ESOP Partners LLC celebrated yet another milestone in its growth by moving into a new corporate headquarters this spring. To honor this special occasion and demonstrate a commitment to promoting economic vitality in the Fox Cities and northeast Wisconsin, the company held a ribbon-cutting ceremony and a reception in the Employee Ownership Training Center (EOTC). In attendance was Appleton Mayor, Tim Hanna and ambassadors from the Fox Cities Chamber the Heart of the Valley Chamber.
“One of the most important things in any business is culture. When you combine ownership and having a stake in the business, you have a great package. I just love the way that ESOPs and ESOP Partners can marry that and address some of the biggest challenges that businesses are facing today,” Hanna said. Studies have shown that companies that combine employee ownership with a strong participatory culture grow faster than their counterparts.
Aaron Juckett, President and Founder of ESOP Partners discussed how ESOPs protect the legacy of companies in the local community that they are a part of and protect jobs. A recent study demonstrated that employee owned companies are 235% better at job retention than their non-ESOP counterparts.
ESOP Partners is using the EOTC to “provide a forum to share education about ESOPs with companies, business leaders and business owners…. So, companies can remain local for years to come, jobs can be retained, and we can change lives by creating wealth and sustainable employment through employee ownership,” Juckett said.
About ESOP Partners
ESOP Partners changes lives by creating wealth and sustainable employment through employee ownership and works with business owners and companies to determine if an ESOP is a good fit for their situation. ESOP Partners establishes, maintains, and sustains employee stock ownership plans (ESOPs) throughout the life cycle of the company to maximize the benefits of being an ESOP company and provide employees with an ownership stake in the company that they work for.
ESOP stands for Employee Stock Ownership Plan. An ESOP is a qualified retirement plan that can be used as a business transition tool and as an employee ownership vehicle. An ESOP buys, holds and sells company stock, providing employees with an ownership stake in the company as well as an additional form of compensation directly linked to the success of the company.
The portion of a company owned by an S Corporation ESOP is not subject to federal or state income taxation,
increasing cash flow and providing the company with a competitive advantage.
In almost all ESOPs the benefit is funded 100% by the company, providing an ownership stake at no cost to the employee.
The total number of ESOPs in the country is about 6,660, representing 14.3 million participants and total plan assets of $1.4 trillion dollars. Studies have demonstrated that ESOP companies outperform their non-ESOP counterparts. A recent study demonstrated that employee owned companies are 235% better at job retention than their non-ESOP counterparts.