Employee Ownership Stars Shine at The ESOP Association’s National Conference!

If you couldn’t join us in Washington, DC for The ESOP Association’s National Conference in May, you missed one of the most energetic, informative, and fun events of the year!

It all started with TEA’s Advocacy Academy and our annual ESOP Advocacy Day, both of which drew record participation. On Advocacy Day, nearly 250 ardent ESOP supporters went to Capitol Hill to visit more than 75 Senate offices and nearly 150 House offices across 38 states to discuss critical ESOP issues with their elected representatives. Please see our Advocacy recap below for much more information!

On Thursday, May 9, ESOP Association president and CEO Jim Bonham kicked off National Conference with a keynote address on the state of ESOPs in America and some exciting emerging trends. Bonham took special note of the rise in ESOP plan participants, as well as a strong trend of ESOPs acquiring other companies as both a growth strategy and for diversification. He also discussed how Congress has been much more supportive of employee ownership recently, as well as TEA’s model regulation for adequate consideration that has been communicated to the Department of Labor, the White House, and Congress. Bonham talked about the importance the DOL’s upcoming regulation and the opportunity to finally achieve regulatory clarity on valuation of ESOP companies, and urged that DOL’s final rule must make it easier, not harder, for more Americans to become employee owners. Bonham also addressed the current state of private equity’s (PE) increased interest, and what PE gets right and wrong about employee ownership (please see Jim’s column on page 3 for more details).

Thursday also marked the initial release of The ESOP Association’s months-long groundbreaking research into Americans’ attitudes toward ESOPs and employee ownership. During the second general session of the conference, Jim Bonham sat down with Alex Braun of SKDK and Dom Bartkus of HarrisX, TEA’s partners on this first-of-its-kind market research into ESOPs. In their discussion, Jim and our research partners revealed several high-level findings and implications for ESOPs across five core audiences: employees and prospective hires; customers and potential customers; local communities; the general public; and prospective ESOP founders.
A common theme that emerged during the research findings is that when Americans learn even a little about employee ownership, they are all in. For example, ESOPs’ loyalty to employees and the wealth building potential of ESOPs scored huge marks, while consumers were 73 percent more likely to buy from an employee-owned company after learning about employee ownership. In addition, the study found 83 percent of business owners said selling to an ESOP is a good business strategy, and 77 percent said they would consider selling to an ESOP. However, ESOPs must do a better job in communicating the employee ownership value proposition in order to fully leverage the power of EO to gain an edge in marketing, sales, and hiring/retaining the best employees. Stay tuned for the upcoming release of new Communications Guides for Human Resources, Communications and Marketing, ESOP professionals, and more! 

Our Friday keynote was also a big hit as William Espey, the creative genius behind Chipotle’s meteoric rise to global brand icon, closed the conference with an inspirational presentation about authenticity and the customer experience. Espey drove home the importance of expressing a company’s unique culture and values in marketing and communications, and how the most successful brands avoid conventional corporate tactics in favor of an authentic voice that remains true to the business’s core principles.

In addition, TEA’s National Conference featured more than 50 educational sessions, roundtables, panels, and chapter showcases covering everything from “ESOP 101” topics to high-level content for the most seasoned ESOP CEOs. There was something for everyone with such a great diversity of educational programming over two days, with the added benefit of attendees being able to receive up to 10 continuing education credits!

While National Conference was packed with educational and networking opportunities for attendees, the highlight of the event was the Celebration of Excellence in Employee Ownership Awards Gala. The stars of employee ownership were shining brightly as we honored the very best individuals, companies, and TEA chapters for their outstanding contributions over the past year. 

In addition to the award recipients, the Gala was made even more special by this year’s emcee, Dave Barry, who certainly earned his reputation as America’s favorite humorist! Dave kept the crowd laughing all night long with his unique style and trademark wit, and made the evening a truly remarkable experience for everyone who attended the Gala. Please keep reading below for a recap of all our award recipients and honorees. The ESOP Association would like to thank all of our winners and finalists, who exemplify the true spirit of employee ownership. We can’t wait to see everyone back in DC next year!