In 2021, Flat Branch Home Loans' owner, Jim Yankee, sold his company. Shocking, right? The cool part, though, is that Jim sold the company to his employees.
What is an ESOP?
ESOP stands for “employee stock ownership plan”. With an ESOP company, employees have a stake in the company they work for – they are the owners. Flat Branchers begin earning stock in the company as they work. This allows for a better retirement plan and provides a benefit to the company’s success. Having a share in the company is an excellent benefit for our Flat Branchers.
What is Stocktober?
October is Employee Ownership Month. It’s intended to celebrate the benefits ESOPs provide to their employees, customers and local communities. That’s why, throughout the month of October, Flat Branch is celebrating Stocktober! Employees are learning more and more each day about the benefits of being an ESOP company, as well as how it’s beneficial. The company formed a culture committee designed to spread awareness, information, and excitement about the benefits of an employee-owned company. This committee is actively creating fun activities for employees to partake in to learn more!
Though Flat Branch’s owner sold the company in 2021, he sold it to his employees. Many employees have expressed how beneficial this is, as it provides an added plus to such a great working environment. Those that work for the company are always seeking new ways to learn and explore their role in this position.
