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Updated: October 20, 2025

ESOP trends at a glance

Employee stock ownership plans, or ESOPs, have become a growing trend not only in Maine but nationwide as well. Here are some interesting facts and trends.

Maine trends

Some of Maine’s best-known names in construction and manufacturing are ESOPs, including Cianbro, Sargent Corp., Reed & Reed, Haley Ward, Zachau Construction, Landry/French Construction, Knickerbocker Group, J.S. McCarthy Packaging and Printing, Woodex MECO Industries and Lie-Nielsen Toolworks.

Construction and manufacturing make up the bulk of Maine’s ESOP community, which mirrors the national trend.

Why is that?

Laura Pfeiffenberger, senior vice president and ESOP client advisor at Portland-based Spinnaker Trust, says historically companies in construction and manufacturing industries have been family-owned and passed down from generation to generation, but that’s changing.

ESOPs as a succession tool

Smaller companies that have been led by the founder or a family member often find the next generation is not there to take over.

“It is getting hard to find that next generation that wants to stay in that line of work, much less assume all the financial responsibility of a sometimes significantly larger company that has grown since their grandparents started it,” Pfeiffenberger said.

ESOP as a retention tool

ESOPs can be particularly beneficial in construction and manufacturing industries, which tend to have high rates of employee turnover. Research shows that ESOPs boost employee retention rates. Once a company adopts an ESOP structure, “young and old employees quickly learn that commitment and tenure pay dividends,” Pfeiffenberger said. “If employees are staying longer, that means management can focus on running and growing operations, rather than having to think about replacements, so it turns out to be a mutually-beneficial decision.”

ESOPs by the numbers

ESOPs in Maine: 95

Employees Maine ESOPs: 10,303

ESOPs in the U.S.: 6,300

Employees at U.S. ESOPs: 14.9 million (of which 10.8 million are active employees)

U.S. ESOPs with fewer than 100 employees: 3,407 

Active participants at U.S. ESOPs with fewer than 100 employees: 113,296

 

Take that to the bank

ESOPs paid out over $156 billion to participants in 2022

 

ESOPs Per Industry

1. Manufacturing: 21%

2. Professional, science, technical services: 19%

3. Construction: 16%

4. Finance/insurance/real estate: 14%

5. Wholesale trade: 9%

 

Sources: National Center for Employee Ownership, Spinnaker Trust, Broadreach Public Relations

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