After more than 40 years in business, California’s Sun Light & Power announced the implementation of an Employee Stock Ownership Plan (ESOP) giving 100% ownership to the company’s 80+ employees.
The transition supports the company’s belief in its greatest differentiating assets: its people.
“For 42 years, I have proudly owned the company. Now, it’s time to transition ownership to the people who can contribute the most to its success, our employees,” said Gary Gerber, the company’s founder and president. “Our customers will also benefit greatly from this move because employee-owners are more committed than ever to their success.”
Being 100% employee owned creates many benefits including attracting top talent, growing employee engagement and creating a long term perspective. Giving workers a voice in a company’s governance will create a stronger, mindful company.
The benefits for customers are great, too. A company whose employees have a vested stake in the company’s success understands the importance of delivering value to customers. Employee owners share in the wealth they help generate, and their effort to provide exceptional customer experiences impacts the company’s bottom line.
“Employee-owned companies have a positive impact on employees, customers and their communities,” said Sun Light & Power’s COO Troy Tyler. “We feel this move to be a democratically-governed company prepares us well for the future. The feedback from employee-owners and customers has been extremely positive.”