WAUKESHA, Wis. – Steinhafel’s Furniture is now 100% employee-owned after selling all of the company’s stock to an Employee Stock Ownership Plan.
“We believe that becoming an employee-owned company allows us to leverage our greatest strength, and that is our valued associates,” said Andrew Steinhafel, who recently became company president. “Being part of an employee-owned company means that our associates will benefit directly from the company’s continued success.”
The executive team, including Andrew Steinhafel, his father Mark Steinhafel, previous president Gary Steinhafel and Ellen Steinhafel-Lappe, current CFO, said they made the decision in order to secure the future of the business in addition to acting in the best interest of the company’s associates.
“Each time our family has transitioned the business to a new generation, we have tried to balance doing what’s right for our associates with ensuring the long-term health of the company,” said Gary Steinhafel, member of the company’s board of directors. “Steinhafels is more than just a business to us. It is our family legacy. Deciding to move forward as an employee-owned company helps to ensure that that legacy continues into the future.”
After 87 years in business, the company said the shift to employee ownership will help preserve the retailer’s culture as a family business that values its associates, customers and the communities they serve.
Steinhafels associates will participate in the ownership of the company through an Employee Stock Ownership Plan. Similar to a profit-sharing plan, an ESOP is a long-term retirement benefit plan in which associates will be granted shares of the company on an annual basis. These shares will accrue over several years and have a share price that is based on the success of the company.
“The structure and day-to-day operations of our business will remain exactly the same, but as an employee-owned company, the success of Steinhafels is directly tied to the efforts of the employee-owner associates more than ever before,” Andrew Steinhafel added.
Since 1934, the company has been a family-owned, locally-operated business providing home furnishings, mattresses, and home décor to southeastern Wisconsin. The company now has 550 associates and 16 locations in Wisconsin and northern Illinois.
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May 05, 2021 at 03:59AM
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Steinhafel's Furniture becomes 100% employee owned - Furniture Today
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