SG&F ESOP News | SG&F Law - Part 2

Marketing Firm Benefits from ESOP implementation

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 ... Read more

Congratulations to Heritage Aviation on its New ESOP

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. ... Read more

SG&F Announces New Shareholders

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 ... Read more

Congratulations To The New Chair Of The ESOP Association: Cindy Turcot

Steiker, Greenapple & Fusco, P.C. would like to offer a heartfelt congratulations to the new Chair of The ESOP Association, Cindy Turcot. Cindy is the COO of Gardener's Supply in Burlington, VT and has been a longtime advocate for employee ownership. This prestigious honor is well deserved. Congratulations Cindy. View the full press release on the ESOP Association website here: http://www.esopassociation.org/news-landing/2015/05/01/cindy-turcot-elected-chair-of-the-esop-association Read more

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
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