Federal Hill Ace Hardware, which is part of the A Few Cool Hardware Stores (AFCHS) group, is now employee owned. AFCHS owns 13 stores in the Baltimore and Washington, D.C. area including Canton Ace Hardware and Waverly Ace. All 13 AFCHS stores are moving to the employee-owned model.
AFCHS owners Gina Schaefer and Marc Friedman are selling their company through an Employee Stock Ownership Plan (ESOP). An ESOP allows business owners to sell their company to a trust which then allocates shares of that trust to eligible employees. Since stock is only made available to employees, the business therefore becomes “employee owned.”
