Durango Herald – Employee share owned plans: A business model with a superpower

From the Durango Herald:

Inspired by other employee share owned plan companies, Wogamott and Zink began offering profit sharing in the early 1990s. They set aside 10% of profits to provide as cash bonuses to employees, Siggins said. “They discovered it was motivating and created more of an ownership mindset among employees,” she said. “Employees began to more frequently think critically about the company and ask: ‘How can we do this better and do things more efficiently? How can we spend our money more wisely.’ They began looking to see how daily actions impacted the bottom line, the profit of the company.”

Creation of StoneAge’s ESOP began in 1998 when Wogamott and Zink decide to sell stock to the management team. “It became so popular with management, it was opened to everyone,” Siggins said. “They didn’t really exactly know how it would all turn out. It started in small amounts, but it turned into an ownership transfer over three decades.”

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