OLYMPIC VALLEY, Calif – After more than two decades of building one of Tahoe’s most successful and community-focused restaurant companies, Ray and Christine Villaman are proud to announce the sale of Tahoe Restaurant Group to its team members through the creation of an Employee Stock Ownership Plan (ESOP) that became official on May 1.

“This couldn’t have happened without all the incredible team members that have built this organization,” said Founder and CEO Ray Villaman. “One person cannot do all this and that’s what this celebration is about.”

“From the beginning, we have believed that the foundation of any great business is its people. By hiring talented individuals, providing high quality training, and fostering a culture of respect and growth, we’ve been able to build something truly special.”

Since opening Fireside Pizza Company in Olympic Valley in 2002, Tahoe Restaurant Group has grown into a valued part of the Tahoe dining scene, with the additions of Rubicon Pizza, Base Camp Pizza, and Azul Latin Kitchen.

Over the years, Tahoe Restaurant Group has achieved industry recognition including being named a Top 5 Pizzeria by USA Today, receiving numerous “Best Of” awards from the community, and setting benchmarks in both guest satisfaction and financial performance and according to Villaman, Base Camp Pizza is in the top three nationally in terms of sales per square foot for independent restaurants.

Equally important has been the company’s dedication to giving back, with thousands of employee volunteer hours and charitable donations, making a lasting impact in the region.

The creation of the Employee Stock Ownership Trust marks the company’s greatest achievement to date. Going forward, hundreds of qualified team members will participate in annual profit-sharing and receive company stock, making them true partners in the continued success of the organization.

“Think of it like profit sharing,” added Villaman. “At the end of each year, there’s a formula where, depending on your income level, divided by your total payroll, it spits out a number that you get allocated into your retirement plan.”

“Nobody else is doing that for their team members that I know of, and I’ve been in the industry my whole career. I’ve opened up over 200 restaurants, and I’ve worked for the chains, but you have to take my word on it. This is a game changer for our local restaurant group to be able to create so many owners with vested interest.”

According to Villaman’s illustration, if you’re a manager or general manager with the group logging in 10 to 15 years as a team member, as you approach retirement, he anticipates having a deep six-figure amount, possibly approaching seven figures.

Villaman estimates about 75% of the Restaurant Group’s employees will qualify for the program. Employees must have been with the group for a minimum of three years and work, on average, about 16 hours per week.

As far as next steps for Villaman, he will transition into the role of Chairman of the ESOP Board, and longtime operations leader Marc Vaccaro will assume the role of CEO of Tahoe Restaurant Group ESOP. With 17 years of experience in every position of the restaurant, Danny Scott will oversee operations for the ESOP. Rounding out the leadership team is Alison Dreher, who provided instrumental accounting support and guidance through this transaction, will lead the finance and accounting needs of the ESOP, along with banking relationships and administrative oversight as an officer of the ESOP board.

“I could not be more excited for the opportunity to transition ownership to our team,” said Villaman. “This moment is a celebration of the incredible people who helped us build this company. I want to especially thank Marc Vaccaro, Danny Scott, Juan Cobian, Carissa Savitsky, and Alison Dreher, each of whom has devoted an average of 17 years to our success.”

“I’m also very grateful to Ted Kennedy for discovering the Palisades location, his long-time partnership, and his live music vision for South Lake. Additionally, I have deep appreciation for Rich Hinkel for his dedication to the build out and operation of Fireside, support of Rubicon and Azul, and being my partner in this journey. Most of all, words cannot express my love for my family – Christine, Jacob, and Nicholas – of which none of this would have been possible.”

This ESOP represents a new chapter for Tahoe Restaurant Group – one where ownership is shared, leadership is cultivated from within, and the community-centered culture that defines the company is carried forward by those who built it.

“I was surprised that there’s only a handful of restaurants in the country that have done this model,” added Villaman. “And if you think about it, it makes sense because restaurants are the highest failure rate in the industry.”

“In order to do it you have to have a great senior team in place, great financials, and a track record that is financeable. But my hope is that the team gets the recognition for contributing over the past 20 years.”

About Tahoe Restaurant Group (TRG) Tahoe Restaurant Group is a collection of celebrated restaurants in the Lake Tahoe region known for operational excellence, community engagement, and a people-first culture. Since 2002, TRG has remained committed to delivering memorable dining experiences while creating highly desirable career opportunities for its team.