Staff Electric took an exciting step today in continuing its extraordinary legacy when it announced that it has transitioned to a 100% owned Employee Stock Ownership Plan (ESOP).
“We have been in business for 101 years and we wanted an ownership structure that would allow us to continue for another 100+ years,” explained Jamie Sullivan, President of Staff Electric. The ESOP provides for a long-term plan for ownership succession. The company leadership will remain in place for the new employee-owned business.
“We’ve considered transitioning to an ESOP for the past few years, and I am happy and excited that this day has finally come,” said President James Sullivan. “Our hard-working, dedicated employees are the heart and soul of the company. We are very excited about implementing this structure and confident that the long-term benefits of this plan will not only enhance our company’s performance capabilities for the benefit of our clients and industry partners, but also bring significant value to our Staff Electric team members.”
Staff Electric joins 6,500 businesses with ESOPs in the United States, employing about 14 million employee owners. According to research compiled by the National Center for Employee Ownership (NCEO), ESOP-owned companies tend to outperform others in their industry, retain employees longer in difficult times and provide an overall higher level of retirement benefits than companies that do not have an ESOP.
“I have always been proud about the length of our employee’s tenure at Staff Electric. It creates a family feel within our company and this transition of ownership to ESOP will solidify that culture for our current team and generations to come.” explains the company’s Executive Vice President, Nicholas Hlavinka. “Our ESOP will position the company for sustainable, long-term growth, while enhancing our team members’ work lives and financial futures. The exciting path the team wants to take Staff Electric on makes this transition right for our company and our dedicated employees, present and future.”
For over a hundred years, Staff Electric has operated as an electrical contractor with three overarching values: quality, integrity, and experience.
These core beliefs drive everything we do. For our customers, this means we leverage technology and experience to maximize efficiency and deliver the best solutions. As experts in design/build, BIM, power, lighting solutions, and more, we’re not afraid to explore uncharted methods to invent and implement processes no one ever has before.
As leaders in the electric power industry, it’s on us to build for the future. We will light the way by upholding a standard of excellence in customer service, quality, innovation, and safety. This standard is lived out in our facilities, on job sites, and throughout our community. From sponsoring little league teams to black tie events, we are diligent about supporting the community that supports our company, so we can continue doing what we love for another hundred years.