It is a very distinctive kind of retirement plan because: a) it is expressly intended to accumulate and hold retirement assets in the form of the sponsoring company’s stock and b) it is permitted to incur debt as a means of acquiring the employer stock that it will hold for the employees. The ESOP in Action So, what’s an ESOP? Very simply it is a “qualified” employee retirement plan, meaning that is qualifies for certain attractive tax advantages.

It was only natural, then, that the Welk family would respond with enthusiasm when they learned that they could address some pressing issues of shareholder liquidity through an arrangement that would allow family owners to sell stock to a retirement plan for the company’s employees – an arrangement known as an employee stock ownership plan (ESOP). The employees have returned the love with loyalty to the Welk family and their business, taking excellent care of each guest who comes to a Welk resort. Employees are shown appreciation and respect, paid well and offered generous benefits. One of the keys to their business success has been their philosophy of treating their employees like family. Current CEO Jon Fredricks – grandson of the founder – is in charge of keeping the resorts humming and the Welk family traditions thriving. Throughout this period of growth, ownership of the business has remained primarily with the Welk family. The company has more than 44,000 vacation owners, 1,000 villas, and 1,200 dedicated associates, with annual revenues in excess of $130 million. These facilities have earned Gold Crown status by Resort Condominiums International, and Interval International Premier Resort designation as well as top tier Trip Advisor and Expedia rankings in each market. In the years since then, the Welk legacy has grown into an international hospitality business, featuring four-star quality resorts in the original San Diego location as well as Palm Springs, Tahoe Northstar, Branson, Mo., and Cabo San Lucas, Mexico, with plans under way for future resorts to be built in Breckenridge, Colo., and Kauai, Hawaii. When he staged his TV show there, it gained instant celebrity as a tourist hotspot, eventually growing to include a theatre, more golf and vacation homes. Instead he bought a motel and a nine-hole golf course. planning to invest in a grove of orange trees. In 1964, the famous television bandleader Lawrence Welk went for a drive in the country north of San Diego, Calif. Wunnerful, Wunnerful! The Lawrence Welk ESOP

Lawrence welk golf