The Angel Next Door Exploring Unique Exit Strategies Using Employee Stock Ownership Plans
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Mar 6, 2025 Gina Schaefer, a pioneering entrepreneur and founder of a 13-store hardware chain, shares her transformative journey of transitioning to an Employee Stock Ownership Plan (ESOP). She discusses the benefits of empowering employees and fostering community sustainability through intentional exit strategies. Listeners will learn about the complexities of building a business under a cooperative model, the financial mechanics of ESOPs, and the importance of educating owners on this innovative approach. Gina's insights highlight the potential for creating wealth and culture shifts in businesses.
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Gina's Hardware Store Origin Story
- Gina Schaefer moved to a riot-destroyed D.C. neighborhood in 1998 and got involved in the community.
- After being laid off from her tech job, she decided to open a hardware store due to the lack of one in her area.
Ace Hardware's Cooperative Model
- Ace Hardware operates as a cooperative, allowing independent retailers to leverage collective buying power.
- This model also provides wraparound services like e-commerce management and training.
Discovering ESOPs
- Gina began considering her exit strategy around 2017, unsure of her long-term plans.
- A tour of New Belgium Brewery, an ESOP company, in 2018 sparked her interest in this model.