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VEOC Worskhop on Business Succession and Employee Ownership

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04/20/2010 - 2:00pm

The Vermont Employee Ownership Center (VEOC) is offering a free workshop entitled "Selling to the Employees: Employee Ownership as a Path for Business Succession" on April 20th, 2010, from 2:00 pm to 4:30 pm at the TD Bank in downtown Bennington.

The workshop will include a brief overview of ownership succession options and will focus on the pros and cons of different forms of employee ownership and the key financial and organizational benefits of this approach.

Joining the VEOC will be Rick Gile, founder of Kalow Technologies, a Rutland-based designer and manufacturer of custom control systems machinery. Mr. Gile will tell the story of how Kalow transitioned to employee ownership. "In 1986, I founded Kalow Technologies in my garage, and by 2004 it had grown to 40 people and $7 million in sales," Gile said. "I wanted the company to continue beyond my tenure with it. The Employee Stock Ownership Plan turned out to be a good way to achieve this goal. Since the time we sold the company to the ESOP, Kalow has continued to prosper."

The workshop is co-sponsored by the Bennington County Industrial Corporation and the Vermont Small Business Development Center. There is no registration fee, but advance registration is required. Attendees may register online at www.veoc.org, by phone at 802-861-6611, or by email at info@veoc.org. Refreshments will be served.

About the VEOC:
The Vermont Employee Ownership Center is a nonprofit organization dedicated to promoting and fostering employee ownership. The group's goals are to broaden capital ownership, deepen employee participation, retain local ownership of businesses and the jobs they support, increase living standards for working families, and stabilize communities. VEOC works directly with owners interested in selling their business to their employees, employee groups interested in purchasing a business, and entrepreneurs who wish to start a company with broadly-shared ownership. For more information, visit www.veoc.org.