Vermont Business Magazine VHV Company, based in Winooski, announced today the establishment of an Employee Stock Ownership Plan (ESOP), which effectively transfers ownership of the company to all employees. David Brown, President of VHV Company, sold his ownership interest to the newly created Employee Stock Ownership Trust, allowing employees to gain the benefit of ownership without any personal investment.
“This transaction will give employees a financial interest in the future success of the business,” Brown said. “After 20 years of ownership, I decided it was time to sell all my stock to the people who I trust and value the most: the employees. People are the core of our business and it is extremely important to reward them for their passion, loyalty, and most importantly, their competence. I’m excited to take our already strong culture to the next level by instilling an ownership mentality that connects employees’ everyday work to a higher purpose. I hope my grandfather, who started the business in 1949, is looking down and smiling.”
Read more: VHV Company becomes employee-owned | Vermont Business Magazine