Company Now 100% Employee Owned
After nearly 44 years in business, Columbus Chemical Industries (CCI) has transitioned to a 100% ESOP
(Employee Stock Ownership Plan) owned company. In an announcement made on January 27, 2022, company
founder, Richard Sheard outlined how important it was that the CCI employees who helped grow a strong, prosperous company should share in its ownership into the future.
In the announcement meeting, after expressing his gratitude for efforts by the CCI team, but before telling
employees that the company was sold to the ESOP, Richard stated along with the other Shareholders he had
sold the company. After a pause, he then went on to unveil that the new owners were the employees, to which there was applause and amazement.
Thanking Richard and the shareholders for making such a wonderful decision to benefit the long-term future of CCI and all its associates, President Randall Eppli indicated Richard’s legacy of serving customers and
honoring CCI associates will carry on through an employee-owned company.
With facilities in Wisconsin and Arizona and distributor partners reaching global customers, CCI is a specialty chemical company providing custom engineered solutions for the semiconductor, medical device, biotech, laboratory, and industrial manufacturing industries. The CCI team is proud of the recognition regularly received for employee safety, outstanding service, environmentally conscious practices, and active community involvement.
About ESOP Partners
ESOP Partners is an ESOP service provider that changes lives by creating wealth and sustainable employment through employee ownership and works with business owners and companies to determine if an ESOP is a good fit for their situation. ESOP Partners establishes, maintains, and sustains employee stock ownership plans (ESOPs) throughout the lifecycle to maximize the benefits of being an ESOP company and provide employees with an ownership stake in the company that they work for.
Employee Stock Ownership Plans (ESOPs) are qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company. ESOPs are the only retirement plan allowed to borrow money to purchase stock and are generally funded only by the company. Selling part or all of a business to an ESOP enables a business owner to sell to a built-in buyer in as little as 90 days at full fair market value. There are many significant tax and cash flow benefits of selling to an ESOP. An ESOP also allows for a better-managed ownership transition, preservation of local jobs, and the maintenance of a company’s legacy in the community. According to the National Center for Employee Ownership (NCEO), there are approximately 10,000 ESOPs in place in the U.S., covering 10.3 million employees. There are less than 2,500 ESOP companies that are 100% owned by their employees.
Read the press release here.