ESOP = Employee Stock Ownership Plan
In 2006 Palmer-Donavin made the brave move to go from family owned to employee owned. This not-so-common business structure allows for the employees to have the controlling share of the stock of Palmer-Donavin and has multifold benefits. First, it makes all employees shareholders that contribute to major decisions such as shutting down or selling. Second, it allows for employees to have a true vested interest in the success of the company because they own stock. Third, it establishes a culture of longtime employees and low turnover. Fourth, it sets up a healthy retirement plan for employees. Fifth, it contributes greatly to our wonderful familial culture that allows work to be pleasant and productive. Sixth, it provides Palmer-Donavin a way to invest in the most important aspect of the company – the employees. And the list could go on.
Palmer-Donavin is a special place to work, and the ESOP adds to that. It puts the company in a unique position to truly care for the partners and provide a tangible reward for many years of hard work. So what is an ESOP? Well, the financials can get confusing, but when it comes down to it, we are. And, we are a good example of the benefits the ESOP can bring.