NCC Automated Systems, an integrator and manufacturer in the food packaging, and ophthalmic automation industries, announced today that the company has formed an ESOP (Employee Stock Ownership Plan). In the transaction, ownership sold a significant interest to a newly created Employee Stock Ownership Trust, allowing current and future employees to gain a beneficial ownership interest in the Company without any personal cash investment.
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The firm formerly known as Steiker, Greenapple & Croscut, P.C. is pleased to announce that Paul S. Fusco has become a named partner of the firm. As such, the firm has changed its name to Steiker, Greenapple & Fusco, P.C., effective immediately.
"We have been thrilled to have Paul as a partner and greatly respect his work, his commitment to employee ownership, his commitment to his clients, his commitment to his partners and his commitment to the ESOP community," said James G. ...
Four attorneys with Steiker, Greenapple & Fusco, P.C., a boutique law firm focusing specifically on employee stock ownership plans (ESOPs) will be offering their expertise on (ESOPs) at different times and locations during October and November:
Steiker, Greenapple & Fusco P.C. (SG&F), will be offering their experience and knowledge on ESOPs at three conferences covering the following topics: Internal trustee review and annual valuation reports at The ESOP Association's New England Chapter Annual Fall Conference in South Portland, Maine on Oct. 6 and 7; What paralegals ...
R&P Oak Hill Development has found new owners: its employees.
The Buffalo construction company will transfer ownership to its full-time employees over the next 10 years, it said. The transition will take place through an Employee Stock Ownership Plan, a type of profit sharing plan that pays workers with stock ownership, Employees will be awarded stock according to a performance-based formula. The company has 45 full-time employees.
The transition goes into effect Thursday.
Company owners said they are getting older and were looking for ...
HADLEY — After more than two years of strategic planning, in a deal valued at approximately $1.6 million, Paragus IT announced that its employee stock-ownership plan (ESOP), which distributes ownership of 40% of the company to its 40-plus employees, is officially a go.
“There has been a lot of celebration around here,” said Paragus CEO Delcie Bean. “While this is an announcement we have all been anticipating for over two years, the time seems to have only contributed to the excitement.”
While there ...
In two months, Amanda Ward will have worked to sell Vespoli USA racing rowboats for a full year — meaning she will be an owner of the Fair Haven company.
Some of Ward’s coworkers already own the company.
That’s because company founder Michael Vespoli is planning to retire soon and last May established an employee stock ownership plan (ESOP), giving the company over to all full-time employees who have been there for at least a year.
With no heir to the company after almost ...
If you own or have the inclination to own a small business, take time to become familiar with ESOP basics.
An ESOP is a profit-sharing stock bonus plan usually set up by the owners of a closely held business.
It spreads some or all ownership to employees of that business. It is also a tax-deductible contribution and tax-deferred retirement plan.
Shares are transferred to employees following legal rules, such as minimum hours worked, and value is disbursed years later, under other strict and complicated ...
Last month, a recipe for lemon cake filled with pastry cream and lemon curd spread quickly on Facebook, garnering 6,200 shares and 9,900 likes. Of the 300-plus commenters, some had followed the recipe and were displaying photos of their frosted creations, while others asked baking questions or inquired about dairy- and gluten-free versions of the recipe. Another contingent was just plain hungry. “I need a piece of that cake right now,” one person wrote.
The recipe and the Facebook page are those ...
King Arthur Flour, an employee-owned company headquartered in Norwich, Vermont, was named the 2016 ESOP (Employee Stock Ownership Plan) Company of the Year by The ESOP Association. The award was presented at the Association's 39th Annual Conference in Washington, DC on May 18, and accepted by several employee-owners on King Arthur Flour's Ownership Culture Team.
The award recognizes a company that shows a strong commitment to employee ownership–which includes promoting employee participation, wealth creation, and individual dignity and worth.
Read the entire ...
Steiker, Greenapple & Fusco P.C., will be offering their expertise in employee stock ownership plans (ESOP) on June 2nd at the Vermont Employee Ownership Center Conference and on June 7th at The ESOP Association's 2016 Super Regional Board of Directors & Trustee Conference for the PA/DE, NY/NJ and New England Chapters.
On June 2nd, they will be speaking at the 2016 Vermont Employee Ownership Conference at Champlain College in Burlington, Vermont. With cospeakers David Stiller from Heritage Aviation and John Brady of ...
Vermont Business Magazine Vermont Business Magazine and the Vermont Chamber of Commerce today announced PC Construction Company as the winner of the prestigious and highly anticipated Deane C Davis Outstanding Business of the Year Award. Presented by Governor Shumlin at the opening ceremonies of the Vermont Chamber of Commerce Business and Industry EXPO, this annual award honors a Vermont business that shows an outstanding history of sustained growth while displaying an acute awareness of what makes Vermont unique. The award, named ...
A growing number of employers are devising an innovative remedy for wage stagnation and income inequality: turning their workers into owners.
Last month, top Greek yogurt maker Chobani cast a national spotlight on the trend by announcing that the company’s 2,000 full-time employees will receive shares worth up to 10% of the company’s value when it goes public or is sold.
Yet the two most prominent ways to give workers significant stakes — employee stock ownership plans (ESOPs) and worker cooperatives — go ...
Nina Hale is a grateful capitalist.
A veteran marketer for years at other companies, Hale, 49, launched her eponymous digital-marketing agency, Nina Hale Inc., in 2005.
She invested $2,700 in a computer, phone and a month’s rent for a small office in the Lyndale-Lake neighborhood of south Minneapolis.
This year, the downtown agency of 60 employees expects profitable revenue of $9 million-plus.
In early 2014, Hale projected the firm would grow revenue by 8 percent annually over four years. It grew 30 percent in each ...
Steiker, Greenapple & Fusco congratulates Heritage Aviation on the transition of the company’s ownership to its employees via the formation of an Employee Stock Ownership Plan (ESOP).
Heritage Aviation is a Burlington, VT based diversified aviation services company that provides aircraft maintenance, avionics and FBO (fixed base operator) services. FBO services include 24/7 ground handling, fueling, deicing, and related aircraft support capabilities.
Company owner Robert Stiller commented, “I have seen that employees get more motivated when they have an ownership interest in the business. ...
For Immediate Release
SG&F Announces New Shareholders
Steiker, Greenapple & Fusco, P.C. is pleased to announce that attorneys Theresa Borzelli and Paul Fusco have been promoted; they are now Shareholders in SG&F.
Theresa Borzelli joined the firm in 2012, bringing with her over 20 years of experience in the ESOP and employee benefits industry, with particular expertise in the representation of benefit plan sponsors before regulatory agencies such as the United States Department of Labor and the Internal Revenue Service. She is located in ...