After over 115 years in business, Bliffert Lumber & Hardware is thrilled to announce the partial sale of the company to its employees via an Employee Stock Ownership Plan (ESOP) representing the Bliffert employees. In the announcement made on April 10, 2022, company Vice President, Eli Bliffert outlined how important it was for the Bliffert employees, who helped grow a robust and prosperous company, to share in its ownership into the future.
The sale is a way to reward employees for their contributions to Bliffert Lumber & Hardware’s success and to ensure its long-term vitality, Bliffert said. “I am a firm believer that we are all in it together. The ESOP is the best way to ensure this.”
Bliffert Lumber and Hardware has served contractors and homeowners in southeastern Wisconsin for over 115 years. Since our incorporation in 1904, we have helped the community grow by supplying building materials to hospitals, stadiums, new homes, and a variety of other projects. Now in our 5th generation of Bliffert family ownership, we are proud to be family-owned and operated and make sure that the personal service shows at each of our eight locations.
About ESOP Partners
ESOP Partners is an ESOP service provider that changes lives by creating wealth and sustainable employment through employee ownership. It works with business owners and companies to determine if an ESOP is a good fit for their situation. ESOP Partners establishes, maintains, and sustains employee stock ownership plans (ESOPs) throughout the lifecycle to maximize the benefits of being an ESOP company and provide employees with an ownership stake in their company.
About ESOPs
Employee Stock Ownership Plans (ESOPs) are qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company. ESOPs are the only retirement plan allowed to borrow money to purchase stock and are generally funded only by the company. Selling part or all of a business to an ESOP enables a business owner to sell to a built-in buyer in as little as 90 days at full fair market value. There are many significant tax and cash flow benefits of selling to an ESOP. An ESOP also allows for a better-managed ownership transition, preservation of local jobs, and maintaining a company’s legacy in the community. According to the National Center for Employee Ownership (NCEO), there are approximately 10,000 ESOPs in place in the U.S., covering 10.3 million employees. There are less than 2,500 ESOP companies that are 100% owned by their employees.
