Philadelphia, Pa. – September 16, 2011 – SES client Eileen Fisher is quoted in the How We Got Started section of CNNMoney.com.
“Over the years we considered whether we should sell the business or go public, but none of those things ever felt right. We tend to make longer-term decisions, so we thought reporting quarterly profits might not work for us. We also wanted our employees to have a sense of ownership. In the early days I gave people profit sharing. It seemed natural to make them owners. So in 2006 we converted 31% of the company into an employee stock ownership plan (ESOP), which also has tax benefits and I get to cash out a little bit. Over time it’s my intention to move the whole company into an ESOP.”
While describing her company’s growth after opening its first store in 1991, Eileen Fisher discusses the decision to create an ESOP back in 2006 and future plans to turn Eileen Fisher into a 100% ESOP-owned company.
To read the full article, visit CNNMoney.com.