BuilderLink: Podcast 011: One Exit Strategy Option -- An ESOP

When the owner(s) of a business considers leaving or selling, one exit strategy is called an ESOP – an Employee Stock Ownership Plan. On this podcast, Jim and Greg speak with Ciro Giammona, president of Harrell Remodeling, about ESOPs and about how his firm has successfully used this ownership model for the betterment of their company and its employees.

Ciro Giammona An ESOP is a defined contribution employee benefit plan that allows employees to become owners of stock in the company they work for. Under the ESOP plan, companies provide their employees the opportunity to acquire the company's shares.

Our guest, Ciro Giammona, launched into his construction career in 1987 after several years in the electronics industry. The grandson of a carpenter, he has enjoyed building things all his life. He earned his General Contractor’s License in 1991 and has held positions as project manager and production manager for San Francisco Bay Area construction firms. He earned his Certified Remodeler (CR) credential from the National Association of the Remodeling Industry (NARI) in 1999 and became a Certified Green Building Professional (CGBP) in 2005.

Since joining Harrell Remodeling as an estimator in 1996, Ciro has successfully worked in many areas of the company and has acquired a well developed understanding of all aspects of the company's design and construction business. He was promoted into the role of General Manager in 2006 and to president in 2011.

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Related Links:

Harrell Remodeling - www.harrell-remodeling.com - Their company website.
Employee Stock Ownership Plan (Wikipedia) - An employee share ownership plan (or "stock ownership", abbreviated to "ESOP") is the practice of companies giving staff members shares in their company as part of their salary...
National Center for Employee Ownership (NCEO) - www.nceo.org - A private, nonprofit membership and research organization that serves as the leading source of accurate, unbiased information on employee stock ownership plans (ESOPs), equity compensation plans such as stock options, and ownership culture...
The ESOP Association - www.esopassociation.org - Since its inception in 1978, The ESOP Association has represented the interests of all corporations that sponsor employee stock ownership plans, or ESOPs. The ESOP Association provides advocacy and educational services on behalf of its members...