August 20th, 2012 by Brian Bornino
Here is a link to another great article about employee ownership from the August 12, 2012 edition of the Cleveland Plain Dealer: http://www.cleveland.com/opinion/index.ssf/2012/08/employee-owners_boost_success.html.
The article discusses a $100 million Troy, Ohio-based manufacturing company, Spinnaker Coating, which recently sold 100% of its stock to an Employee Stock Ownership Plan (ESOP). This is an inspiring article written by the CEO of the company where he highlights keeping jobs in Ohio, giving employees a true stake in their company’s success and the tremendous tax and financial advantages that ESOPs offer.
GBQ has a practice area that focuses exclusively on the exploration, implementation, and valuation of ESOPs, so we are always excited to see another Ohio-based manufacturing company preserve its jobs and secure its legacy as an independent, employee-owned company through an ESOP. Hopefully many other Ohio business owners will read this article and consider an ESOP as well!