Business Briefs announces the Minnesota Employee Ownership Fund:

MARSHALL — Business owners in the Marshall area now have another option as they plan for retirement thanks to a new program offered by the Northland Institute, a nonprofit dedicated to supporting community development through education and increased access to capital for businesses and communities throughout Minnesota.

The Minnesota Employee Ownership Fund helps retiring owners finance the sale of their businesses to their employees, rather than an outside party who may relocate or dissolve the company. This first-of-its-kind fund partners with banks and other financial institutions to provide financing support for the implementation of Employee Stock Ownership Plans (ESOPs) — offering loans up to $1 million for qualified businesses.

ESOPs are most often used as a business succession strategy by retiring business owners who have no family members or local buyers who want or can afford to acquire their companies. More specifically, an ESOP is an employee benefit plan through which business owners can sell all or part of their interests in the company to their employees over a period of years.

By offering the power of business ownership to their employees, selling owners can reduce their taxes, boost business performance, and provide employees and their families with an opportunity to build personal wealth.

The Fund will conduct a seminar from 9 a.m.-3 p.m. Wednesday, Feb. 27, at Technology Plus in Mankato, 1961 Premiere Drive, at the corner of Highway 22 and Highway 14.

To register for this seminar and learn more about the Minnesota Employee Ownership Fund, visit www.meof.org

The Minnesota Employee Ownership Fund’s website describes how it specializes in partnering with financial institutions and providing education and training programs: