Latest news with #ESOPs
Yahoo
5 hours ago
- Business
- Yahoo
Madison Global Becomes 100% Employee-Owned
Company becomes one of the first in the social recognition and groups, meetings and events industries to complete full transition to employee stock ownership plan NEW YORK, June 05, 2025--(BUSINESS WIRE)--Madison Global, a premier provider of social recognition solutions and group meetings and events, proudly announces its transition to a 100% employee-owned company through the successful completion of its Employee Stock Ownership Plan (ESOP). This milestone marks Madison as one of the first in its sector to achieve full employee ownership, reinforcing its commitment to people-first values and long-term sustainability. "For over 50 years, Madison has empowered organizations to inspire, engage, and recognize their employees," said Alex Alaminos, President & CEO of Madison Global. "Today, we're proud to extend that same spirit of recognition inward. Becoming 100% employee-owned is more than a structural change—it's a bold affirmation of our belief that our people are our greatest asset. It aligns our collective success directly with those who drive it every day." An ESOP is a qualified retirement plan that provides employees with beneficial ownership of the company through shares held in a trust. With this transition, all shares of Madison Global are now held by its employees, ensuring that every team member has a direct stake in the company's future. The advantages of employee ownership extend far beyond structure, delivering strategic value that includes: Stronger employee engagement and morale: A shared sense of ownership encourages deeper commitment and accountability. Reduced turnover: Employee-owned companies typically experience greater retention and loyalty. Operational resilience: ESOP companies often demonstrate stronger performance through economic cycles. Financial advantages: ESOPs bring tax efficiencies that enhance cash flow and support reinvestment. Talent attraction and retention: Ownership can be a compelling differentiator in competitive job markets. Madison's ESOP journey began in 2023 as part of a long-term succession and growth strategy focused on preserving independence while amplifying its legacy of innovation and service excellence. "Since founding Madison in 1974, I've always believed that great companies are built by great people," said Werner Haase, Founder and Executive Chairman. "This transition ensures that our team—who have always been the heart of our success—are now also the stewards of our future. It's a proud moment and a natural evolution of our values." As Madison Global enters this new chapter, it remains focused on delivering exceptional client experiences—now powered by the passion, purpose, and partnership of 100% employee ownership. About ESOPs The Employee Stock Ownership Plan (ESOP) is a retirement benefit that enables employees to earn shares of stock in the company where they work. First created in 1974, there are approximately 6,700 ESOP businesses in the United States, employing about 14 million employee-owners. At Madison Global, the ESOP benefit is being provided in addition to other benefits. According to research compiled by the National Center for Employee Ownership (NCEO), ESOP-owned companies tend to outperform comparable firms in their industry and show more resilience in recessions. Employees in firms with an ESOP have 2.2 times as much in retirement savings compared to employees in non-ESOP companies. About Madison As a global leader in Social Recognition and Groups, Meetings & Events, Madison provides enterprise-class organizations with employee recognition, incentives and service anniversary programs designed for the needs of today's ever-changing workforce. Madison's recognition strategy focuses on making managers mentors, reinforcing a sense of belonging, celebrating personal and professional milestones, and emphasizing inclusion and diversity. View source version on Contacts MEDIA CONTACT info@
Yahoo
a day ago
- Business
- Yahoo
Calfee Welcomes Erin E. Shick, Employee Benefits and Executive Compensation Partner
Shick Joins Calfee's Cincinnati Office Erin E. Shick, Employee Benefits and Executive Compensation Partner Cleveland, June 04, 2025 (GLOBE NEWSWIRE) -- The law firm of Calfee, Halter & Griswold LLP is pleased to announce that Erin E. Shick has returned to the firm as a Partner with the Employee Benefits and Executive Compensation practice group. Shick will work from the firm's Cincinnati office advising plan sponsors on compliance issues primarily related to ERISA, COBRA, HIPAA, the ACA, and the Internal Revenue Code. Shick assists clients with the design, implementation and operation of qualified retirement, health and welfare, and fringe benefit plans. She performs employee benefits due diligence in the context of mergers and acquisitions. Shick also handles executive compensation matters including 409A compliance, nonqualified plans and severance agreements. She regularly advises benefits committees, boards of directors and plan trustees regarding fiduciary and administrative obligations with respect to benefit plans. In addition to her significant background in establishing and advising on compliance matters related to Employee Stock Ownership Plans (ESOPs), Shick helped establish some of the nation's first ESOPs in the cannabis industry. Shick re-joined Calfee in 2025, from the Cincinnati office of a large national law firm, where she served as a Partner. Shick earned her J.D., summa cum laude, from the University of Cincinnati College of Law, where she was a member of the Order of the Coif honor society. She earned her B.A. in Politics, cum laude, from Hillsdale College. 'I am thrilled to be rejoining the Employee Benefits and Executive Compensation group at Calfee," said Shick. "I am excited to add my knowledge and expertise to a top-tier practice group and continue to provide excellent service to our clients.' With 15+ experienced attorneys, Calfee's nationally recognized Employee Benefits and Executive Compensation, Employee Benefits/ERISA Litigation, and ESOP Formation and Operation practice teams handle a significant number of complex and sophisticated legal matters for clients across the country and globally. The firm's employee benefits attorneys are experienced in all types of benefit plans, including defined benefit pension plans, 401(k) plans, ESOPs, executive compensation arrangements, welfare plans, Voluntary Employees' Beneficiary Associations (VEBAs), governmental plans, church plans, 403(b) plans and 457(b) plans. Areas of recent growth include forming ESOPs and pooled employer plans and negotiating pharmacy benefit management contracts. Calfee represents publicly and privately held corporations, nonprofit organizations, banks and trust departments, and government entities in all phases of designing and administering employee benefit programs and related tax and fiduciary duty issues. Calfee has been recognized as a Leading Law Firm for Employee Benefits and Executive Compensation by Chambers USA, most recently in Band 2 in Ohio (2024). "We are delighted to have Erin rejoin Calfee and our Employee Benefits and Executive Compensation Practice Group. Erin is an exceptional attorney, with a high level of expertise in all benefits areas – group health and welfare plans, defined benefit pension plans, profit-sharing and 401(k) plans, ESOPs, top hat plans, and equity and long-term incentive plans. She also regularly assists clients in handling challenging benefits issues, including in mergers and acquisitions. Erin's broad skillset and experience at national and multinational law firms will further strengthen our highly ranked Employee Benefits practice group and help drive outstanding results for our clients," said Robert A. (Bob) Miller, Partner and Chair of Calfee's Employee Benefits and Executive Compensation practice group. Calfee regularly advises large employers and governmental retirement systems on designing and administering their employee benefit plans, including drafting plan documents and summary plan descriptions, administering claims requests and appeals, and negotiating with recordkeepers, third-party plan administrators, pharmacy benefit managers, and other service providers. In addition, Calfee advises clients with large pension plans and 401(k) plans on matters related to the investment of their plan assets, such as investment manager and adviser arrangements, investments in private equity and hedge funds, transition management arrangements, and compliance with regulatory requirements. 'Calfee continues to attract top local talent as we strategically grow our Cincinnati office, and we are thrilled to have Erin join Calfee as our newest partner,' said John A. Mongelluzzo, Partner-in-Charge of Calfee's Cincinnati office. 'Erin's knowledge and experience are great additions to our firm's robust ERISA practice, and she will further enhance Calfee's ability to meet the unique needs of our clients.' About Calfee, Halter & Griswold LLP Calfee, Halter & Griswold LLP is a full-service, corporate law firm with 160 attorneys and professionals and five offices in Cleveland, Columbus, Cincinnati, Indianapolis, and Washington, D.C. Calfee serves clients in the Midwest, nationally and globally in the areas of Corporate and Finance, Employee Benefits and Executive Compensation, Energy and Utilities, Estate and Succession Planning and Administration, Government Relations and Legislation, Intellectual Property, Investment Management Law, Labor and Employment, Litigation, and Real Estate Law. Calfee has been recognized as a leading law firm by the Chambers USA 2024 Legal Guide in Antitrust, Banking & Finance, Bankruptcy/Restructuring, Corporate/M&A, Employee Benefits & Executive Compensation, Energy & Natural Resources, Environment, Government Relations: State & Local, Insurance: Policyholder, Intellectual Property, Investment Funds: Regulatory & Compliance, Labor & Employment, Litigation: General Commercial, Litigation: White-Collar Crime & Government Investigations, and Real Estate Law and by the Chambers High Net Worth 2024 Guide in Private Wealth Law. A founding member of Lex Mundi, Calfee offers international representation through a network of independent law firms with access to 22,000 attorneys located in more than 125 countries. Additional information is available at Attachment Erin E. Shick, Employee Benefits and Executive Compensation Partner CONTACT: Susan M. Kurz Calfee, Halter & Griswold LLP 2166228346 skurz@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
2 days ago
- Business
- Business Upturn
AGRA'S AGSSL SETS BENCHMARK WITH REVOLUTIONARY ESOP POLICY, EMPOWERING EMPLOYEES AND RETAINING TALENT
AGRA, India , June 3, 2025 /PRNewswire/ — In a city world-renowned for its cultural heritage and the majestic Taj Mahal , A.G. Shares & Securities Ltd. (AGSSL), a stock brokerage house, is scripting a modern success story — this time, in the world of employee empowerment. AGSSL has made headlines with the introduction of a progressive Employee Stock Ownership Plan (ESOP), a rare move in Agra's corporate landscape, positioning the company as a trailblazer in employee engagement and talent retention. A Bold Step Towards Employee Ownership in Agra While ESOPs are commonly seen in metros and tech hubs, AGSSL's decision to implement such a forward-thinking policy in Agra has turned heads across the region. By giving employees the opportunity to own shares in the company, AGSSL is not only driving performance but also instilling a deep sense of ownership, loyalty, and pride in its workforce. 'We wanted to connect our team's effort directly with the company's success,' says Mr. Krishna Tiwari , General Manager of AGSSL. 'Talent is the backbone of the finance industry. Our ESOP policy helps keep our people motivated and rewarded — right here in Agra.' Real Wealth, Real Stories Since the rollout of the ESOP program, employees at AGSSL have experienced tangible financial growth. Several long-time team members have seen the value of their shares outpace their annual salaries, turning a workplace incentive into a genuine path to wealth creation. 'It's not just extra cash,' Mr. Tiwari explains. 'It's real wealth, long-term security, and most importantly, it gives our employees the feeling of being true partners in the company's journey.' Redefining Agra's Talent Landscape In a region where ESOPs are virtually unheard of, AGSSL is shifting the narrative. The policy is not only helping retain Agra's top talent but is also attracting skilled professionals back from metro cities who are now reconsidering hometown opportunities. 'AGSSL's ESOP is more than just a benefit — it's a magnet for talent and a tool to build a workplace where every employee feels valued and invested,' Tiwari adds. Inclusive Ownership Across All Levels One of the most innovative features of AGSSL's ESOP is its inclusivity. While senior management receives shares directly, they are also encouraged to allocate a portion to their teams — ensuring that everyone, from traders to support staff, has a stake in the company's growth. 'It's not just for top leadership,' says Tiwari. 'We believe every employee matters. By sharing ownership across the board, we're fostering a unified, motivated, and high-performing team.' Educating and Engaging Employees To ensure everyone understands and benefits from the ESOP, AGSSL regularly conducts internal sessions to demystify the program. Employees are kept informed of the company's growth and how it translates into share value — making the link between their efforts and rewards clear and compelling. A Model for Agra's Business Future As AGSSL continues to grow, it plans to expand its ESOP initiative even further — reinforcing its commitment to shared success and setting a high bar for companies in Agra and beyond. 'All businesses irrespective of their size should absolutely consider ESOPs,' says Tiwari. 'It's a smart, sustainable way to build loyalty, attract talent, and create a culture of ownership. We're proud to lead by example.' AGSSL's ESOP Highlights: A standout and rare benefit in Agra's job market Shares for employees at all levels — not just leadership — not just leadership Substantial financial gains for participants for participants A powerful tool for talent retention and return migration A model for progressive local business practices About AGSSL A.G. Shares & Securities Ltd. is a leading financial services company based in Agra, offering a range of investment solutions. With a reputation for innovation and integrity, AGSSL is redefining what it means to work — and thrive — in Agra's growing financial landscape. Website: Logo: View original content to download multimedia: Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same.
Business Journals
3 days ago
- Business
- Business Journals
Lazear Expands Texas Presence with the Addition of Tommy Schulte
Lazear Capital Partners (Lazear) is expanding its national footprint across Texas with the addition of Director Tommy Schulte, who will lead the firm's efforts throughout Houston, Austin, and San Antonio. Texas ranks third nationally in the number of employee-owned companies, reflecting the demand for legacy-minded exit strategies. Tommy joins Dallas-based Managing Director Doug Janowski in helping business owners explore tax-advantaged exit strategies through Employee Stock Ownership Plans (ESOPs). With a focus on the construction industry, one of the most popular sectors for employee ownership, Tommy will help business owners explore ESOPs as a strategic exit option that rewards employees and preserves company culture. Based in Austin, Tommy brings more than a decade of experience in the construction and development space. Most recently, he served as Director of Business Development at The Beck Group, a regional commercial construction and architecture firm, with previous roles at Millis Development & Construction and the Texas A&M Foundation. A native Texan, he earned his undergraduate degree from Texas A&M University and holds a Master of Public Administration from Sam Houston State University. 'Tommy understands the values that drive Texas businesses, and those values shape how owners think about their exit,' shared Lazear Partner Mike Morosky. 'With so many business owners evaluating succession options, his industry background is a perfect fit to help owners unlock tax-free exits through employee ownership.'
