Trending...
- HOW WE FEEL Announces Debut Single "Make It Out Alive" Premiering on September 27
- GMS Urges Business Owners To Prepare For Open Enrollment
- Inframark Announces New Chief Financial Officer
50th Anniversary Marks Change in Executive Leadership as Trevor Gilmore Assumes CEO Role
BURLINGAME, Calif. - OhioPen -- The Menke Group, the leading single-source Employee Stock Ownership Plan (ESOP) provider in the United States, announced that 2024 marks its fiftieth anniversary of advising companies on designing and managing ESOPs. In addition, the company announced that Trevor Gilmore, former CFO and COO of The Menke Group, was promoted to CEO, following Kyle Coltman's retirement.
Founded in 1974 by John D. Menke, the company's history is closely associated with the Employee Retirement Income Security Act (ERISA). ERISA, the landmark legislation enabling ESOPs, was signed into law in 1974 and included provisions drafted by John D. Menke. In 1993, Menke made a further contribution to legislation governing ESOPs by drafting key provisions regarding S-corporation ESOPs that made ESOPs available to S-corporations for the first time.
The Menke Group has been instrumental in helping American companies create more than 4,000 ESOPs all over the United States. As proof of the company's dedication to the employee ownership model, The Menke Group became employee-owned in 1983.
"Ownership is a cornerstone of the American Dream, and helping companies transfer ownership to its employees is our mission," said Trevor Gilmore, CEO of The Menke Group. "Selling all or part of a company to its employees makes great financial sense, leaves a lasting legacy in the community, and can make financial independence a reality for all employees, no matter the industry."
More on Ohio Pen
ESOPs are the most commonly-used forms of employee ownership in the United States, according to the National Center for Employee Ownership. Designed to encourage and reward increased employee productivity and efficiency, an ESOP offers multiple advantages to company owners, employees, and communities.
"Employees at ESOP companies often accrue 10%, on average, of their wages in their ESOP account," continued Gilmore. "In an employee-owned company, 100 percent of those contributions are company funded, so employees are not out of pocket. When you compound those contributions over time, ESOPs can build substantial equity and retirement security for employees."
Company owners or shareholders who wish to build a robust succession plan for their business in order to remain independent and continue to conduct "business as usual" can keep jobs in their communities by moving to an ESOP. "The ESOP model is an excellent means of creating a collaborative culture where employee owners and the bottom line can thrive, rewarding and retaining staff in an efficient manner that allows for a well-executed succession strategy," concluded Gilmore.
Gilmore, a licensed CPA, joined the Menke Group in 2015 in the dual role of Chief Financial Officer and Chief Operations Officer. He also holds the Accredited in Business Valuation credential (ABV) from the AICPA and has FINRA Securities licenses. Prior to joining Menke, he was the Director of Private Equity for a boutique accounting firm which was acquired by Moss Adams. Before that, he was a founder of a green building product brand.
More on Ohio Pen
"Looking back over the past 50 years, it is very gratifying to see the growth and evolution of the ESOP industry," said John D. Menke, Founder of The Menke Group. "Today, there are over 6,533 ESOPs in the United States, holding $2.1 trillion in assets and including 14.7 million employees. In the next 50 years, let us work together to unlock the transformative power of employee ownership for even more US companies so their employees can enjoy the benefits of being employee owners."
About The Menke Group
The Menke Group is America's largest and oldest ESOP advisor, with more than 50 years of experience creating and administering ESOPs. Menke has helped more than 4,000 companies become employee owned and has designed and installed ESOPs all over the United States, serving companies with as few as ten employees and as many as 15,000 employees. The Menke Group was founded in 1974 by John Menke who co-authored the landmark federal ESOP legislation which subsequently spawned the industry. Visit The Menke Group at www.menke.com for more information and a timeline with the history of the company and ESOPs.
Founded in 1974 by John D. Menke, the company's history is closely associated with the Employee Retirement Income Security Act (ERISA). ERISA, the landmark legislation enabling ESOPs, was signed into law in 1974 and included provisions drafted by John D. Menke. In 1993, Menke made a further contribution to legislation governing ESOPs by drafting key provisions regarding S-corporation ESOPs that made ESOPs available to S-corporations for the first time.
The Menke Group has been instrumental in helping American companies create more than 4,000 ESOPs all over the United States. As proof of the company's dedication to the employee ownership model, The Menke Group became employee-owned in 1983.
"Ownership is a cornerstone of the American Dream, and helping companies transfer ownership to its employees is our mission," said Trevor Gilmore, CEO of The Menke Group. "Selling all or part of a company to its employees makes great financial sense, leaves a lasting legacy in the community, and can make financial independence a reality for all employees, no matter the industry."
