News Formal

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

  • 📰 axios
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 63%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 302. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NYC Mayor Eric Adams Asks Tech Executives at Private Dinner to Keep Companies in the CityEric Adams privately tell companies to remain in New York during private dinner hosted by powerful industry leaders. How many nice tax incentives is he offering them? Down to begging. Lightfoot will be doing the same. Sorry your People are Savages
Source: NBCDFW - 🏆 288. / 63 Read more »