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Article: When the workers own the company. (employee stock ownership plans)
- Article from:
- Florida Trend
- Article date:
- May 1, 1998
- Author:
CopyrightCOPYRIGHT 1998 Trend Magazines, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This year could see an uptick in the number of new employee stock ownership plans, which offer tax breaks for owners who want to sell out. For employees, though, ESOPs can be a risky proposition.
Gary Peck is a finish grinder for Crane Technologies Group, Daytona Beach, making the final grinding adjustments on camshafts for aircraft and automotive engines. Unlike most line workers in Florida, however, Peck's experience isn't limited to the manufacturing floor. He served a stint on his company's board of directors in 1993-1994, working with 10 other directors as the company considered a major acquisition.
Peck's role on the board came about through his ...