More on Ohio Pen
- Boston Industrial Solutions, Inc. Glass Primer delivers unmatched UV ink durability for glass, tiles, and ceramics
- Bent Danholm's Innovative Targeted Marketing Approach Sells Homes Faster and More Profitable
- "There are many 'wonderful' things about Japan." YouTube program "Wa no Takumi" launched, introducing traditional Japanese performing arts
- Pine Networks to Showcase Innovative Open Broadband Solutions at Network X 2024
- Frank Metayer Appointed as Commissioner to the City of Chula Vista's Board of Appeals and Advisors
ESOPs are the most commonly-used forms of employee ownership in the United States, according to the National Center for Employee Ownership. Designed to encourage and reward increased employee productivity and efficiency, an ESOP offers multiple advantages to company owners, employees, and communities.
"Employees at ESOP companies often accrue 10%, on average, of their wages in their ESOP account," continued Gilmore. "In an employee-owned company, 100 percent of those contributions are company funded, so employees are not out of pocket. When you compound those contributions over time, ESOPs can build substantial equity and retirement security for employees."
Company owners or shareholders who wish to build a robust succession plan for their business in order to remain independent and continue to conduct "business as usual" can keep jobs in their communities by moving to an ESOP. "The ESOP model is an excellent means of creating a collaborative culture where employee owners and the bottom line can thrive, rewarding and retaining staff in an efficient manner that allows for a well-executed succession strategy," concluded Gilmore.
Gilmore, a licensed CPA, joined the Menke Group in 2015 in the dual role of Chief Financial Officer and Chief Operations Officer. He also holds the Accredited in Business Valuation credential (ABV) from the AICPA and has FINRA Securities licenses. Prior to joining Menke, he was the Director of Private Equity for a boutique accounting firm which was acquired by Moss Adams. Before that, he was a founder of a green building product brand.
More on Ohio Pen
- Rising Phoenix Mushroom Church Opens In San Francisco
- Diana Partners With OpsVeda To Leverage AI-ML To Get Closer To Its Consumers
- OASIS Unveils Three New Filtration Solutions: Setting the Standard in Safe, Clean Drinking Water
- Vantiva Receives 2024 RDK "Distinguished Leader Award"
- BK Adventure Announces the 2024 Haunted Bioluminescence Tour
"Looking back over the past 50 years, it is very gratifying to see the growth and evolution of the ESOP industry," said John D. Menke, Founder of The Menke Group. "Today, there are over 6,533 ESOPs in the United States, holding $2.1 trillion in assets and including 14.7 million employees. In the next 50 years, let us work together to unlock the transformative power of employee ownership for even more US companies so their employees can enjoy the benefits of being employee owners."
About The Menke Group
The Menke Group is America's largest and oldest ESOP advisor, with more than 50 years of experience creating and administering ESOPs. Menke has helped more than 4,000 companies become employee owned and has designed and installed ESOPs all over the United States, serving companies with as few as ten employees and as many as 15,000 employees. The Menke Group was founded in 1974 by John Menke who co-authored the landmark federal ESOP legislation which subsequently spawned the industry. Visit The Menke Group at www.menke.com for more information and a timeline with the history of the company and ESOPs.
Source: The Menke Group
0 Comments
Latest on Ohio Pen
- Two rare, circa 1900-1901 furniture pieces by Charles Rholfs combine for $86,100 in Neue Auctions' September 7th sale
- CONFAST Expands Product Offerings with New Line of Self-Drilling Drywall Anchor Kits with Screws
- Stars of Netflix's 'Skywalkers:A Love Story' Scale World's Tallest Bridge Inspired by $DOGS Community
- CCHR: "Family Estrangement" Used to Detain and Abuse Children in Psych Hospitals
- GoGo Roofing Introduces Expanded Services: Now Offering Roofing Solutions in New Georgia Communities
- Atlas Elite Entertainment Releases New Single "Forever"
- "Monotheism and Devils" is the theologically dedicated sequel of "Prince of Eurasia" of the Islamic cleric and executive producer Prince Oak Oakleyski
- Vantiva Wins CSI Award for "Best Sustainability Project or Initiative" for Eco-Friendly V7c Android TV Set Top Box
- Inframark Announces New Chief Financial Officer
- Hayloft Big Creek Now Pre-Leasing
- Huntington Bancshares Incorporated Declares Cash Dividend On Its Series I Preferred Stock
- Green Office Partner Ranked #1 on Crain's 2024 List of Best Places to Work in Chicago
- Versatile Data Acquisition for Automotive Component Testing
- Diversified Industrial Acquisition Agreement, Plus Major Contract Award for Large Fleet Trucking Provider: MingZhu Logistics: Stock Symbol: YGMZ
- Messageware Z-Day Guard v1.5 Expands MDR Security to Azure, Exchange, and Windows Servers
- HOW WE FEEL Announces Debut Single "Make It Out Alive" Premiering on September 27
- GMS Urges Business Owners To Prepare For Open Enrollment
- The Self-Help Expert Celebrates 1,000 Instagram Followers Milestone
- The Ripple Effect Arts, has launched its latest product, Organic Wild Yam Cream, capitalizing on the company's recent viral success on TikTok
- Prince of Eurasia: Monotheism and Devils — the ultrarare Eurasian theological documentary of executive producer Prince Oak Oakleyski