One of the world's largest corporate travel agencies, Pennsylvania's World Travel Inc., before the new year announced it established an employee stock ownership plan. The company issued new shares in December as it became 100 percent employee-owned.

While many ESOP companies go this way to give the owners an out, World Travel chairman Jim Wells said that wasn't his rationale. Sure, he's been in the business for more than three decades and his family co-owners are aging. More importantly, though, they wanted to . . .

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