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As an industry veteran, Bermex Ready Force Manager Michael Wilson knows a thing or two about what makes a strong organization. Over the years, Wilson has seen and experienced different ownership types, so when Bermex joined the ACRT Services family of companies, our employee stock ownership plan (ESOP) was a reason for excitement.
In honor of Employee Ownership Month, Wilson reflected on what an ESOP means to him after spending nearly 30 years with Bermex.
What value do you find value in an ESOP?
It’s money, how do you not find value in money? Especially when you consider the return on investment (ROI). We don’t put any money in and get money!
How has being a part of an ESOP affected your financial situation and retirement planning?
Well, it’s a supplement to whatever else I’ve done as far as retirement planning. For anyone, it starts something for retirement even if one has not considered planning for retirement. And with the economy the way it is now, I am sure there are people who need every single penny of their check right now and may need to postpone any retirement contributions. With our ESOP retirement savings can continue since there is no monetary contribution on our part.
What makes working for an employee-owned company unique?
You get a piece of the success of the company. Some companies do well, and the workers may get a Christmas bonus. Some companies do very well and it’s the CEOs who get bonuses and those lower on the totem pole get nothing. Working for an employee-owned company, you get a piece of the success of the company that can be seen in the increase in the value of the shares you have.
What do you enjoy most about being part of the ESOP?
Seeing the increase in value of the share you have and the pride it gives you knowing that you were part of that success through your hard work.
What advice do you have for employees who are new to the ESOP?
Enjoy the ride! You do good work; the company as a whole does good work. The company does good work, that leads to profits and growth. Profits and growth lead to increased value in the shares from our ESOP.
Since 1972, we’ve been working towards providing the best solutions by reducing our clients’ costs and minimizing customer complaints. We work with gas, electric, and water utility companies to design a plan that best fits the challenges you’re facing.