The Employee Stock Ownership Program (ESOP) at Kent State University (KSU) published a valuable Owner’s Guide to Business Succession Planning, which is designed to assist owners of small and medium-sized businesses as they begin to plan for ownership and management succession. As such, it contains a simple six-step process that will help business owners plan for succession, and a brief summary of some alternatives available for ownership succession. Download the guide here. Learn more about the ESOP Center at Kent State University.
Of course, Ashtabula County’s own Grand River Rubber and Plastics is a perfect living example of an ESOP. And in 2014, Rubber and Plastics News recognized former owners Ric Selip and Joe Misinec as the magazine’s Executives of the Year. This is Ric Selip’s second time to receive the award.
According to Selip, “if you look at the sales to employee ratio, we had 175 people back in 1997, and we were doing $25 million in sales. We now have 210 employees, up by not even a third, but our sales have almost doubled.”
Congratulations to Ric Selip and Joe Misinec and the new ownership and leadership at Grand River Rubber and Plastics!