For 54 years, Artisans served as more than just an apparel company. It was an important source of jobs for Rusk County in northern Wisconsin.
But nothing lasts forever, and when the owners—Gordon and Bev Dukerschein—were ready to retire the community faced the prospect of losing the business and its 72 jobs.
Now, thanks to a loan from the Wisconsin Economic Development Corporation (WEDC), the company will remain in business…as an ESOP.
“Without WEDC’s loan, Rusk County was facing the potential risk of losing a major employer,” said Michael Wright, chairman and CEO of the company. “ESOPs are one of the few structures that allow employees, especially in rural areas, to participate fully in the generation of wealth that can sustain communities.”
It is a situation that plays out all over the nation as Baby Boomers consider retiring from the businesses they have owned, in some cases for many years.
And it is a situation for which ESOPs are ideally suited.
The business owner finds a seller who knows and cares about the businesses—more than any outsider ever could.
Customers experience a smooth transition and ongoing service from the same people they have dealt with in the past.
The community gets an owner that cares about keeping jobs right where they are.
And the employees—who often helped build the business—get to share in the rewards.
“Our employees now have the chance to secure a future in the community they love and support,” said Charlie O’Mahoney, president of Artisans.
What’s not to like about that?