🎉We are thrilled to see Wesco HMB, Inc. reach this incredible milestone and become a 100% employee-owned company. We are honored to support their transition to an ESOP and excited for their team’s future! 🤝 #VenturaTrust #ESOP #Wesco #EmployeeOwnership #NewBeginnings
Wesco Goes ESOP Yesterday marked a milestone in Wesco's thirty-year history. Wesco became a 100 percent employee-owned company. On Tuesday, November 19, 2024, Wesco became an ESOP (Employee Stock Ownership Plan). ESOP is a form of corporate organization compliant with the IRS tax code and transfers the business's equity to the employees. The amount of equity transferred can vary, but in Wesco’s case, the employees now own 100 percent of the company. I’ve been looking forward to this day for a long time. It’s been in the works for over a year but heated up 6 months ago when we retained SES ESOP Strategies to guide us. We could not be more pleased with their work and professionalism. It was not easy. But the decision for Wesco to become an ESOP was easy. And the employees made it so. Of the different avenues available to an owner to ensure business continuity (Private Equity, merger, etc.), transferring ownership to this group of employees that have surrounded me for years was obvious. A few years ago, someone forwarded me some management advice. It’s been sitting on my desk ever since. 1. Love Your Team 2. Give Praise 3. Seldom Use Your Power 4. Lay Out Your Vision 5. Surround Yourself with Rock Stars I’ve tried to live by this guidance. ESOP was the obvious choice. Thank You, John Demeter President, Wesco