Since it is Employee Ownership Month (EOM) and many ESOP companies are planning and hosting events to celebrate, we thought we’d share a few posts about events as well. While this event didn’t take place during EOM, it’s a good example of the events and meetings that take place in October. For more information about EOM, visit The ESOP Association’s EOM page. If you have an event to share, drop us a line at firstname.lastname@example.org.
Holden Industries hosted Congressman Robert Dold (R-IL) at Holden’s Nosco, Inc. printed packaging facility in Waukegan, IL. A facility tour was followed by an hour-long town hall meeting with approximately 100 employee owners. Congressman Dold emphasized the number one issue facing the nation is jobs, as well as, discussing the fiscal issues facing Medicare and Social Security and the need for bipartisan solutions to solve these pressing problems.
Following the town hall meeting, the Congressman joined members of management and representatives of the company’s Employee Communication Committee to discuss issues of concern to Holden as a manufacturer and as an S corp ESOP company. Participants shared stories of how the ownership culture has impacted Nosco and other Holden operations, as well as, discussing the results of studies showing S ESOP companies performed better during the recession and employee owners of S ESOP companies retire with retirement accounts five to seven times greater than participants in 401K plans alone. Management emphasized the S ESOP structure enabled Holden employees to purchase the companies from the second generation owner, preserving the businesses and jobs in their current locations, enhancing their c
competitiveness in the global business environment, and providing the opportunity to enjoy their retirement with dignity.
Holden management concluded the meeting by asking Congressman Dold to consider becoming a co-sponsor of H.R. 1244, explaining its provisions and the bipartisan nature of its support, including the five Illinois Congressman who have already become co-sponsors. Holden’s employee owners were joined by Mary Josephs of Verit Advisors who was instrumental in arranging the visit by Congressman Dold.
Thanks to Holden’s Art Miller for sharing information and photos from the meeting.