deborah groban olson

Attorney at Law Specializing in employee ownership and cooperatives

deborah groban olson

Attorney at Law
Specializing in employee ownership and cooperatives

313-331-7821

313-331-7821

ESOPs

North Coast Brass and Copper Co.

Extensive Employee Control

In 1987, the 535 employees of Chase Brass, the sheet metal division of BP America, Inc., were about to lose their jobs to a plant closing. The division made copper and brass sheets used largely for auto and electrical manufacturing. BP America indicated an openness to a deal with division employees, and on Jan. 29, 1988, the workers began to experience life as owners of the newly renamed North Coast Brass & Copper Co.

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United Food and Commercial Workers (UFCW)

UFCW negotiated an ESOP with a significant union role in corporate governance and representation agreement for new stores. Since

2011 this 100% employee- owned chain of 76 grocery stores, with over 15,000 employees,  has already expanded to 80 unionized stores.

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Paper Mill

Paper Mill Employee Ownership Negotiations for PACE International Union

In the late 1980’s and early 1990’s there was a major contraction in the US paper manufacturing capacity. Attorney Olson provided assistance and advice to PACE International Union concerning potential employee buyouts of Eastern Fine Papers, Shasta Paper, Cornell Globe,  Sebewaing; I.P. Natchez, Ms., and Passadumkeag Sawmill.

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Homeland Grocery

United Food and Commercial Workers (UFCW) negotiated an ESOP (Employee Stock Option Plan) with union corporate governance role and representation for new stores.

UFCW negotiated an ESOP with a significant union role in corporate governance and representation agreement for new stores. Since 2011 this 100% employee-owned chain of 76 grocery stores, employing over 15,000 people, has already expanded to 80 unionized stores.

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Fulton Tool and Die Co.

Example of Sub S ESOP Benefits

Complete buyout of a C corporation shareholder, followed by a corporate S election.

Mr. Fulton owns 100% of the shares of Tool & Die, Inc., a Sub Chapter C company worth $6 million. Mr. Fulton is getting older and would like to sell his company and enjoy the proceeds. If he sells to an outside buyer, he will pay taxes, perhaps at the 20% rate, on his net long-term capital gain. If his original basis in the stock was -0-, he would pay $1,200,000 and keep $4,800,000 after taxes.

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