SEP is an ESOP! OMG!
I’ve known about this for a couple months, but it’s still pretty awesome now that it is happening. As of March 31, SEP now has an Employee Stock Ownership Plan. This means that over the next 15+ years, ownership of the company will slowly transition to the employees. We will not buy the stock … we will earn it by being a successful company.
What does this mean for the people in our universe?
For our clients: I’m not sure much will change. We’ve always had a group of people deeply committed to taking care of your needs. If it’s possible, they will be even more engaged now.
For our previous-now-fellow owners: The comfort of knowing that the company they poured themselves into will live on even once they retire (nothing is imminent!).
For our employees: Beyond the obvious ownership stake, we control our own destiny. An ownership transition on that far off day might have threatened what SEP is all about, which is something we value highly: a place where we can do great work, develop as people and professionals, and take care of our customers.
The company has grown steadily since it began almost 22 years ago. We would be remiss in not recognizing the sacrifice the ‘previous’ owners have made for the good of the company. They could have held the company until they retired, then sold it, keeping all the growth value of the company as well as the profit of a lucrative sale. Instead, they’ve essentially given us all a stake in that growth and success from here on out. Thank you!