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Eich ESOP
| This 4th-generation dealership now is partly owned by its employees via an employee stock ownership plan. Dealership: Eich Motor Co. Where: St. Cloud, Minn. Founded: 1898 ESOP founded: January 2012 Employees: 80 Employees in the ESOP: 61 Annual sales: 2,000 new and used vehicles combined Brands: Volkswagen, Mazda |
With no succession plan in place and retirement looming in about five years, dealer Linda Eich DesJardins needed an exit strategy that would preserve her family's business that dates back more than 110 years.
