Paul and Wendy Hamilton, owners of Hamilton Hospitality restaurant group, recently announced to managers and staffers of several of their restaurants—Eleven Eleven Mississippi, Vin de Set, Moulin, PW Pizza, 21st Street Brewers Bar, and Hamilton Hospitality Services—that they plan to adopt an Employee Stock Ownership Plan (ESOP) for their full-time employees.
After pondering their retirement options during the past year, the couple arrived at the decision. (Coincidentally, SLM lauded the couple in this month’s issue, naming them 2018 Restaurateurs of the Year.)
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In the proposed plan, shares in the ESOP would be based on salaries and wages. The shares would be in addition to current benefits, such as medical and dental insurance, vacation, and a 401k. To be eligible for the plan, employees would need to work at least 1,000 hours per year. (Tipped wages would become part of the salary calculation, Paul says, so low–hourly rate servers wouldn’t suffer.) At the present time, he adds, 45 percent of employees would qualify, but he anticipates that some staffers would increase their hours to take advantage of the plan.
At press time, details were still being finalized, Paul says.
In a note posted at the respective restaurants on Saturday, the Hamiltons graciously thanked their employees. The note began: “When Wendy and I first decided to start a business and work for ourselves, we had only a few goals in mind: be our own boss, make our guests happy, create a great work environment for our team members, and be able to pay our bills. After a few months of opening Eleven Eleven, it became very apparent that those goals were easily being met, and, as a result, the restaurant group you are all a part of was born. Our growth over the past 15 years could not have happened without all of your hard work, loyalty, and dedication to our profession. What you are about to read is our way of saying thanks…”
After explaining the terms of the ESOP and the “Change in Benefits,” the note concluded by saying, “We hope you are as excited about this as we are. This change in ownership will set the stage for all our businesses to prosper for many years to come.”
Editor’s Note: This article has been updated to reflect that details of the plan are still being finalized.
