Topsham firm joins Maine's growing ESOP movement
Morningstar Stone and Tile announced Monday that it has established an employee stock ownership plan and is now 30% owned by its employees.
Nick Whatley, president and founder of the Topsham company, said he’s been working towards a business plan that can support an ESOP for 10 years. His plan calls for the ESOP trust to own 30% of the company initially, with the ultimate goal of holding 100% of the stock within seven to 10 years. The company has 21 employees.
“The ESOP structure allows us the chance to give all employees the opportunity to use their good work to build a much stronger position for retirement,” Whatley said. “Without incredibly talented and dedicated employees we would not have been able to make this happen.”
Half of the employees have been with company eight years or more and several have been with the firm for more than 12 years.
Founded in 1986 by Whatley, Morningstar Stone and Tile is a stone counter-top fabricator, with clients from York to Bar Harbor.
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