Haviland Enterprises Inc., a U.S.based manufacturer and distributor of specialty and commodity chemicals for water treatment, finished off 2022 with $200 million in sales, which the company attributes to its employeeowned, employee stock ownership plan (ESOP).
An employee stock ownership plan (ESOP) is an employee benefit plan that gives workers ownership interest in the company in the form of shares of stock.
Following employment, the company re-purchases those shares, providing employees accumulated wealth based on the company’s growth and success.
According to the ESOP Association, ESOPs motivate employees, increase productivity, improve worker retention, keep jobs local, contribute to business longevity, and more.
Haviland, which was founded by J.B. Haviland in 1934, became a partial ESOP in 1997 with 46 percent owned by its employees and remainder owned by the Haviland family. In 2012, the family sold off the remainder of its shares, and the company became 100-percent employee owned.
Meg Post, Haviland president and CEO, said that Haviland’s success is a reflection of their ESOP culture.
“Our employees take immense pride in their jobs and work extremely hard to create value for our customers, employee-owners, and communities,” Post said.
According to Post, because the Haviland team thinks and acts like owners, they are always looking for new ways to drive growth though continuous improvement and investment.
“It’s incredibly rewarding to build long-term, equitable wealth for all of our employees,” Post said. “I attribute our success to the dedication of our team.”