October is Employee Ownership Month, making it the perfect time to announce that we’ve closed on an ESOP and are now employee-owned.
What Is an ESOP?
An Employee Stock Ownership Plan (ESOP) is a retirement plan that gives employees ownership in the company through
shares of stock.
Why an ESOP?
We have the opportunity to create over $10,000,000 in value for our ESOP participants over the next 5 years. We believe
that ESOPs are powerful structures that provide wealth to individuals who may not have otherwise been able to
obtain it, while also tying performance and dedication to reward. In short, establishing an ESOP aligns with our mission:
Providing opportunities for our employees, our customers, and our community to succeed.
How It Works
• Trust-Based Ownership: ESOPs operate through a trust that holds company shares for employees. An ESOP trustee
oversees the plan. Our plan trustee is Michael Miller.
• Eligibility: Full-time, non-union employees who are 21 or older and who work at least 1,000 hours in a calendar year
are eligible to participate after one year of service with the company.
• No Cost to Employees: Participation in the ESOP is free for employees
Are you interested in learning more? Listen to the podcast Journey to an ESOP & Beyond Episode 28, which just so happens to feature one of our owners, Marc Farrell.
In this episode. Makenzie interviews leaders from five diverse ESOP companies as they share their paths to employee ownership. Each organization offers a unique perspective on the transition process, the challenges and opportunities along the way, and the lasting impact ownership has had on their culture and performance.
