Employee Stock Ownership Plan (ESOP)
Lawrence Fabric & Metal Structures Inc. is a St. Louis-area company with more than 70 workers and about $11 million in annual revenue. When the company’s sole owner for the past decade decided to transition out of the company, his preference was to transfer ownership to his employees rather than to a third-party buyer. Tom Mug, an officer in Greensfelder’s Employee Benefits and Trusts & Estates practice groups, worked with him to help set up an employee stock ownership plan (ESOP), a qualified retirement plan that invests in company stock.
The transaction was featured in a St. Louis Business Journal article. Read more here.