Acclaimed Denver Restaurant Group, Edible Beats, Adopts Employee Stock Ownership Plan (ESOP) For Staff
Owner and Executive Chef Justin Cucci Creates a 100% Employee-Owned Collective Across Six Innovative Eateries as a Succession Plan
Chef/Owner Justin Cucci has announced the implementation of a 100% Employee Stock Ownership Plan (ESOP) for Denver’s renowned Edible Beats restaurants, including Root Down, El Five, Linger, Ophelias’s Electric Soapbox, Vital Root, and his stake in Root Down DIA. The ESOP is being established to provide opportunity and financial wellness, while fomenting leadership and ownership for employees across the five locations.
Cucci said, “I believe that Edible Beats becoming a 100% ESOP was the embodiment of a win-win for the employees as well as for myself and my family. It’s a powerful succession plan that provides opportunities for the employees and leaders on this communal journey—putting them in the front seat. Though I will remain CEO, and will be as committed and involved as I have been, I hope to sit in the back seat and let the team drive. I have always wanted Edible Beats to be measured by its worth, and feel that our success should be assessed by the qualities we possess and the positive impact we are able to have. I want the legacy of Edible Beats’ worth to continue into the future, as we continue to evolve, and continue to strive for excellence in everything we do. My hope is that we exemplify our journey as an ESOP in our culture, not just in corporate structure, and I’m grateful to the entire staff and to our amazing city of Denver for the support provided to me 14 years ago when I was a newcomer with a vision.”
Along their journey to become an ESOP, Edible Beats received support from service providers and the state of Colorado to set up their new business structure. To help with their conversion costs, they applied for the Employee Ownership Tax Credit to cover 50% of costs, which they plan to use on next year’s Colorado tax filing.
“Colorado continues to be a national leader in employee ownership, a powerful way for everyone to benefit when a business does well. We are saving employee-owned companies money with up to $100,000 in tax credits on qualifying costs of converting and I am proud to congratulate Edible Beats for taking this exciting step, joining the many businesses and employees who recognize that Colorado is the best place to live, work, and thrive," said Colorado Governor Jared Polis.
“When businesses embrace an employee-owned model, they see a more engaged workforce and overall higher quality of living. We're excited for Edible Beats and their new employee owners to experience similar benefits,” said Nikki Maloney, Director of Business Support at Colorado’s Office of Economic Development and International Trade (OEDIT). “The Employee Ownership Office is here to assist business owners to navigate a succession plan that fits the unique nature of their business.”
The Employee Stock Ownership Plan is a benefit that gives Edible Beats employees an ownership stake in the business. Shares will be allocated to staff at no cost and accumulate in a trust. Longstanding employees are ‘grandfathered’ into the plan and newcomers are eligible after one year. Employees’ shares are based on salary, including tips—which are shared with consideration of position, tenure, and skill level. Cucci’s adoption of this benefit plan is pioneering and rarely seen in his field—amounting to only six restaurants across the U.S. Overall, fewer than 7,000 businesses nationwide are estimated to have established ESOPs as a standard employee benefit.
ABOUT JUSTIN CUCCI
Chef/owner of Edible Beats restaurant group Justin Cucci is constantly striving to create “craveable” culinary music in one-of-a-kind, innovative spaces. A pioneer in farm-to-table dining, his family of six Denver restaurants--including Root Down, Linger, El Five, Vital Root, Root Down DIA, and Ophelia’s Electric Soapbox--offer culinary excellence with a remix of local, seasonal and sustainable vegetable-forward cuisine. Raised in New York City where his restaurateur family owned the Waverly Inn, Cucci transforms unlikely spaces, including a gas station, a former brothel, and a mortuary into welcoming, contemporary eateries. An avowed music freak who named his first restaurant in the Colorado capital after the Beastie Boys album Root Down, Cucci has an ear for combining the languages of music and food, most notably at the newly renovated and reopened live music venue/gastropub Ophelia’s Electric Soapbox. He is also the author of The Edible Beat cookbook featuring 60 delicious recipes, with another cookbook in the works. Justin adeptly blends the rhythms of food and music with a backbeat of design and hospitality, creating a harmonious language completely unique to Edible Beats.
ABOUT EDIBLE BEATS
Edible Beats was born from a single idea: The creation of a vibrant neighborhood restaurant in Denver, starting in late 2008. In the span of a decade, Edible Beats grew into six thriving, nationally recognized and award-winning restaurants known for thoughtful, vegetable-forward and sustainably sourced menus. All of the Edible Beats restaurants—Linger, Vital Root, El Five, Root Down, Root Down DIA (at Denver International Airport), and Ophelia’s Electric Soapbox—share a commonality: taking inspiration from the history and location of their original buildings and mixing in design elements from Justin Cucci’s reclaimed and mid-mod collections, creating interior spaces like nothing guests have seen before. Edible Beats is a collection of enticing ingredients—food-based, groove-friendly, and guest driven.
EDIBLE BEATS ON THE WEB
https://www.instagram.com/ediblebeatsden/
https://www.instagram.com/lingerdenver/
https://www.instagram.com/opheliasden/
https://www.instagram.com/vitalrootden/
https://www.instagram.com/elfivedenver/
https://www.instagram.com/rootdownden/
For more information, please contact
Rebecca Shapiro, Nora Lyons, or MC Miskell at Shore Fire Media