Creating Co-Owners: An Employee Stock Ownership Plan Journey

Celeste is joined by Gina Schaefer, Founder of Logan Hardware, who shares her remarkable journey from being laid off in tech three times, to building a flourishing chain of hardware stores in Washington, DC. Gina discusses the significant challenges she faced, including opening her first store in a neighborhood still reeling from the 1968 riots, and the rapid growth that followed due to strong community involvement and seizing timely opportunities. She details her decision to exit the business through an Employee Stock Ownership Plan (ESOP), offering insights into the emotional and logistical challenges of the transition.

They also discuss the importance of succession planning, adaptability, and understanding one's strengths and weaknesses, and Gina's well-researched and structured approach to the ESOP. The episode also covers the specifics of transitioning a business, the significant tax advantages of an ESOP, and lessons learned from Gina's extensive experience.

To find out more or connect with Gina, visit: https://ginaschaefer.com/

To schedule an appt with the Robin Glen team, visit: www.calendly.com/ccmoya

To learn more about Robin Glen, visit: https://www.robinglen.com/

Key Topics Discussed:

• Gina’s journey from tech industry layoffs to building a successful hardware store chain
• The importance of community involvement and hiring practices
• Detailed insights into transitioning a business through an ESOP
• Emotional aspects and planning of a business exit strategy
• Recognizing key individuals and the role of advisors in business succession
• Lessons learned and common pitfalls in business transitions