The decision to become 100% employee-owned was an easy one for the president and CEO of CW Suter Services. Suter completed the 100% transfer to its employees via an Employee Stock Ownership Plan (ESOP) on July 31, 2023. This is completely free for all employees to be a part of.
The Move to Employee Owned
When CW Suter Services owners, EB and John Baker, started thinking about succession plans for the business, they had many options, and selling the company to an unknown party or to a large corporation wasn’t attractive to them because they wanted to keep the current management team intact along with maintaining the culture of the company.
An ESOP — a qualified retirement plan that buys, holds, and sells company stock for the benefit of the employees, providing them with an ownership stake in the company. It provides the ability to slowly transition leadership of the company over time, and reward the team who helped the company be successful. “We were looking for an option to sell the company that would let it continue into the future without any disruption or change. We wanted to reward the loyalty of our employees and provide for their future. An ESOP will accomplish all of that.” – John and EB Baker
How Employees Benefit from an ESOP
All shares of the company are gifted to all employees. This means there’s no out-of-pocket expenses to any of the employees, as Suter funds the plan completely and you don’t put any of your own money into it. So, what does this mean for employees? Through this, our employees have a stake in the work they do and are rewarded through the company’s success.
- We are 1 of 2,500 companies in the United States that are 100% Employee Owned
- Employees at ESOP companies have 2.5x greater retirement accounts than others
- ESOP companies are 25% more likely to stay in business
Through our ESOP, CW Suter employees share in the pride and experience of building our powerhouse business. This is a way we can share the business with all of you as employee owners.
Contact CW Suter Services Today
Interested in learning more about becoming an employee owner? Visit our website to see what the Suter life is all about. From commercial to residential to HVAC and Plumbing, start your career with us today.
We’re always looking for great people to join our team – from apprentices to experienced journeyman make Suter your lifelong career to grow! You can apply on our website here and our HR Department will be in touch, or give us a call at 712-252-3007.