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October 23, 2024 2024 ESOP Essentials

FROM OUR PARTNER — Maine ESOPs


Seeing the growth of ESOPs in Maine is exciting

Dear Friends and Colleagues,

I am excited to celebrate the remarkable growth and success of employee ownership in our great state of Maine. Over the past few years, we have witnessed a significant surge in the number of companies embracing this innovative, successful business model, and the positive impacts are undeniable.

Today, more than 85 companies across Maine have adopted employee ownership, through Employee Stock Ownership Plans (ESOPs). These businesses traverse over 50 communities and employ over 8,500 of our fellow Mainers. This growth is not just a statistic; it represents a fundamental shift in how we approach business ownership, distribution of wealth and economic development in our state.

The benefits of employee ownership are far-reaching and multifaceted. For employees, it means more than just a job — it’s an opportunity to build wealth, gain a sense of ownership, and directly benefit from the company’s success. This leads to increased engagement, productivity, and job satisfaction. We’ve seen time and again how employee-owners go above and beyond, driving innovation, engagement and excellence in their workplaces.

For business owners, ESOPs offer a practical and rewarding ownership succession strategy. They can ensure their legacy continues while providing for their retirement, all while rewarding the employees who helped build the company. This model has proven particularly attractive to our state’s many family-owned businesses, allowing them to preserve their values and community connections across generations.

Communities across Maine are also reaping the benefits. Employee-owned companies are more likely to stay rooted in their local areas, providing stable employment and contributing to the local economy. This stability is crucial for the long-term vitality of our towns and cities, especially in rural areas.

On a broader scale, the growth of employee ownership in Maine is helping to address wealth inequality by distributing ownership more widely. It’s keeping wealth and decision-making power within our state, rather than seeing local businesses absorbed by out-of-state or multinational corporations.

As we look to the future, I am excited about the continued growth of employee ownership in Maine. It aligns perfectly with our state’s values of independence, hard work, and community. I encourage all business owners to consider this model and for policymakers to continue supporting its growth.

Together, we can build a more resilient, equitable, and prosperous Maine through the power of employee ownership.

Sincerely,

Mark Adams

Passionate Advocate for Employee Ownership in Maine

President + CEO, Sebago Technics – 100% Employee-Owned

File Photo / Tim Greenway
Mark Adams, president and CEO of Sebago Technics, leads the Maine trade group devoted to ESOPs.