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On July 9, the iconic Organically Grown Company (OGC) announced that it is transitioning its ownership to a perpetual purpose trust. Prior to the transition, OGC was owned by employees and by the farmers it serves in an S corporation ESOP.

ESOP companies must provide participants the option to diversify up to 25% of the stock in their accounts when they reach age 55 and have 10 years of plan participation. This increases to 50% at age 60. According new NCEO survey data, a majority of employees choose not to diversify.

ESOP transactions require specific knowledge from both advisors and companies, each with unique responsibilities that compel them to act according to their duty and at the right moment.

Congress sometimes passes legislation that appears to be general in scope, but really is meant mostly for a single company.

Congress sometimes passes legislation that appears to be general in scope, but really is meant mostly for a single company.

Jane Reybould, who runs employee-owned B&R Stores with her brother, announced that she will run for the U.S. Senate seat in Nebraska as a Democrat.

Some ESOP companies want to get employees and/or outsiders involved at the board level, but do not want them to have fiduciary obligations. They may also want them only for certain parts of a meeting or for certain meetings.

Each Congress, ESOP advocates, working with the ESOP Association, introduce the ESOP Improvements Act. The bill's supporters do not expect the bill to pass per se, but it serves as a useful tool for proposing amendments to any tax legislation that comes up.

The former CEO and chair emeritus of Messer Construction, Pete Strange, is the winner of an award for Cincinnati-area business leaders.