment manufacturer based in Hector, MN, became 100% employee-owned, and in doing so, reconfirmed its longstanding commitment to the town of Hector and the community who helped make the company what it is today. Dick Loftness started the company that would eventually become Loftness Specialized Equipment…
Pennsylvania’s Andesa Services, which provides integrated, cloud-based solutions for life insurance and annuity carriers and providers, started 2020 by selling 100% control of the company to its 165 employees through an ESOP. “This is one of the most exciting days of my life and I hope you share my excitement,” Andesa founder John Walker said…
January 3rd, 2020 Cross Company, a 100% employee-owned industrial solutions company based out of Greensboro, NC, announced its acquisition of Flow-Tech, a Maryland-based process instrumentation and measurement technology sales and service provider earlier this week. All of Flow-Tech’s employees will be eligible to join Cross’s team of nearly 700 associates in participating in the company’s…
January 17th, 2020 At the end of 2019, the Pennsylvania House of Representatives voted 130-67 to advance HB 285, a bill that would further incentivize business owners in PA to sell to ESOPs by enabling sellers to avoid hefty taxes on their proceeds at both the state and federal level. “ESOPs serve the dual purpose…
January 13th, 2020 Barrio Brewery, Arizona’s oldest craft brewery, started off 2020 by selling 100% control of the company to its employees through an ESOP. Any of the brewery’s 70 employees who work 1,000 hours or more in a one year period will be automatically enrolled in the plan. For Dennis and Tauna Arnold, who…
Founder and President John Menke to present at the 2020 Kelso Fellowship Workshop January 10-12th at Rutgers University New Brunswick, NJ. He will speak on the Universal Capital Accounts and Citizen Dividend Program. The purpose of the annual workshop is to study broad-based forms of capital ownership and capital income such as employee stock ownership,…
In December 2018, Menke & Associates helped Intervine, a Napa, CA-based wine management company serving the travel industry, with the successful transition to 100% employee ownership. A year later, on the first anniversary of their ESOP, co-founders Colleen May and Michael Borck, who continue to serve as Chairman and Vice Chairman of the Board respectively,…
In 1946, Carroll Johnson founded Ringland-Johnson Construction. In 1971, Carroll Johnson handed control of the company to his son, Larry. In 1996, Larry Johnson handed control to his son, Brent. And in 2019, Brent Johnson began the process of handing control of Ringland-Johnson Construction to its employees. Menke & Associates assisted Ringland-Johnson, the largest commercial/industrial…
November 17th, 2019 Dixie Plywood and Lumber Company (DIXIEPLY), a leading wholesale distributor of building materials, is proud to announce it has become 100% employee-owned through an Employee Stock Ownership Plan(ESOP). The ESOP was announced to DIXIEPLY’s employees on November 1st by Dan Bradley, President of the 75 year old company. The ESOP became effective…
November 11th, 2019 Menke was formed upon passing of ERISA on Labor Day 1974 to enable business owners to sell their companies to their employees through an Employee Stock Ownership Plan, or ESOP. 45 years later, our mission remains the same: to make employee ownership available to the largest number of employees. We relate with our…
How can an ESOP help your regional business compete with larger, national firms? The answer: By putting your company’s money where its mouth is. In Q3 2019, Menke & Associates, Inc. assisted innovative landscape architecture and urban design firm MKSK in successfully converting to 100% employee ownership. MKSK was born out of the 2011 merger…
MKSK Inc. has become an employee-owned company through the creation of a new employee stock ownership plan, or ESOP. MKSK, a landscape architecture, urban design and planning firm, announced through a news release that it has created an employee stock ownership plan to provide long-term ownership and organizational stability. The move also seeks to “secure…
October 15th, 2019 Victor Alam, Corporate Counsel for Menke, to lead Sessions 1 and 3 on October 17th: – Session 1: Current Issues Facing ESOP Companies: Legal, Financial, Operational & Transactional – Session 3: Special ESOP Administration Issues: Mature ESOPs, Repurchase Liability, Plan Features As an attorney, Victor specializes in the design and installation of ESOPs, as…
Oct. 2nd, 2019 ESOP Distributions: Concepts, Requirements, and Best Practices Michael Pasahow, Senior Counsel for Menke, will present best practices for employee stock ownership plan distributions on October 4th. He will cover the key issues governing ESOP distributions – eligibility, timing, method, form and manner – a critical element of cashflow and share repurchase needs…
