In the News: Using an ESOP to Quickly Transition Ownership and Management

Posted by Aaron Juckett, CPA, CPC, QPA, QKA on Wed, Sep 24, 2008
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Atlas Steel Products Co. (Twinsburg, OH)

Atlas Employees Purchase Company discusses how Atlas Steel Products Co. has established an ESOP. The ESOP acquired 100% of the company from the family of the owner, who died in April:

John Adams, formerly Atlas' chief financial officer, has been named president and CEO, responsibilities he assumed a year ago when Burr became ill. Adams said Atlas' management team, in place for the past 10 years, was united in its wish to acquire the company and continue operations in the spirit created by its late owner and chief executive.

"Bo always wanted Atlas to reflect the empowerment of all associates who work here," Adams says. "He always treated associates as owners, and under Bo's leadership each major decision was a true group effort. So it was only natural that we pursue an ESOP. We are grateful to be in a position to execute a transition that we believe will lead to Atlas Steel's continued growth and success."

Following Burr's death, the current management team along with National City Bank put together a plan to transition Atlas into a 100 percent ESOP by mid-summer.

Topics: In the News, ESOP, employee stock ownership plan

Aaron Juckett, CPA, CPC, QPA, QKA
Written by Aaron Juckett, CPA, CPC, QPA, QKA

Aaron is President and Founder of ESOP Partners and provides implementation, administration, and consulting services to hundreds of companies. He is a member of The ESOP Association (TEA) and the National Center for Employee Ownership (NCEO).

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