Business View Magazine - Dec 2023

and an advanced production facility located on the East China coast, Sierra Pacific is well-positioned to meet the demands of a broad clientele. Serving customers ranging from small operations to Fortune 100 companies across diverse industries such as enclosures, transportation, HVAC, and more, Sierra Pacific is a trusted partner worldwide. THE EMPLOYEE STOCK OWNERSHIP ( ESOP) DECISION Barry Stein, President of SPEP, sheds light on the pivotal decision to convert the company to a 100% ESOP. He says the decision was rooted in the company founder, Larry Mirick’s desire for continuity and future success in the company he had built. “He was very employee centric. He cared a lot about the employees and that was always a major consideration,” relays Stein, noting that there were also tax implications that made it an ideal option, allowing him to remain on the board of directors, where he still sits today. Scott Snider, Business Development Manager, adds, “Our founder started the company back in the 80s, and it’s kind of his baby. So, I think rather than selling it off, and he probably could have made more money that way, converting it to an ESOP was the best way to see it thrive beyond him.” THE ESOP IMPACT After thedecision to convert SierraPacific toanESOP, it became part of the marketing strategy for the company. Trademarks such as ‘Quality and Service, Taken Personally’, and ‘Employee Owners Care More, Do More’ are part of the branding, along with the term 100% Employee Owned. Snider elaborates, “If you go on our website, the first thing you see is that we’re employee owned, it’s kind of our calling card. I think it’s the thing that differentiates us the most versus any of our competitors. Our industry in general is pretty conservative, pretty old school, so I think a lot of people really like that beyond just saving them money or giving them good parts, it’s an organization that puts its people first.” Stein continues, “That’s a big part of our messaging, that nooneelsewill caremoreabout their customers than Sierra Pacific, because everyone benefits from the success and the gains of the company. 155 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 12 SI ERRA PACI FIC ENGINEERING & PRODUCTS