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Harpoon Brewery’s Ownership Transition Using an ESOP

A brief talk by Harpoon Brewery's co-founder Daniel Kenary was a highlight during VEOC's Report to the Community as he spoke about his decision to sell the brewery to his employees. In the video below, Dan outlines Harpoon Brewery's 2014 transition to a 47% ESOP owned company. It's a great story of how the ESOP was used as a transition strategy to provide a liquidity event and allow one founding partner to transition out of the business while the other owner maintained ownership. It has ... Read more

How One Owner Used an ESOP as a Liquidity Event Instead of Selling to a Third Party

This is a great story about how the ESOP was used as a liquidity event for an owner that purchased the company as an investment and did not want to sell to a third party.  Tommy Harmon, the owner of Sonnax Industries, discusses why he made the decision to sell the company to his employees. We are proud to have been involved in Tommy Harmon and Sonnax Industries' transition using an Employee Stock Ownership Plan. Read more

Does an ESOP Mean Losing Control?

Many business owners who are considering an ESOP (Employee Stock Ownership Plan) fear that their influence and control will disappear when they sell their shares to the ESOP. After devoting the effort, energy, resources, blood, sweat and tears required to build a successful business, owners often struggle to “let go.” Or they want to continue participating in discrete elements of the business. Or they need a gradual transition to ensure that the business will survive and thrive without their full time ... Read more

Learn the basics of ESOPs: Join us for an ESOP 101 webinar

"My firm belief is that every company who is looking at the succession of ownership should be at least considering and understanding the advantages and disadvantages of what an ESOP could offer to them." Wednesday, March 4, 2015.  12:00PM (EST) Join SG&F for a webinar that introduces the concepts of an ESOP, and the various tax-related issues. ESOPs (Employee stock ownership plans) are highly-tax-favored way for employees to share ownership in their company through a trust fund. Find out how an ESOP could be an ... Read more

VEOC’s Report to the Community

The Vermont Employee Ownership Center (VEOC) was pleased at the turnout of folks at their Annual Report to the Community held on January 20th, 2015 at the State House. VEOC's staff and supporters provided a brief update to the community on their work over the past year and plans for the future. Speakers included Cindy Turcot of Gardens Supply Company, VEOC's Executive Director Don Jamison, Legislator Helen Head, Lucy Leriche of the Agency of Commerce and Community Development, and Harpoon Brewery co-founder Dan Kenary. All shared excellent ... Read more

Selling Private Company Stock Without Paying Taxes: It Is Possible!

A valuable opportunity afforded to sellers of privately held company stock to an Employee Stock Ownership Plan (“ESOP”) is the ability to defer the capital gains tax on the sale of their company stock. This article will provide a basic overview of the requirements that must be met by a Company and its selling shareholders in order to determine whether the sale of company stock to an ESOP and the selling shareholder’s election to defer recognition of capital gains on the sale ... Read more

Family Business Drake-Williams Steel Converts to Employee Ownership

Drake Williams, the Omaha, Nebraska based steel fabricator, is now owned by its employees.  In this exciting development for the 4th-generation family business, Drake Williams transferred ownership to its 230 employees through an Employee Stock Ownership Plan (ESOP).  SG&F  was pleased to represent the ESOP Trustee, First Bankers Trust Services, Inc. Drake Williams was at a crossroads; the next generation was not interested in the steel business, and the current leadership was approaching retirement age.  The company had a long tradition as ... Read more

Hannibal Industries Features in LA Times for their Impressive & Strategic Growth

SG&F sends a hearty congratulations our client, Hannibal Industries, whose strategic and impressive recovery was featured in a recent LA Times article. Hannibal Industries, a large scale, California-based manufacturing company, became an employee owned company via ESOP in 2008. Then the Recession hit, slashing Hannibal’s revenue in half, and causing a 50% reduction in its workforce. Since then, the company successfully fought for survival, reinventing itself with efficiency, innovation and creative repurposing. It is now on target to exceed its pre-2008 revenues ... Read more

Don’t Miss the Largest ESOP Conference in the World!

