PRESS RELEASE
The owners of Bob Miller Masonry Inc., known around the Sarasota area as “BMMI” announced that they sold 100% of their stock … not to a mega-corporation or a New York investment group …. but to their Employees.
After researching the optimum mechanism to suit their needs, the Company opted for a conduit called an Employee Stock Ownership Plan or “ESOP” to achieve its objectives. The ESOP allows owners of private companies such as BMMI to sell between 30% and 100% of their equity ownership to company employees – and get some great tax breaks in the process.
Family-owned since 1977 when Bob and Betty Miller started the business in their garage, BMMI is well known throughout our region for providing high-end masonry and structural concrete services to the construction industry. After Bob and Betty retired, their two sons Ken and Rod Miller took over the company in 1999.
“The ESOP is a real example of the “win/win” philosophy in action,” said corporate director Rod Miller. “The stock costs our employees nothing because the company pays for it on their behalf and we all get some tax breaks as part of the bargain. I recommend owners of small business with a stable work force seriously consider this as a viable tool for selling part or all of their business.”
“We have been a part of this community’s landscape for over twenty five years” said Ken Miller, president of BMMI. “The time had come for my family to give back to our work force. We have done this by allowing our employees to share in the Company’s success.” Ken Miller went on to say “My brother Rod and I have worked in the family business since leaving high school; we will still be working here for years to come; but now it’s a much larger family that owns BMMI.”
So what do the employees think of this bold move? “Awesome” said Phil Stutzman, a nine year veteran of the company. “I can’t wait to get to work every morning and invest in our future.”
“I have been with the Company for twenty one years” said employee Dave Chupp. “This is a great way for the Miller family to recognize our efforts and create a long term incentive for us all”.
Clete Miller (no relation to the former owners) summed it up by saying “Many companies talk about acting with integrity and looking out for their employees. At BMMI we live it. The result? Our employees are about the most loyal hard working people out there. And we get it done.”
“This is a model that can be duplicated by many businesses in our community” said Ken Miller. Perhaps the ESOP is a suitable strategy for your company’s owners and the ultimate “pension plan” for your employees.”
FOR MORE INFORMATION
Contact either Ken or Rod Miller at BMMI
Tel: 941. 377. 5376