How ESOPS rescued craft from big beer in the U.S.

Purpose Study the role played by ESOPs in fending off competition from macrobreweries by craft breweries during the golden decade (2010) of craft beer in the U.S. Design/methodology/approach Discuss role played by Federal legislation (e.g. ERISA) in supporting emergence of craft beer during two periods in U.S. beer industry, consolidation and fragmentation. Use data from NCEO to analyze structure of ESOPs. Compare company characteristics, i.e. size and type of incorporation, and ESOP structures, i.e. minority and leveraged, to explain both potential pitfalls and continuing success of craft brewers. Findings ESOPs can be an effective strategy for maintaining the small, independent, traditional characteristics that make craft beer distinct from big beer while, at the same time, promoting worker agency in craft breweries. Originality/value Link historical development of craft beer within U.S. beer industry to the most recent data on ESOPs for craft breweries.