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The founder of NYC's beloved Astor Wines is selling the company to its employees

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Entrepreneurs looking to sell their companies always have the option of selling to their employees — specifically to an Employee Stock Ownership Plan, or ESOP.

"Employee ownership combines the capitalist motives of profit and private ownership with a populist desire for workers to share in the wealth they help create,"

Ron Wirtz of the Minneapolis Fed, who also details "compelling" tax advantages of such schemes, most notably the ability of entrepreneurs to defer or even avoid paying capital gains taxes on the sale.An ESOP is a form of retirement plan, and the plan's trustee was chosen not by Astor Wines founder Andy Fisher but by the employees.

 

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