The owner of Beau Jo’s Colorado Style Pizza wants to make sure all his employees, from managers to servers, receive a generous slice of ownership as he plans his exit from the iconic restaurant group he has headed for five decades
Chip Bair, the owner of Beau Jo’s Colorado Style Pizza, wants to make sure all his employees, from managers to servers, receive a generous slice of ownership as he plans his exit from the iconic restaurant group he has headed for five decades.
He and his family will retain 30% of the company, with the remaining 70% of the ownership in the restaurant group, famous for its “mountain pies,” going to the company’s 252 employees. Future profits will fund an Employee Stock Ownership Plan or ESOP, which should provide a generous retirement for those who dedicate their careers to the company.
“It would’ve been nice to have more of the details, however my consultants felt that we would be OK to announce our intentions and start the process of educating the staff. This way I can start getting them involved from the beginning. The whole idea is employee involvement,” Bair said. Even though Bair had mentioned handing control over to employees over the years, Priola said the announcement caught her and others off guard, raising more questions than could be answered. Bair wanted to surprise everyone at the anniversary party, and he did.Beau Jo’s Pizza host Alexis Deering places empty pizza boxes on a shelf in the kitchen at the Arvada restaurant on April 13, 2023.
If the company is well-managed and employees work hard, something they should have a stronger incentive to do as part-owners, then the payoff in retirement can be more lucrative than what is available in a traditional retirement plan. But that doesn’t mean there aren’t risks. If the company fails, employees could lose not only their jobs but their retirement savings as well due to the diminished value of the company shares.
“You can keep your company intact and keep it moving forward and do it in a tax-efficient way,” Shoemaker said. “But you have to have the right situation.”
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