Employee Stock Ownership Plan (ESOP)
Coborn’s, Inc. established an Employee Stock Ownership Plan (ESOP) for its employees in 2006 to become co-owners of the company. Employees who are eligible for the ESOP are given shares of stock in Coborn’s, Inc. By being employee-owned, Coborn’s enhances the family environment and carries on the legacy that has been building since 1921.
This ownership structure brings heightened financial transparency and corporate accountability. It also brings a pride in ownership that is prevalent to employees at every level of the organization. Leaders recognize the importance of stock value and focus on making decisions that deliver results to their shareholders every year. Each year since the ESOP began, the share value increases, even through a national recession. Since 2006, the share value has more than doubled.
- We believe that our employees should share in our company’s success in a real and tangible way. In 2006, Coborn’s, Inc. established an Employee Stock Ownership Plan (ESOP) so that the people who help make the company profitable get to share in the profit. Being an ESOP participant means that employees are part owners of the company and that they benefit financially from a job well done. This is a powerful incentive for employees to work hard and take pride in their work.
- Coborn’s, Inc. employees drive our stores to perform at a high level because that’s what our customers deserve. Our stores are clean, shelves are well-stocked, prices are low, and employees are friendly. Holding ourselves to high standards creates long-term financial stability for our employee-owned company and our employee owners.
- Since our ESOP was created, our stock value has increased an average of 14.69% each year. The S&P 500 has only performed at 0.2% growth over the same timeframe. This growth is planned and deliberate. It is the result of a strong, dedicated team, working hard, and taking pride in serving their hometown community.
Each summer, employee-owners are invited to a large-scale ESOP celebration, which includes a leadership address, the unveiling of the company’s share value, entertainment, employee recognition, the esteemed Store of the Year awards, prizes and more.