
Winco's employee stock ownership plan (ESOP) allowed Kathy, a grocery store worker, to accumulate nearly $1 million in retirement savings over 20 years, while her twin sister's savings were typical for her age and position at a doctor's office. This benefit isn't unique to Kathy - hundreds of Winco employees have over $1 million saved for retirement because of their ESOP.
Owners and employees to help understand the power of employee ownership structures in creating wealth equity and financial security.
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Suggest questionAt the grocery chain WinCo Foods, grocery clerks become millionaires. How? WinCo is employee owned through an ESOP. ESOPs are a win win win win - businesses get significant tax breaks, owners get paid full fair market value for their business, employees receive stock, and the business becomes more profitable and productive.
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[Music] it was the early 90s and twin sisters kathy and deborah were 19 and searching for steady employment to support themselves kathy took a position at winco foods grocery store while deborah found work at a doctor's office both worked hard were paid well although they were young started saving for their retirement fast forward 20 years deborah's retirement savings were quite typical for age and position about 30 000 kathy who had spent 20 years as a checker shelf stalker and inventory order had almost 1 million dollars in retirement savings [Music] how is that possible you ask winco is employee owned through an esop employee stock ownership plan a business model that shares stocks with employees as the business grows employees retirement savings grow [Music] all at no cost to the employees and kathy is not alone 400 other frontline employees at winco also have one million dollars in stock and hundreds of others are similarly well [Music] set
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