SolarCraft, a well established Novato solar panel design and installation firm, has become 100% employee owned.
With the help of The Menke Group, the principal owners of SolarCraft have extended ownership to their employees by way of an Employee Stock Ownership Plan.
In addition to helping create financial security for employees, the plan is designed to encourage and reward increased employee productivity and efficiency. According to The Menke Group, a 5 or 10 percent increase in individual employee productivity can result in increasing company profitability by 50 percent or more. The ESOP creates a direct link between employee productivity and employee benefits, and nurtures a collaborative culture where the employee-owners and the bottom line can thrive.
Previous owners, Bill Stewart and Dennis Nuttman, plan to remain active in their current roles as President and Director, respectively, for the foreseeable future as the company transitions to a new management team made up of current employees.
“Over the years we have had offers to be bought out or rolled up by newer solar players looking to expand into this area”, says Bill Stewart, President, “but it never felt right to Dennis and I because of how it would change the nature of our company that we have built over 30 plus years, and the impact on our current long term employees was unknown. The ESOP seemed to fit our philosophy perfectly, in that the company will continue operating as a local North Bay focused solar contractor. It is also important to us that our current and future customers know that there is a transition plan in place and that SolarCraft will continue to operate for many years to come, with all of our valuable employees now being owners of the business. We want to thank the Menke Group for their excellent advice and counsel in structuring and launching the ESOP for us”.
ESOPs work particularly well in companies where human capital is a key component of their success. An ESOP rewards and retains staff in a remarkably efficient manner, allowing for a well executed succession strategy.
The Menke Group has over 40 years experience creating and administering ESOPs, and has helped over 3,000 companies become employee owned. To learn more about The Menke Group, please visit https://www.menke.com. To learn more about SolarCraft, please visit http://www.solarcraft.com
