This blog post is from a company that has been in business for over 25 years and has been a 100% ESOP for about two years.  The post contains a testimonial to the advantages of employee ownership:

• As owners, we’re committed to the success of our clients.
• Employee ownership is a great incentive compensation program.
• We’re focused on the long-term.
• Unlike many small businesses, our exit strategy is already established.
• FBS doesn’t pay federal or state income taxes.  (The secret.)

The post also talks about Jack Stack and "The Great Game of Business", and cites various examples of ESOP companies that have succeeded and failed.

……..

The Tribune Company announced that it has commenced its tender offer to repurchase up to 126 million shares of its common stock for $34 per share:

“This tender offer will return significant capital to Tribune shareholders, including employees who currently own about 23 million shares of stock," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "With Sam Zell's initial investment completed, and the tender offer launched, the first stage of our transaction that will result in Tribune Company going private is underway."