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Fri Nov 30, 2012, 04:12 PM

 

Grocer, 70, gives stores to his employees — for free, transferring ownership as a thank you [View all]

Grocer, 70, gives stores to his employees — for free
Retiring Minnesotan is transferring ownership of his three stores as a thank you



Just in time for Christmas, a retiring Minnesota grocery store owner is giving his roughly 400 employees quite a gift — ownership of his three stores.

Instead of accepting any of the multiple offers he received from large national chains to purchase his stores, Joe Lueken, 70, will transfer ownership of his two Lueken’s Village Foods in Bemidji, Minn., and another one in Wahpeton, N.D., to his employees as part of an employee stock ownership plan (ESOP). The transfer of ownership from the Lueken family to the employees will begin on Jan. 1, and will not cost the employees any money.

The amount of shares each employee receives will be based on length of service and salary. The program is expected to pay the Lueken family off for the sale in three to five years, according to a report by the Minneapolis Star Tribune.

“My employees are largely responsible for any success I've had, and they deserve to get some of the benefits of that," Lueken told the Star Tribune. "You can't always take. You also have to give back."

After being informed by his two sons that they were not interested in taking over the business, Lueken and his family came up with the employee stock ownership plan to transfer ownership.

http://today.msnbc.msn.com/id/49984095/ns/today-good_news/#.ULkgwmfT1iM

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Reply Grocer, 70, gives stores to his employees — for free, transferring ownership as a thank you [View all]
Liberal_in_LA Nov 2012 OP
yellerpup Nov 2012 #1
Booster Nov 2012 #22
yellerpup Nov 2012 #29
awoke_in_2003 Dec 2012 #38
OneGrassRoot Nov 2012 #2
LadyHawkAZ Nov 2012 #3
ChisolmTrailDem Nov 2012 #4
Barack_America Nov 2012 #5
HiPointDem Nov 2012 #6
jtuck004 Nov 2012 #10
Lucky Luciano Nov 2012 #19
jtuck004 Nov 2012 #24
Lucky Luciano Nov 2012 #27
jtuck004 Nov 2012 #32
HiPointDem Nov 2012 #21
freshwest Nov 2012 #7
itsrobert Nov 2012 #15
japple Nov 2012 #20
freshwest Dec 2012 #42
awoke_in_2003 Dec 2012 #39
adieu Nov 2012 #8
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femrap Nov 2012 #11
sabrina 1 Nov 2012 #12
blackspade Nov 2012 #13
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MotherPetrie Nov 2012 #16
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Democratopia Nov 2012 #26
ElboRuum Nov 2012 #31
glinda Dec 2012 #33
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zaj Dec 2012 #35
Lucky Luciano Dec 2012 #41
calimary Dec 2012 #36
Odin2005 Dec 2012 #37
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AverageJoe90 Dec 2012 #44