Vermont-Based HVAC Company Becomes 100% Employee-Owned
VHV Company, a Vermont-based heating and cooling company, recently became 100% employee-owned. The President of the Company, David Brown, stated the following:
“The transaction will give employees a financial interest in the future success of the business. After 20 years of ownership, I decided it was time to sell all my stock to the people who I trust and value the most: the employees. People are the core of our business and it is extremely important to reward them for their passion, loyalty, and most importantly, their competence. I’m excited to take our already strong culture to the next level by instilling an ownership mentality that connects employees’ everyday work to a higher purpose. I hope my grandfather, who started the business in 1949, is looking down and smiling.”
This is another great example of a family business becoming an ESOP rather than selling to a third party. We know that ESOPs can be a great option for any profitable business, but we are seeing more and more business owners of family businesses choosing ESOPs to keep the legacy of their business alive through an ESOP.