If a strong culture is already in place, ESOP enables every employee to enact company-wide change. (Photo: Shutterstock)
While the insurance industry has undergone significant consolidation in recent years, Graham Company has defied the trend by becoming 100% employee-owned. Rather than taking a substantial buyout offer in 2017, CEO Bill Graham chose to convert Graham to an Employee Stock Ownership Plan (ESOP), which holds all company stock in a trust and provides it to employees as part of their retirement.
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