NJEDA board backs program to aid firms in creating Employee Stock Ownership Plans

Bermagui's Honorbread sees Employee Ownership Trusts as a model for leaving a proud legacy

Honorbread’s Tim and Honor Northam (left and second from right) are looking at different models to run their business more equitably with employees. Photos: Supplied. Honor Northam has been running the successful Bermagui business Honorbread for almost 10 years. She is proud of what she has created with her husband, Tim Northam, and its 50 to 60 employees. She does not want that to be lost when the time comes to sell. Mrs Northam has been thinki…

NJEDA board backs program to aid firms in creating Employee Stock Ownership Plans

The New Jersey Economic Development Authority (NJEDA) board recently approved the creation of the Employee Stock Ownership Plan (ESOP) Assistance Program, which will connect applicants with an approved contractor to perform feasibility studies and provide technical assistance. The $2.7 million ESOP Assistance Program aims to increase employee ownership models, which can provide employees with opportunities to have a greater stake in a business, …