Another big step in S. M. Wilson’s long range succession plan took place today when we announced that our employees have completed the acquisition of the company from Scott Wilson through their Employee Stock Ownership Plan (ESOP). Although originally planned to be completed at a later date, our strong revenue projections convinced us that now was a good time to give our employees full ownership of the company through their retirement plan and to share in the profits of the company. Most of our 140 employees participate in the ESOP, and we are truly excited!
This transaction will maintain the continuity of our business operations and reward our employees for their ongoing efforts to build this company into the local and national leader that we are in our industry. The announcement comes two years after our new management team was put in place, and that team will stay in place. That means Scott Wilson will remain actively involved in our day-to-day operations as Chief Executive Officer, which also means that we will continue to have fun working here while building for the future.
Being employee owned has significant benefits to all our stakeholders. It motivates and empowers our workforce to continue building partnerships with our construction teams and project owners to deliver our special brand of solutions-oriented results. Our employees now have greater control over their own destiny, plus all the responsibilities and benefits of ownership. We are all very proud of this accomplishment, and we look forward to moving our business ahead with profitability and sustained growth.
We are known today for our culture of transparency and employee engagement that is uniquely positive and unconventional in the construction industry. Complete employee ownership is another sign that our progressive culture is working well for everyone here. Here’s to the new ownership team!