Join us in Las Vegas for The ESOP Association's 2014 Annual Conference and Trade Show Date: Nov 13-14, 2014 Location: Caesars Palace | 3570 S. Las Vegas Blvd, Las Vegas, NV 89109 Attending:  James Steiker | Steven Greenapple | Doug Cannon | Tina Fischer | Wendy Lankes | Susan Ledingham | Jane Rogers Featuring from SG&F Law:  James Steiker Panel Moderator | Friday, Nov. 14th | 9:00AM-10:15AM Strategic Alternatives for Partially-Owned ESOPs Steven Greenapple Speaker | Thursday, Nov. 13th |  10:15AM-11:30AM PST Fiduciary Process and the DOL:  Recent Developments And also featuring from the SES Advisors: Susan ... Read more

Save the Date! Employee Benefit Plan Seminar in Iselin, NJ

Seminar Title: Employee Benefit Plan Legal Compliance and Plan Audit Issues & Trends - Top Issues to ConsiderDate: April 22, 2014Location: Hilton Woodbridge, Iselin, NJ Theresa Borzelli, SG&F shareholder, will present a joint seminar with Parente Beard on Tuesday, April 22 at the Hilton Woodbridge. This seminar qualifies for 2 CPE credits in Specialized Knowledge & Application. For more information, please visit the Parent Beard website. Read more

Leading in an Ownership Setting: The Program for CEOs

Unparalleled Content and OpportunityThe Employee Ownership Foundation and the University of Pennsylvania's School of Social Policy & Practice have partnered to offer CEOs/Presidents and/or CEO/President designee, of ESOP companies a break-through Certificate Program.An understanding of the essential factors for effectively leading an ESOP companyKnowledge about the leadership challenges & opportunities unique to ESOPsAuthentic reflection on your personal strengths and challenges as a leader360 feedback and coaching with regard to Emotional Intelligence, and other valuable leadership competenciesUnderstanding, skills and tools for becoming ... Read more

Jim Steiker to Co-Present at the NSGA Management Conference and Team Dealer Summit in Indian Wells, CA

Date: April 27-30, 2014Location: Hyatt Regency Indian Wells Resort & Spa, 44600 Indian Wells Lane, Indian Wells, CAJim Steiker and Randy Ruch's session on ESOPs will take place on Monday, April 28th.SG&F is proud to support the National Sporting Goods Association as presenters at the NSGA Management Conference and Team Dealer Summit. The historic 50th annual NSGA Management Conference and 16th annual Team Dealer Summit will once again have educational sessions geared toward team dealers that will give them more knowledge and power to succeed. The ... Read more

SG&F to Sponsor and Jim Steiker & Steve Greenapple to Present at the NCEO Employee Ownership Conference in Atlanta, GA

Date: April 8-10, 2014Location: The Atlanta Marriott Marquis Hotel, 265 Peachtree Center Ave., Atlanta, GASG&F is pleased to sponsor and present at NCEO's Employee Ownership Conference to be held April 8-10, 2014 in Atlanta, GA. This conference provides an ideal opportunity to learn, network, and share your knowledge with others. Over 1,000 attendees from across the US and around the world engage with each other through interactive sessions, presentations by leading experts, and peer discussion.Steve Greenapple will present A 100% ESOP Transaction ... Read more

IRS Issues Post Windsor Cafeteria Plan Guidance

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SES’ sister law firm SG&F to Sponsor and Paul Fusco to Present at the NCEO Feasibility and Best Practices for S Corporation ESOPs Seminar in Scottsdale, AZ

Date:  February 25, 2014 Location:  Chaparral Suites, 5001 North Scottsdale Road, Scottsdale, AZ SES Advisors is pleased to sponsor and present at NCEO's Feasibility & Best Practices for S Corporation ESOPs seminar to be held February 25, 2014 in Scottsdale, AZ.   This one-day meeting brings together leading experts from around the country to provide a practical, step- by- step guide to determine if an ESOP will work for you, and if it does, how to set up a plan that will work. Paul Fusco  will ... Read more
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