Summary
This case study examines employee share ownership at North State Grocery, where the Employee Stock Ownership Plan (ESOP) solved a transition challenge in a company owned by two siblings. Thanks to the ESOP, long-term employees, including frontline staff such as cashiers and bakery workers, build a larger cushion of retirement savings than is typical in frontline retail jobs. Given the number of family-owned businesses in search of succession strategies today and given the importance of improving compensation including retirement benefits for frontline retail workers, North State Grocery’s story may offer lessons for other business owners, in retail and other sectors, to consider.