Doug Schukar, founder and CEO of DAS Acquisition Co./USA Mortgage, has transferred 100 percent of his ownership in the company to employees through an Employee Stock Ownership Plan, or ESOP.
The stock transfer to the ESOP — a defined benefit retirement plan with tax and other advantages — was finalized Dec. 31 and announced to the company’s 525 employees Monday at an annual meeting.
“The primary reasons are to transition ownership, retain company culture, keep employees employed and allow management to participate in ownership,” Jamie Kwiatek, an employee benefits and compensation lawyer at Polsinelli told the Business Journal. “But most of the time, it’s for the culture. The family owners have been in it forever and a day, but don’t have a family member who wants to take over.”
St. Louis Business Journal
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