Presentation on theme: "April 19, 2013 Jeffrey Evans The Will-Burt Company CEO, President and Chairman."— Presentation transcript:
April 19, 2013 Jeffrey Evans The Will-Burt Company CEO, President and Chairman
Will-Burt: 1894, 1918, 1986 ESOP 6 th CEO over 120 years Several other ESOP boards of directors Jeffrey Evans, THE Will-Burt Company
Employee-owned companies do better than their peers ◦ Sales and profits ◦ Employee morale ◦ Adherence to values and mission ◦ Long-term wealth creation for everyone How do ESOPs stack up with others?
Will-Burt from 2000 through today ESOP company on the verge of bankruptcy TRW / Argotech Firestone Tire Stores ESOP Success Examples
It starts at the top - leadership must be committed to the ownership culture Employees that think and behave like owners perform like owners So HOW does this happen?
1. Communications – start with listening 2. Shared challenges, shared resources, and shared benefits 3. Be true to your values HOW is the Culture Built and Nurtured?
Start with listening MBWA Quarterly Newsletter Quarterly All Hands Meeting Weekly “News from the ‘Burt” Open door policy 1. Communications
Monthly lunch with the president Monthly EAC meeting (employee activity committee) Z-Dep quality policy 1. Communications
Open book management ◦ “The good, the bad, and the ugly” ◦ Everyone needs to understand the goals ◦ Include key objectives and metrics ◦ Everyone gets annual strategic plan summary Accountability and alignment ◦ “It is not / IT IS my job!” 2. Shared Challenges, Resources, Rewards
Good communications, alignment and accountability lead to a “Snowball Effect” 1.Develop and follow the plan 2.See improvement 3.Achieve shared profits and stock valuation 4.Go back to step #1 2. Shared Challenges, Resources, Rewards
Will-Burt Mission and Values Long-term Goal: Make Will-Burt a place where people want to work Quality, safety and profit (in that order) Balance between current income and bonus, benefits, and long-term stock growth 3. Be True to Your Values
Fair wages 2 retirement plans (ESOP, matching 401-k) Excellent medical and other benefits Bonus to all employees in “good years” Excellent stock value growth 3. Be True to Your Values
ESOPs are better for customers, employee-owners Tax law and structure make ESOPs possible Culture makes performance happen Top leaders must develop, feed and care for ownership culture 3. Be True to Your Values