June 2014, ERMCO entered another exciting era in its history when the Gossett family sold a majority ownership to the newly established ERMCO ESOP (Employee Stock Ownership Plan) and in March of 2019, the company became 100% employee owned.
YOURS, MINE, OURS
The ERMCO Employee Stock Ownership Plan (ESOP) was formed on June 30, 2014. An ESOP often spurs job creation, improves wages and productivity, and strengthens retirement savings. ERMCO’s ESOP is 100% company-funded. And unlike a 401(k), nothing comes out of the employee’s paycheck.
BENEFITS FOR EMPLOYEES
The development of the ESOP reinforced ERMCO’s “employees are family” culture and provided a succession plan for the future. ERMCO also chose to continue its 401(k) plan and employee match in addition to the ESOP, increasing employees’ retirement benefits.
BENEFITS FOR CLIENTS
As an employee-owned company, every ERMCO employee is empowered to deliver services and manage projects in a way that best meets clients’ needs. Each employee is personally invested in making sure the company succeeds and that means making sure our colleagues, clients, and partners succeed.
In addition, having a succession plan in place means our customers can count on ERMCO being there in the future. Many family-owned companies are bought out by other corporations as family members retire but we did not want to compromise the quality and service for which we are known. The ERMCO ESOP creates the longevity we want to provide our clients.