Inside the Clif Bar ESOP Transaction

Inc. magazine ran a detailed insider account of the time in 2000 when now ESOP-owned Clif Bar decided against a third-party sale. At the eleventh hour, Gary Erickson, who owned 50% of the company, called off a sale to Quaker Oats. Today, Clif Bar has 1,200 employees, and an ESOP owns 20% of the shares.