Proud To Be Employee Owned

Since becoming an employee owned company (ESOP) in 2010, our company has unlocked our ability to tap into our team’s commitment to a greater vision, helping us to achieve smarter, more efficient growth, with a focus on each other and not just the bottom line alone. Together, with our employee-owners, we have experienced greater success as a family of partners. As we look ahead, we see our commitment to be THE employer of choice – dedicated to creating sustainable retirement for every employee – the key to our future.

To hear more about employee ownership and our culture, listen to our CEO’s monthly podcast, Employee Ownership with Bob Whalen (also available on iTunes, YouTube, and Spotify).

Why are we an ESOP?

In 2010, President of HB McClure, Robert (Bob) Whalen and CFO, Andrew “Andy” Henry, decided to transition the privately-owned business to an ESOP as a strategic investment in the employees and the future. The decision to form an ESOP was to continue the longevity of the company while fostering a greater-good commitment to culture, where the team works together for prosperity for everyone.

While launching an ESOP, the business formed a commitment with our employees that has truly untapped our full potential and provided the foundation for an important and trusting relationship through purchasing some or all of the company’s shares and holding the funds in the employees’ retirement accounts.

Bob Whalen HB Global CEO

What is an Employee Stock Ownership Plan?

ESOP

An Employee Stock Ownership Plan (ESOP) is an employee-ownership program that provides a company’s workforce with an ownership interest in the company.

In some ways an ESOP is similar to a retirement plan due to it being governed by the same laws and regulations as a 401(k). Unlike the typical retirement plans,

According to the Employee Ownership Foundation*, ESOPs:

  • Are required by regulation to primarily invest in their own shares of stock to benefit employees.
  • Are trusts holding shares of the business, which allow employees to become beneficial owners of the company they work for.
  • May create tax benefits for the exiting owner(s) and company.
  • Have the ability to borrow from related parties when financing company projects.

*Employee Ownership Foundation, “What is an ESOP?”, https://www.employeeownershipfoundation.org/articles/what-is-an-esop#:~:text=An%20Employee%20Stock%20Ownership%20Plan,stock%20of%20the%20sponsoring%20employer

It means that everyone who works at the company is an owner! Ownership ensures that everyone builds wealth when the company succeeds.

An ESOP is an Employee Stock Ownership Plan. Technically it is a retirement plan. The company makes annual contributions and the value of your account tracks closely with our success. You pay nothing for your shares and do not have to contribute to your ESOP account.

It is open to all employees who are over the age of 18 and have worked at least 1,000 hours in the last 12 months.

It does not cost you anything!

We are professionally managed, just like any business, and being an owner doesn’t necessarily mean you have control. Ownership is about having a monetary stake in and an ability to have a positive impact on the success of the company. Control is about decision making.

6,482

13.9 Million
Employee Ownership ESOP Value

“The value from the HB ESOP has allowed my wife and me a much greater level of comfort, freedom and financial security for our retirement. It has also allowed us to dream bigger and plan more adventures than we could have done without my ESOP. In a nutshell, it is allowing us to maintain the standard of living we enjoyed while I was still employed and that’s a real BIG deal for us.”

Andrew “Andy” Henry, Jr., Former CFO of HB McClure