Did You Know?
- There are 6,717 ESOPs in place in the U.S., covering more than 14 million employees (100 Largest Employee Owned Companies)
- ESOP companies are 25% MORE LIKELY to stay in business
- ESOP companies grow 2.3 – 2.4% FASTER than would have been expected without it
- Employee owners are 4 TIMES LESS LIKELY to be laid off during a recession
100% Employee Owned Since 2007
When Peter Rhodes decided to the sell Syracuse Label Company, he chose to sell it back to his employees rather than to another printer or investment group. Consequently, an ESOP team was formed to ensure a successful transition. The team went through all the necessary steps to obtain ownership, while also mapping out a new organizational structure and creating a succession plan for the future of the company. After years of hard work and planning, Syracuse Label & Surround Printing was purchased by its employees through an employee stock ownership plan (ESOP) in November of 2007. As a result, the plan opened a new avenue for all employees to share in the value of the company as an added retirement benefit.
A Syracuse Label & Surround Printing employee becomes an official ESOP member after a year of employment. After joining the plan, employees become vested in the company based on their tenure. As company stock, sales and values increase, so does an employee’s share in the company – the only contribution that they need to make is quality performance.
An Entire Team of Owners
Everyone – from press apprentices to upper management – is invested in the company’s quality of work and overall reputation. The fewer errors or reprints are made, the more an employee’s share is worth. This investment has created a culture throughout our entire organization that breeds teamwork, attention to detail, accountability and communication. And for you, it means, you’re working with people that truly care about their company. And that dedication is reflected in your finished product.
Do you want to know more? Click here for additional ESOP information.