LA CROSSE, Wis. (AP) – A La Crosse business that’s been family-owned for more than a century is giving its employees a chance to invest in the company.
Badger Corrugating has set up an employee stock ownership plan for its 170 workers. Badger president Mike Sexauer represents the fourth generation of family ownership for the building materials distributor. Sexauer has transferred 40 percent of ownership to the employees as part of the ESOP.
The plan is an option for retirement savings. A percentage of a business’ profits are not taxed with an ESOP, equal to the percentage of the company owned by workers. Tax savings are reinvested in the company.
Sexauer tells the La Crosse Tribune it increases the chances his employees will strive to improve the bottom line.
Information from: La Crosse Tribune, http://www.lacrossetribune.com