May 15, 2007 (Washington, DC) – The Monroe Publishing Company, an employee owned company located in Monroe, Michigan, has been selected by The ESOP Association as the 2007 ESOP Company of the Year. The award was presented at the Association’s 30th Annual Conference in Washington, DC. The ESOP Association is the national trade association for companies with employee stock ownership plans (ESOPs) and the leading voice in America for employee ownership.
The Monroe Publishing Company publishes The Monroe Evening News, a 22,000 circulation newspaper that traces its roots back to 1825, and the weekly paper, Bedford Now, as well as other publications and commercial printing products. In 1994, the employees became owners of the company when the Gray family who owned the paper decided not to sell to an outside corporation because they wanted the newspaper to remain locally owned and operated. The best way to do that was to sell to the employees.
The company’s ESOP Advisory Council has been active since the beginning of the ESOP and is the main liaison between the employee owners and management. Its mission to educate, mediate, and celebrate is taken seriously and insures new employee owners understand the company’s ESOP. The Council has developed educational tools and a campaign to advertise the company’s events, such as flyers and newsletters, to answer basic ESOP related questions and to educate employee owners. The Council also plans company events such as the annual announcement of the company’s stock value, a popular event, Meet the Board breakfasts, and parking lot cookouts, along with Employee Ownership Month events in October.
The company practices Open Book Management and takes its commitment to sharing information with employee owners very seriously. Along with wealth creation, the company also takes time to recognize individual dignity and worth, and the important role they play in the company.
“The employee owners at The Monroe Publishing Company are a true ESOP success story,” said J. Michael Keeling, President of The ESOP Association. “The company actively involves employee owners from the minute they start at the company with training and education. The message is the company cares passionately about its owners, and it works to overcome challenges every employee faces. The Monroe employee owners are deeply involved with the community as well. It is extremely fitting to have The Monroe Publishing Company named the 2007 ESOP Company of the Year.”
Founded in 1978, The ESOP Association represents over 1,400 ESOP companies who believe that employee ownership will improve American competitiveness, increase productivity through greater employee participation and strengthen our free enterprise economy.
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