Employee Ownership Blog

NCEO Events & Webinars

From Ownership Structure to Ownership Mindset: Lessons from HFA Enterprises

When HFA Enterprises converted to 100% employee ownership on Halloween 2022, it committed to a fundamentally different way of governing and running a company. In a recent NCEO webinar, Ryan Ray and Dave Wilgus of HFA joined NCEO board member and moderator Howard Kaplan to share what they've learned. Their story offers a practical look at what it takes to build governance that actually serves employee-owners.

Right-pointing arrow Continue Reading

NCEO Events & Webinars

What New ESOPs Need to Prepare For in Year One

Closing an ESOP transaction is a significant milestone, but it also begins a new set of obligations. In a recent NCEO webinar, Beyond the Close: What New ESOPs Need to Prepare for in Their First 90 Days, 6 Months, and One Year, Ken Sommers of PCE Investment Bankers walked through the practical realities that newly formed ESOPs face as they move from transaction to ongoing operation.

Right-pointing arrow Continue Reading

Corey Rosen

Employee Ownership Stands Out in Great Place to Work's 100 Best Companies

The Fortune 100 Best Companies to Work For® 2026 list compiled by the Great Place to Work Institute once again contains a number of companies that either have ESOPs or are directly 100% owned by most of their employees. One is 100% ESOP-owned, one is a 100% employee-owned mix of an ESOP and a stock purchase plan, three have minority ESOPs, and three are owned by stock purchase or partnership plans in which most employees participate.

Right-pointing arrow Continue Reading

Corey Rosen

Judge Rules Releveraging an ESOP Is Not a Fiduciary Violation

Many mature ESOP companies use releveraging to help manage their repurchase obligations and ensure there are shares to allocate to new participants over time. Releveraging especially helps manage repurchase costs when the company’s share price increases quickly. In releveraging, ESOP companies borrow money to purchase shares, typically from former employees, and then allocate those shares over the life of the loan. This new debt can have a temporary impact on share value. Part of that impact is offset by the additional shares allocated to existing participants, but many companies create a floor price plan that protects at least more senior employees from a reduction in their stock value as a result of the additional debt.

Right-pointing arrow Continue Reading

Maria Lianos

Why Your ESOP's Capital Plan Matters More Than You Think

In an NCEO webinar earlier this year, Capital Planning: Beyond the Basics, Prairie Capital Advisors' Nick Viner and Joseph Labetti walked through a framework for thinking about capital allocation in ESOP-owned companies. The session focused on a question that deserves more attention than it often receives: what is actually driving your company's stock price, and are you making intentional decisions about it? 

Right-pointing arrow Continue Reading

Corey Rosen

New Opinion Poll Shows Broad Support for Employee Ownership

But the poll also found that few people know much about the idea

A new poll from Expanding ESOPs shows that a large majority of Americans support the idea of employee ownership, while very few oppose it. Support is slightly higher among Democrats than Republicans. Working with the Bipartisan Policy Coalition (BPC), Expanding ESOPs hired polling firms (Public Opinion Strategies and Impact Research) to poll 1,000 registered voters. 

Right-pointing arrow Continue Reading

Matthew Licina

Employee vs. Steward Ownership: Key Differences and Overlaps

As employee ownership trusts (EOTs) have grown in popularity in the US and abroad, the intersection and overlap between EOTs and steward ownership have become increasingly important. The post below presents a conversation between two EU-based figures, NCEO Fellow Graeme Nuttall and Maike Kauffmann of the Purpose Foundation, about the overlapping but distinct employee ownership and steward ownership models, and how it’s important to be clear when describing these separate but related initiatives.

Right-pointing arrow Continue Reading

Maria Lianos

2025 ESOP Valuations: Key Drivers and How Companies Can Influence Them

In a recent NCEO webinar titled What's Driving Your ESOP Valuation?, Andy Manchir and Dan Roach of KSM CPAs & Advisors walked through the forces shaping year-end 2025 ESOP valuations and what ESOP companies can do to better understand and anticipate their results. This blog post provides an overview of the presentation.

Right-pointing arrow Continue Reading