Star Tribune – Chuck & Don’s owners selling company to employees

From the Star Tribune:

Hartzell became a student, with several other small-business owners he knew, of employee-stock ownership plans (ESOPs). “I figured the employees would be the ideal buyer,” Hartzell said. “As I got familiar with ESOPs, it sounded like a great opportunity to help employees get control of the company and build a wealth-building retirement vehicle, if we continued to do as well. “And ownership is a great motivator.” Hartzell and Anderson, 76, are in the fourth year of selling their stock to an ESOP that is funded out of employee portion of pretax profits.

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