ESOP COMPANY NEWS — To wrap-up August, we thought we’d highlight a few members. All this week, we’ll be sharing ESOP Association member stories and events. Enjoy.
NewAge Industries Hosts Visit with Congressman Mike Fitzpatrick
Congressman Mike Fitzpatrick (R-PA) recently met with the employee owners of NewAge Industries in Southampton, Pennsylvania to discuss the benefits of employee ownership. The Congressman took part in a town hall style meeting to discuss the benefits of an ESOP and their potential to help other Pennsylvania businesses.
NewAge team members from several departments and with various levels of seniority, job responsibilities and length of employment — from two to twenty-five years — took part. They discussed the mindset of being an owner and not just an employee. The group displayed a thorough understanding of how their day-to-day decisions affect the future of everyone in the company.
NewAge’s employee owners feel that ESOP retirement plans can be a good option for Pennsylvania businesses. When previously employed at other companies, some current NewAge team members experienced the sale and subsequent dissolution of those companies. Other current employee owners work with companies whose owners are aging, and there’s concern that the leadership teams of those companies simply haven’t considered an ESOP as a viable business transition.
Thanks to NewAge’s Ann Phy for sharing the news with the Association.
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