Steinhafels Furniture becomes 100% employee-owned company
WISCONSIN (CBS 58) -- Steinhafels Furniture has announced that the company is now 100% employee-owned.
According to their website, the company sold all of its stock to an Employee Stock Ownership Plan (ESOP).
“We believe that becoming an employee-owned company allows us to leverage our greatest strength, and that is our valued associates. Being part of an employee-owned company means that our associates will benefit directly from the company’s continued success,” said Steinhafels President Andrew Steinhafel.
The company says the ESOP is similar to a profit-sharing plan, and associates will be granted shares of the company on an annual basis.
Steinhafels says the day-to-day operations of the business will remain the same, and the company will remain family-led.
However, as an employee-owned company, the success of Steinhafels is now "directly tied to the efforts of the employee-owner associates."