This surprise announcement of the Employee Stock Ownership Plan (ESOP) was presented to all coworkers at their annual winter gathering in November.
An ESOP is an employee benefit plan, which provides company stock to employees as part of their retirement benefits. As a 100% employee-owned company, all of the SiteWorks stock is now held in trust by the ESOP exclusively for the benefit of all the coworkers who are employed by the newly formed corporate business entity, SiteWorks Holding Co., Inc.
Malham, Rob Spoor and Don McIntyre, they said that. “we instinctively knew our ultimate succession plan was to focus on the one buyer who absolutely stood to benefit most for their wholehearted contribution made to the ongoing success of SiteWorks: Our coworkers."
In a joint statement, they said the process took eight months. They told attendees, “it was necessary to start transitioning the company as we began to consider our ensuing retirement years, and after declining two highly attractive offers to sell the company to strategic buyers, we knew we would be wrongfully settling and ‘selling out’ our coworkers, many who made career commitments to join us back when we modestly started in December 2004.
"We felt there was nothing improper about selling to an outside buyer, however after our research it appeared that very few seller transactions are beneficial to those who are left behind. Therefore, instead of one day looking back and feeling disappointed, we thought to instead focus on what is ahead and establish something wonderful for those that we cared about. To us, it was a matter of taking less to do more.”