Business Journals
5 days ago
- Business
- Business Journals
The rise of employee ownership: Why construction companies are choosing ESOPs
More than half of U.S. businesses with employees are owned by people at or near retirement age, making succession planning an increasingly important priority. When it's time to exit a business, owners typically choose from a few paths: keeping it in the family by passing it down to the next generation, selling to a strategic buyer looking to expand or pursuing private equity. But each year, a few hundred companies take a different route: the use of an employee stock ownership plan, or ESOP. The team at insurance brokerage Holmes Murphy has seen rising interest in ESOPs, particularly in the construction industry. Today, construction companies represent approximately 16% of all ESOPs, according to the National Center for Employee Ownership (NCEO). In 2022 alone, more than 292 new ESOPs involving over 31,000 participants were created. These plans now cover nearly 15 million employees nationwide. "When an owner wants to prioritize taking care of employees and continuing the company culture they've built, an ESOP becomes a really good fit,' said Ross Ingersoll, a client executive with Holmes Murphy who specializes in working with ESOPs. 'You have heavy civil construction firms that have large equipment fleets,' said Ted Jorgensen, a client executive in the surety area for Holmes Murphy. 'To have a small group of people try and buy a company with a large equity position is nearly impossible. Because an ESOP goes to a larger group, it can be a viable fit for having enough equity to transition the firm efficiently.' To establish an ESOP, a trust is created that serves as a retirement benefit plan for the company's employees. The trust buys the business from its existing owners and gives employees ownership shares over time. By taking this route, company founders can create a financial exit for themselves while ensuring their business continues to live on — stewarded by the employees who helped build it. ESOPs also come with a significant tax exemption for the company. Keys to ESOP success for construction companies Shifting all or part of a company's ownership to an ESOP is a complex transaction that requires careful planning to create a successful outcome. While he has worked on ESOP transactions that were completed in eight months from start to finish, Jorgensen said most such moves require years of careful planning and a team of professional advisors, including attorneys, CPAs and trust specialists. One client's CPA even recommended members of the selling family work with a therapist to ensure everyone was on the same page regarding how the shift would impact them and their futures. 'It's going in eyes wide open and making sure you're having all of the tough conversations,' Jorgensen said. There are many nuances when it comes to establishing an ESOP, including navigating ERISA law, unlocking tax-advantaged mechanisms, optimizing the debt structure the company will take on, and education for the new employee owners on what becoming an ESOP means. 'To have long-term sustainability with an ESOP, it's critical that qualified professionals are being engaged in various aspects of the initial transaction and moving forward,' Ingersoll said. 'You want to make sure that the next generation of leadership is set up for success when taking over from the selling shareholders, that the company will continue to perform at a high level, and that everyone is rowing in the same direction.' With the cyclical nature of construction, it can be helpful to work on diversifying the company's revenue stream ahead of a transaction, Jorgensen said. 'If current market conditions change for a specific sector, that can be detrimental to the company's ability to pay off the debt incurred through the ESOP,' he said. Finally, employees need to start thinking like owners. The selling business leaders can help cultivate this perspective ahead of the transaction by working with employees to develop the leadership and financial skills they will need under the new model. 'They're good employees, but are they good entrepreneurs and leaders?' Jorgensen said. 'Do they have the right leadership and mindset to make sure they can deal with the challenges of a construction firm in 2025 and beyond?' Beyond the buyout: Securing a legacy and building long-term value When done correctly, an ESOP creates a solid financial exit for the business owner and sets the company's new employee owners up for future financial success. According to the NCEO, ESOPs paid out more than $175 billion to participants in 2021. Some have even created significant windfalls for employees. When the private equity firm Warburg Pincus bought the software company Vermont Information Processing for approximately $1 billion in February, for example, workers who were part of the company's ESOP received distributions based on their tenure in the plan. An estimated 300 people received more than $1 million, while 50 people received approximately $10 million. Like traditional stock options, the opportunity of an ESOP can help a business attract and retain top talent in a competitive labor market. The programs give employees a long-term stake in the company's success, often boosting productivity and organizational culture. A 2023 study by the NCEO, for example, found that employees in an ESOP are about three times less likely to quit than the average U.S. worker. 'It bolsters employee recruitment and retention and rewards those employees and communities,' Ingersoll said. 'It's a powerful tool of perpetuation that is lesser known, but for the right company, it makes a lot of sense.' ESOPs provide many financial and personal opportunities for businesses and its stakeholders, but the structure itself creates risks that must be proactively managed. An insurance partner who understands ESOPs is essential to align risk management philosophies and insurance programs to tailor safeguards for your protection so that your ESOP does not turn into a liability. Learn more about how Holmes Murphy can help. Lauren Lawley Head is a freelance writer with The Business Journals Content Studio.
