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Sponsored by: Maine ESOPs
Updated: October 20, 2025 2025 ESOP Essentials

Maine ESOPs

Dear Friends and Colleagues

It is a true pleasure to recognize and celebrate the incredible momentum of employee ownership here in Maine. In just a few short years, we have seen a remarkable rise in businesses choosing this forward-looking, employee empowering and wealth distributing model — and the results speak for themselves.

Today, according to the National Center for Employee Ownership, more than 95 companies across our state have become employee-owned through Employee Stock Ownership Plans (ESOPs). Collectively, they employ over 10,000 Employee-Owners in more than 60 communities. Perhaps most importantly, Maine ESOPs hold more than $1.9 billion in wealth on behalf of their owners. As a result, in the most recent year available, Maine ESOPs distributed more than $87 million in benefits (distributions) to plan participants. These numbers tell an important story: employee ownership is not only growing, it is reshaping the way we think about business, wealth-building, and economic vitality in Maine.

The benefits of employee ownership extend well beyond the workplace. For employees, it transforms a job into a pathway for building financial security, sharing directly in the success they help create and taking pride in ownership. This sense of shared purpose leads to greater commitment, higher productivity, and stronger job satisfaction. Again and again, we see employee-owners fueling innovation and excellence in their companies.

For business owners, an ESOP presents a compelling option for succession planning. It provides a way to preserve a company’s legacy, support retirement goals, and reward the dedicated employees who made the business thrive. This approach has proven especially valuable to family-owned companies, helping ensure their values and community ties endure for future generations.

Our communities also benefit greatly. Employee-owned businesses are more likely to remain locally based, offer steady jobs and reinvest in their hometowns. This stability strengthens Maine’s rural and urban economies alike and helps secure a brighter future for the next generation.

On a statewide level, employee ownership is playing an important role in narrowing the wealth gap. By placing ownership in the hands of employees, we are keeping both prosperity and decision-making power here in Maine rather than seeing them shift to out-of-state corporations.

Looking ahead, I am optimistic about the continued expansion of employee ownership. It reflects Maine’s core values — independence, hard work, and community — and offers a model for building a more resilient, equitable, and prosperous economy. I encourage business leaders to explore this path and for policymakers to champion its growth.

Together, we are and have the opportunity to shape a stronger Maine through the power of employee ownership.

— Mark Adams, President and CEO of Sebago Technics — 100% employee-owned

 

Photo / Tim Greenway
Mark Adams, passionate advocate for employee-ownership in Maine