employee owned restaurants hospitality
March 2017 Employee Ownership News
Christopher Arnold

March 10, 2017

March 1-10

New conversions

  • Rhode Island coffeehouse Custom House Coffee became employee owned through a direct purchase plan. Direct purchase plans do not have the same tax benefits of ESOPs, but since they are not governed by ERISA, they are easier to establish. “Mastin said that as soon as he floated the idea to his employees of buying shares, their outlook on the company immediately started to change. ‘They started acting more like owners once we started discussing it.'”
  • Homestead Organics, “a certified organic grain elevator, grain cleaner, feed mill, farm and garden supply center, grocery store,

    Homestead Organics employee Valerie Yoder, one of 13 employees participating in the ESOP, receives her share certificate from Tom Manley on Monday March 6, 2017 in Morrisburg, Ontario. 
    Photo: Lois Ann Baker/Cornwall Standard-Freeholder/Postmedia Network

    and book store” in rural Ontario sold 5% of its company to half of its employees in an ESOP. They plan to transition 5% of the business to employees each year.

  • If you’ve watched Anthony Bourdain’s hit series Parts Unknown, you’ve seen a glimpse of Noma, a Copenhagen-based Michelin-star restaurant. Now, even their dishwasher Ali Sonko is a partner (pictured above)!  This Singapore Times article profiles multiple employee-owned restaurant companies including Arizmendi Bakeries, Harpoon Brewery, Ram Restaurant & Brewery, and Zachary’s Chicago Pizza.
  • The 75 employees of Wisconsin-based Diversified Insurance Solutions became ESOP owners in January. “It’s time to reward those individuals who are going to take us forward into the future and continue to allow us to grow and hopefully prosper and serve our clients the way that we need to serve our clients and take care of our associates the way we need to take care of our associates,” co-founder Jim McCormack said.

News, Technical Articles, Testimonies

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