an ESOP headquartered here in Leesburg,” explains CFO Shane Williams. By June 2018, CMI had fully transitioned to an ESOP, marking a significant milestone in the company’s history. Even before 2014, the goal envisioned was to make every employee a part-owner, aligning their interests with the company’s success. Since becoming an ESOP, CMI has seen tremendous growth. During the pandemic, sales surged over 50% from pre-pandemic levels, driven by the increased demand in their industry. Fortunately, the company has its This transfer ensured that the company remained a community asset, even as discussions began to transition CMI to an Employee Stock Ownership Plan (ESOP). In 2018, CMI’s journey to becoming a 100% employee-owned ESOP company was completed. This transition was meticulously planned, involving strategic discussions and financing agreements with the hospital and a local bank. “One of the key points that Mr. Gregg focused on was a commitment to his community in Leesburg. So, one of the goals of the hospital and hospice was to keep it local, and the way to do that was to create 73 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 07 CONSOL IDATED MINERALS INC.
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