Haviland Enterprises, which expects to end the year with $200 million in sales, attributes its recent success to its employee-owned, employee stock ownership plan (ESOP).
The company, which manufactures water treatment products for the pool and spa industry under the Haviland Pool and Spa products division.
An ESOP is an employee retirement benefit plan enabling companies to give a portion or all its stock to employees through a trust. The company repurchases shares following employment, allowing employees to accumulate wealth based on the company’s growth and success. Currently, Haviland employees average nine years of service, which many attribute to the ESOP.
Founded by J.B. Haviland in 1934, Haviland became a partial ESOP in 1997, with 54 per cent of the company owned by the Haviland family and 46 per cent owned by employees. The family sold its remaining shares to the ESOP in 2012.
“Haviland’s success is a reflection of our ESOP culture,” says Meg Post, Haviland president and CEO. “Our employees take immense pride in their jobs and work extremely hard to create value for our customers, employee-owners, and communities.”
“It’s incredibly rewarding to build long-term, equitable wealth for all of our employees,” says Post. “I attribute our success to the dedication of our team, who think and act like owners and are continually finding ways to drive growth through investment and continuous improvement.”
