In a world run by shareholder returns and high-ranking executive compensation, Westpak stands out as a company run by its owners—its employee-owners. We are proud to be a certified 100% ESOP (Employee Stock Ownership Plan) company. The transition to employee-owned was a parting gift from our founder, Herbert Schueneman, as he transitioned into retirement. He quite literally gave Westpak to those who helped build it and will continue to nurture and grow the company into the future.
The idea of employee ownership, where employees own the company, dates back to Ben Franklin and the Founding Fathers; it creates a vested interest in the company’s success and customers. Customers working with employee-owned firms report elevated service levels throughout the organization, from the front office to the C-suite. They note increased accountability and customer service over traditional operations where shareholders are removed from the day-to-day operations.
100% employee ownership is still a relatively new concept, especially in Silicon Valley. According to the Harvard Business Review, just 10% of Americans own stock in their employment places. As 100% employee-owned, Westpak is happy to buck that trend, closing the wealth gap and increasing investment in our communities. A few notable ESOP companies include Land O’Lakes, New Belgium Brewing Company, W. L. Gore and Associates, and Bob’s Red Mill.
Statistically speaking, employee-owned companies are more resilient during economic downturns. As ownership is a retention mechanism, customers should expect consistent, long-term relationships and tenure, increased competency, improved results, and excellent customer service. Our employee-owners go above and beyond because we have a literal stake in the outcome.
What we do at Westpak is more than a job. The entrepreneurial spirit and commitment is evident as we share in the outcomes of your success and our own.