Maine’s Growing ESOP Businesses Gather

The growth of ESOP-owned businesses in Maine was evident as the Maine ESOP group held its second event on October 24th, 2017 at the Hilton Garden Inn Riverwatch in Auburn. Nearly 40 Maine ESOP companies gathered to learn more about ESOPs, share ideas and discuss opportunities for supporting the continued progress of employee ownership in Maine. Over the past five years the number of ESOP businesses in Maine has grown from approximately 15 to over 40. The expansion of ESOPs in Maine was evident as approximately 100 employees, CEOs, CFOs and HR professionals representing more than 7,500 employees statewide were in attendance. The agenda for the day included educational sessions presented by Maine ESOP companies sharing their experiences and practices as ESOPs. Mark Adams of Sebago Technics and Shawn Moody of Moody’s Co-Worker Owned moderated the event. The event was sponsored by Moody’s, Sebago Technics, Aero Heating and Ventilating, Cianbro, Johnson & Jordan, Woodex Bearing, and Howell Laboratories. Adams noted “The growth of ESOPs in Maine has been tremendous. It has caught the attention of those inside and outside of Maine. The willingness of ESOPs to share knowledge and support each other is a tribute to the culture of ESOP companies.” Shawn Moody remarked “The power and benefits of employee-ownership are an excellent opportunity for Maine businesses to prepare for ownership succession and retain wealth in Maine.  The commitment and dedication of Maine workers is enhanced and empowered through employee-ownership helping to secure the viability and success of Maine businesses.” At the conclusion of the event, attendees supported the exploration and development of a formal organization whose purpose would be to support and advocate for employee-ownership in Maine. For a listing of Maine ESOPs and more information go to