Senator Kirsten Gillibrand visited the LIA last month to announce the Main Street Employee Ownership Act, a new piece of bipartisan legislation designed to support small businesses that choose to employ cooperative or employee-ownership structures. The act will significantly ease the process of transferring the ownership of a business to employees by providing technical assistance and facilitating SBA lending.
PWGC converted to an ESOP (Employee Stock Ownership Plan) back in 2015, a choice which empowers our employees while paving the way for our recent management transition. Studies have shown that when employees have an ownership stake, the benefits are wide-ranging—productivity and compensation increase, job stability improves, and layoffs are reduced.
“Employee Stock Ownership Plans create a winning culture. The company’s success has a direct impact on the ESOP. Our employees, from top to bottom, understand that they are the driving force,” said Paul Boyce, PWGC President.
PWGC Founder/CEO Dr. Paul W. Grosser and President Paul K. Boyce spoke at the LIA press conference: