Cedarburg restaurant
Out & Out, known for its array of mac and cheese creations and custard, has transitioned into a 100% employee-owned company through an employee stock ownership plan (ESOP).
The business was founded by
Eric Fix in 2006 after he moved into a vacant walk-up stand left behind by a shuttered Dairy Queen on the corner of Lincoln and Washington Avenues. Out & Out focuses on making all menu items from scratch and serving them at reasonable prices.
In an announcement, Fix said he recognized his employees played a large role in the restaurant’s continued growth.
"This strategic move allows the business to continue to thrive and evolve while I focus on other priorities in my life," said Fix. "The team of dedicated employees have always been the greatest strength for me and Out & Out. Passing the business on to the employees is a way of honoring their hard work and preserving the company’s legacy for generations to come."
Fix was advised by New York-based financial services firm Teamshares, an organization that specializes in helping small businesses transition to ESOPs. Each Out & Out employee now owns shares of the business. Through the Teamshares agreement, the employees have agreed to never sell the business to a third party.
"The employee owners will be dedicated to maintaining everything that’s core to Out & Out," said Fix. "Customers will receive products and services they have always expected and received."
Over the next few months, Fix will help train a new leader for the Out & Out business. He plans to retire to spend more time with his family.
