VEOC News & Events, January 2010

January 2010

Vermont Employee
Ownership Center
P.O. Box 546
Burlington, VT 05402
Phone: 802-861-6611
Email: info@veoc.org
Website: www.veoc.org

Thank you to
our Sponsors:

Co-sponsors:
• Atlantic Management
Company

Supporters:
• Blue Ridge ESOP Associates
• Cooperative Fund of New
   England
• Crowe Horwath LLC
• Fleischer Jacobs Group
• Green Mountain Coffee
   Roasters
• Hallam-ICS
• Hickok & Boardman Group
   Benefits and Retirement
   Solutions
• KeyBank
• King Arthur Flour Company
• Merritt & Merritt & Moulton
• Pension Works
• Principal Financial Group
• Red House Building
• Schatz Law Offices

Gardener's Supply Becomes 100% Employee-Owned

willraap

Will Raap, founder of Gardener's Supply Company, offers employees a "slice of the pie."

Gardener's Supply Company announced late last month that it has transitioned to 100% employee ownership. The Burlington-based company has had an Employee Stock Ownership Plan (ESOP) in place since 1987. Until now, the ESOP owned 45% of the company.

Selling Gardener’s Supply to the employees keeps the business in Vermont, and gives employees the opportunity to become owners of a business they helped build, something Will Raap felt was critical when he started the company in 1983.

Although the company could have sold to outside buyers, Raap’s original vision was to create a business where people, planet and profits are equally important. At a time when many jobs are moving overseas or companies are being sold to large conglomerates, employee-ownership reaffirms Gardener's Supply's commitment to Vermont and its employees. Click here to read more.

Space still available for Business Succession Workshop in Burlington on January 12th

Date: January 12, 2010 (2:00 pm to 4:30 pm)
Location: Lake Champlain Regional Chamber of Commerce, 60 Main Street, Burlington, VT
Cost: Free
To Register: Click here to register.

The VEOC is offering a free workshop entitled “Selling to the Employees: Employee Ownership as a Path for Business Succession” on January 12, 2010 from 2:00 to 4:30 pm at the Lake Champlain Regional Chamber of Commerce in Burlington. The workshop will include a brief overview of ownership succession options and will focus on the pros and cons of different forms of employee ownership and the key financial and organizational benefits of this approach.

cindyturcot

Cindy Turcot

Cindy Turcot is our special guest. Cindy is the Chief Operating Officer at Gardener’s Supply Company, which became 100% employee owned in December 2009. Cindy started and has served on the internal ESOP Committee since its inception. She has a strong commitment to open book management and promoting ESOP education and is a driving force for a strong ownership culture within the company. Cindy is the Immediate Past President of the New England Chapter of the ESOP Association and the Board Treasurer of the VEOC.

The workshop is co-sponsored by the Vermont Small Business Development Center, the Lake Champlain Regional Chamber of Commerce and the Greater Burlington Industrial Corporation. There is no registration fee, but advance registration is required. Refreshments will be served.

New Workshop on Employee Ownership for Small Companies coming to Burlington in February

Date: February 17, 2010 (2:00 pm to 4:30 pm)
Location: Lake Champlain Regional Chamber of Commerce, 60 Main Street, Burlington, VT
Cost: Free
To Register: Click here to register.

The VEOC is offering a new intermediate-level workshop designed for those who have already had an introduction to employee ownership and are interested in learning more. The workshop will focus on different models of employee ownership in companies with fewer than 20 employees. Our special guests will be Steve Magowan and Dunbar Oehmig.


Steve Magowan	Dunbar Oehmig

Steve Magowan is the Burlington, Vermont principal of Steiker, Fischer, Edwards & Greenapple, P.C., a Philadelphia‐based law firm, and of SES Advisors, Inc., a financial consulting firm that specializes in analyzing and finding financing for ESOP transactions. Steve is a member of the VEOC board of directors.

Dunbar Oehmig is a founder and co-owner of Red House Inc., an employee-owned building and restoration company located in Burlington, Vermont. Dunbar is on the board of the VEOC and the Vermont Green Building Network.

The workshop is co-sponsored by the Vermont Small Business Development Center, the Lake Champlain Regional Chamber of Commerce and the Greater Burlington Industrial Corporation. There is no registration fee to attend the workshop, but advance registration is required. Refreshments will be served.

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.