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logo-6.pngESOP Partners, an Employee Stock Ownership Plan (ESOP) consulting and administration firm, has announced the successful completion of the sale of Fox Brothers Piggly Wiggly, Inc. to its employees via an ESOP.

An ESOP is a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. 

“ESOP Partners worked to help us understand how employee ownership through an ESOP allows us to transition ownership of the company but still be as involved in leading the company as we are today,” said Pat. “An ESOP allows us to share the company’s success with our people, and continue to provide future growth opportunities as well,” said Lori.

“We worked with Fox Brothers to perform a detailed feasibility study and determine if an ESOP was the right strategy for everyone involved,” said Aaron Juckett, President of ESOP Partners. “They quickly understood that this was the right approach for them – one that benefits and rewards their employees, helps ensure future growth, and allows Pat and Lori to remain active in all aspects of the company's operations.”

ESOP Partners will continue to work with Fox Brothers as the company’s ESOP consultant and third-party administrator.

About Fox Brothers Piggly Wiggly

Fox Brothers is an independently owned and operated conventional grocery store founded in 1988 by brothers Pat and Bob Fox in Hartland, Wisconsin. The company is a franchisee of Piggly Wiggly Midwest (PWM), the corporate entity of Piggly Wiggly stores in Wisconsin and northern Illinois. Bob Fox retired from day-to-day operations in 2006 and Pat Fox and his wife Lori eventually acquired full ownership. The company has expanded through the years and now has seven Wisconsin locations in Oconomowoc, Hartland, Richfield/Hubertus, Jackson, Saukville, Slinger, and Hartford.  Employing more than 700 team members, Fox Brothers strives for constant improvement, superior customer service and community involvement, having donating more than $1 million in cash and merchandise to various community groups and organizations.

About ESOP Partners

ESOP Partners is an ESOP consulting and administration firm that provides a single ESOP expert as a point of contact throughout the lifecycle of the ESOP. The company works with business owners and companies considering an ESOP to provide ESOP feasibility, plan design, and full ESOP implementation services. ESOP Partners also provides support for ongoing ESOP companies, including ESOP TPA services, distribution and repurchase obligation planning, and consulting services covering corporate governance, ESOP culture, employee communications, and second stage transactions.

About ESOPs

Employee Stock Ownership Plans (ESOPs) are qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company. ESOPs are the only retirement plan allowed to borrow money to purchase stock and are generally funded only by the company. Selling part or all of a business to an ESOP enables a business owner to sell to a built-in buyer in as little as 60-90 days at full fair market value. There are many significant tax and cash flow benefits of selling to an ESOP. An ESOP also allows for a better-managed ownership transition, preservation of local jobs, and the maintenance of a company’s legacy in the community. According to the National Center for Employee Ownership (NCEO) there are approximately 10,000 ESOPs in place in the U.S., covering 10.3 million employees.

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