ESOP and Why it Matters!
Big things are happening at WingSwept! We are excited to announce that WingSwept became an employee-owned company in 2023. With the adoption of an Employee Stock Ownership Plan, WingSwept created a long-term strategy for the existing owners to pass along their values, the culture, and the stability of the company to the employees who become owners over time without the need to pay for their ownership in the company. As many companies in the industry sell to large private equity-backed firms and find their culture eroding, their clients unhappy, and their service diminishing, WingSwept chose the road less traveled in the form of an ESOP.
“We have been immensely blessed with the success of WingSwept over time and have been more blessed to have a number of long-term employees that directly created that success,” said Jay Strickland, WingSwept’s Founder & CEO. “The transfer of ownership of the company will allow us to create wealth for those employees as well as those who will work at WingSwept in the future.”
What Is An ESOP?
ESOP stands for Employee Stock Ownership Plan
WingSwept stock is now partially owned by the employees via a Trust. Employees benefit from the long-term success of the company.
Common Answers About The ESOP
• The ESOP is an additional retirement benefit on TOP of the 401K match that WingSwept offers.
• You do NOT need to contribute any of your OWN money to receive stock allocations.
• Vesting follows the person, not the shares. In year 6 all of your shares are 100% vested even the ones you just received the year before.
• Your retirement account will grow faster due to the ESOP contributions assuming the continued success of WingSwept.
• You can positively affect the company’s performance which will contribute to the growth of our ESOP retirement funds for everyone!
• The size of the benefit will depend upon the long-term success of WingSwept.
How can I Maximize Value?
• Exemplify our Core Values of being Honest, Eager Accountable, Respect, and a Team Player.
• Work Efficiently.
• Do things right the first time.
• Go the extra mile even if it isn’t “My Job.”
• If you see an opportunity to make a Raving Fan, Speak up!
• If you see a way to improve process efficiency, Speak up!
• Maintain a positive attitude.