skepticism, the tangible impact on employee accounts has strengthened the bond between the workforce and the company. With its value reflected in the retirement accounts of the employees, the unique ESOPmodel has not only contributed to financial growth but also fostered loyalty and a sense of ownership among Hargrove employees. “We’re not a hire and fire firm… if you were on a job that got canceled or delayed, [we’re] going to spend time to get you plugged into another project,” Shell says, explaining how the ownership model has inspired a higher level of teamwork and camaraderie between employees. According to Shell, the main thing to be preserved is the company culture, and by aligning employee success with company growth, Hargrove has created a collaborative environment where the ESOP serves as a unique tool, aligning the success of employees plan, and the plan was for them to sell 60% of their shares to an ESOP and the team,” Shell says. The ESOP model took concrete shape throughout 2011, and by the start of 2012, it was on its way to safeguarding the company’s culture while providing a pathway for employees to become owners. In 2022, Hargrove became 100% ESOP owned. CULTURAL SHIFTS AND EMPLOYEE LOYALTY Transitioning to an ESOP model isn’t just about financial structures; it’s about cultivating a culture of ownership. When the firm first announced to its employees that and launched a ”We Own It!” campaign, the effects of the new ESOP model they were operating under were quick to show themselves. The firm’s stock quickly gained momentum, even doubling in value one year, and its brand was now more recognizable to the public. While the initial model rollout was met with some Let us help you uncover hidden opportunities atEmbraceVolatility.com . Avoid Embrace volatility AUDIT / TAX / ADVISORY / CONSULTING 84 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 07
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