25 Years Employee Owned!

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25 Years Employee Owned!

Oct 14, 2015

1990 was a memorable year. Seinfeld debuted, Nelson Mandela was freed from prison and the average price of a gallon of regular gas was $1.34.

It was also the year DAVIS employees bought back the company from British firm, Isis — and the Employee Stock Ownership Plan (ESOP) was born.

At the time, DAVIS' principals invited the employees to join as owners in the company by putting up some of their retirement savings to help buy the business back. The principals were surprised and deeply touched when 100 percent of the employees volunteered to buy in with all or most of their savings. In the end, the principals collectively acquired 31percent and the ESOP 69 percent, representing 100 percent of the company.

"This was a huge commitment. These employees risked their retirement savings on the future potential of the company. They believed DAVIS could be successful, and succeed we have," says DAVIS President + CEO, Jim Davis.

25 years later, many of the original owners who risked it all are still with DAVIS, and have enjoyed the company's continued financial success. The idea that a company should share its profits with its employees in this way is not a common practice, but it is a smart one, and one of the reasons DAVIS continues to thrive.

According to our corporate financial advisors, less than one percent of businesses are set up the way we are at DAVIS, with generous yearly distributions of company profits into individual retirement plans.

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