“It’s really, pretty much non-existent,” Cucci said, adding, “the process is by no means easy, simple or effortless.” Of around 6,000 ESOPS in the U.S., just 1% are in the accommodation and food services industry. Jared Polis said in a press release on Wednesday.Įdible Beats joins around 100 other Colorado-based employee-owned companies, according to the National Center for Employee Ownership.
“We are saving employee-owned companies money with up to $100,000 in tax credits on qualifying costs of converting, and I am proud to congratulate Edible Beats for taking this exciting step,” Gov.
Colorado’s Office of Economic Development and the Governor’s office are also behind the plan. But with employee-ownership, “the ownership wins, the employees win and, in theory, the guests win.”Īt a time when restaurants are coming off of a shattering industry-wide crisis, and are still struggling to find and retain workers and keep menu prices down amid inflation, Cucci thinks the employee-ownership model is an intriguing, if initially costly, solution. The idea of selling to an outside investor, or even to one or two high-ranking employees didn’t sit well with him. “When we went over some longer term (succession plans), none of them seemed attractive,” Cucci added. Tuesday, September 13th 2022 Home Page Close Menu