Carris Reels Named ESOP Company of the Year | Turcot Recognized by ESOP Association
Workshops on Employee Ownership | Business Assessment Services

Seminars to Educate Business Advisors
on Employee Ownership

The VEOC will be holding three seminars around the state specially designed for attorneys, CPAs, trust officers, and other professional advisors. "ESOPs & Succession Planning: A Technical Introduction to Employee Ownership for Business Advisors," will be held September 18th in Burlington, October 7th in Brattleboro, and October 21st in Manchester. Click here for more information.

Help Support our Efforts by Purchasing a VEOC Tote Bag! Price: $7.95 each (shipping included) Contact us at 861-6611 for discounts on large quantities. These large shopping bags are made from 80% recycled cotton and 20% recycled soda bottles. You'll help the environment...and help spread the important message about Employee Ownership. Quantities are limited, so act fast!

Carris Reels, a 100% employee owned company located in Rutland, Vermont, has been selected by The ESOP Association as the 2008 ESOP Company of the Year. 

The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership. The award was presented at the Association’s 31st Annual Conference in Washington, DC. Click here to read the press release on the ESOP Association's website.

The Rutland Herald published a recent article about the award as well as the Vermont Employee Ownership Conference.

 
The ESOP Association's 31st Annual Conference visits the U.S. Capitol (left); Representatives from Carris Reels
with U.S. Senator Bernie Sanders at the 2008 Vermont Employee Ownership Conference (right).

Workshops on Selling to Employees

Planning for ownership succession is an extremely important step, but one often avoided by business owners. One approach to such planning – that of selling some or all of the business to the employees – can have significant advantages over selling to an outsider. It can help communities by preserving local ownership, help employees by protecting jobs and providing added retirement resources, and contribute to improved business performance, all while providing the selling owner(s) a market-based price and various tax advantages.

There are over 40 employee-owned companies in Vermont, according to the VEOC, including the past two winners of the Deane C. Davis Outstanding Vermont Business Award: Resource Systems Group, Inc. in White River Junction and King Arthur Flour Company in Norwich. Other well-known employee-owned companies in Vermont include Gardeners Supply Company, Pizzagalli Construction, Hallam-ICS, the Trust Company of Vermont, Chroma Technology and Carris Reels.

The VEOC offers a variety of workshops on this topic. The discussion typically includes clarifying owners’ goals, an overview of ownership succession options, the pros and cons of different forms of employee ownership, and the key financial and other benefits of this approach. There is no charge to attend, but we do encourage advanced registration by calling us at 861-6611 or email at info@veoc.org.

The VEOC also partners with the Vermont Small Business Development Center to present two-hour training workshops entitled, "Planning for the Next Generation of your Business." Click here for more information.

Business Assessment for Employee Ownership

We are pleased to announce a new service offered by the Vermont Employee Ownership Center (VEOC), designed to:

• Assess the suitability of employee-ownership as a way to achieve your business and personal goals
• Present various structures for such a conversion which might be appropriate for you, along with the key advantages and disadvantages of each
• Outline decisions to be made and further steps to take to achieve your goals
• Provide you with additional information and contacts

We follow a multi-step process to assure an individualized result to meet your needs, including:

• A personal interview and assessment questionnaire to gather relevant information
• Brief interviews with key managers or employees to introduce key concepts and assess interest
• Preparation of a 3-5 page report summarizing our findings and providing a clear path for you to follow to continue your exploration or begin an implementation
• Additional sources of information – publications, websites, people – to probe even deeper if you are not yet ready to make a decision

The Business Assessment for Employee Ownership provides an inexpensive key link between general knowledge obtained from a book or seminar and in-depth legal and/or accounting consultations which can constitute a more significant financial commitment. It is designed to aid you in assessing whether or not you and your business are ready to take that next step.

For more information on this program or any of our educational events or any aspect of employee ownership, please contact us at info@veoc.org or 802-861-6611

This project is funded by a grant from the U.S. Small Business Administration (SBA). SBA’s funding should not be construed as an endorsement of any products, opinions, or services. All SBA-funded projects are extended to the public on a nondiscriminatory basis.