Powered by Employees! Learn How To Use Your Employee Ownership To Gain Competitive Advantage Menke has teamed up with Certified EO to help our clients increase employee engagement, attract customers and top talent, and spread the word of employee ownership. During this 30-minute webinar, we’ll cover the benefits of being a Certified Employee-Owned company. Co-presented…
Sept. 16th, 2019 Assessing ESOP Feasibility: What are the financial, strategic, and cultural issues involved in determining if an ESOP makes sense? Chuck Bachman, Senior Counsel for Menke, will lead the ESOP feasibility session on September 17th. He will cover the key issues – financial, strategic, and cultural – that ultimately determine if an ESOP is…
“How New Belgium Brewing Sold the Company – and Became More Successful in the Process” As party of the Return on Values Project, New Belgian Brewing – makers of Fat Tire Beer – produced a video outlining how becoming employee-owned has positively affected both their employees and their profits. New Belgian Brewing started with a…
September 9th, 2019 NewAge Industries established its ESOP in January 2006, when CEO Ken Baker sold 30% of the company to the employees as a way to ensure the company’s continuation. The ESOP added a new facet to the company’s culture, namely the pride of ownership, while it discouraged a buyout from a competitor or…
Friday, September 6 Now that The Game has transformed your organization and everyone is working toward common goals, how do you as the owner or management team ensure a successful ownership transition without disrupting your success? We will discuss the pros and cons of the ownership transition options available to a business owner/management team and…
July 11th, 2019 Davey Tree, one of the largest tree service companies in the U.S., became employee-owned 40 years ago. Since then, its employee count has grown from 2,800 to nearly 10,000, and its stock from 12 cents to $21, a compound annual growth rate close to 14%. Davey Tree has been employee-owned since 1979…
July 8th, 2019 Stewart’s Shops Partners of Saratoga Springs, NY, have received their profit sharing statements. Existing ESOP accounts received approximately 13% growth on their existing accounts including over 6% in dividends. This success is from the service resulting in increased operating profitability and the changes in the Federal corporate tax law. The company has made a…
July 1st, 2019 Consigli Construction Co., selected as ENR New England’s Contractor of the Year. Transforming into a 100% employee-owned enterprise, the 114-year-old Milford, Mass.-based contractor and construction management firm reported $1.09 billion in regional revenue, placing it third among ENR New England’s Top Contractors list. The firm ranks in the Top 60 in ENR’s national…
June 27th, 2019 The company was bestowed the honor of “best employer” by its own employees. With over 1,200 employees Sanderson Farms processes over a million chickens a week. The Forbes list is assembled through an anonymous online survey of 50,000 Americans working at companies with more than 1,000 employees. Sanderson Farms has invested more than $130 million…
June 21st, 2019 Pittsfield, MA based Cianbro, a construction firm with 4,000 employees and operations in 41 states, is expanding its footprint with the acquisition the engineering and construction firm A/Z Corporation of North Stonington, Connecticut. A/Z’s 500 employees will become equity participants in the expanded company through Cianbro’s employee stock ownership plan. Cianbro is…
June 20th, 2019 ESOPs increase the probability of creating a happy workforce for Financial Advisory firms. A report by InvestmentNews sheds light on the practices that play the biggest role in setting the Best Places apart from the competition by taking a deeper look at the data firms provide in order to be considered for the list. Read…
June 17th, 2019 Menke client and 100% ESOP owned Delta Consulting Group is listed in the 2019 Global Arbitration Review (GAR) 100, which is a publication that identifies the top law firms and expert witness firms in the international arbitration discipline. Read More at: https://delta-cgi.com/professionals/who-s-who-legal-gar-100 Employee Stock Ownership Plans or “ESOPs” are a viable tool…
May 21st, 2019 Wilson Electric Services Corp. of Tempe, AZ announced that the company’s ESOP (Employee Stock Ownership Plan) has purchased the balance of the company shares, making it 100 percent employee-owned. Wilson Electric, a leader in the electrical contracting industry, has been a partial ESOP since 2005 when the plan previously held a 47%…
May 17th, 2019 Did you know? #1 – Four in 10 adults, if faced with an unexpected expense of $400, would either not be able to cover it or would cover it by selling something or borrowing money? #2 – 28% of senior citizens in the United States retiring between 51 and 61 had zero…