Business View Magazine June 2023

88 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 6 Revenue essentially doubled during those years as the work-from-home trend created a demand for data storage, microprocessor chips for technology devices, and more. According to Solis Jr., “We’ve positioned ourselves well for the next few years.” ESOP as a value-added employee model Powermatic Associates became a 100 percent employee-owned company on January 1, 2018, when former owner and founder Larry Fitzgerald completed a multi-year transition of selling the business to employees upon his retirement at the end of 2017. The ESOP model was actually adopted in 2004 with employee ownership gradually increasing over that 14-year period. There are many obvious benefits to the ESOP model, according to Nudo III. The first is that it naturally adjusts and defines the morale that employees have because they are stakeholders who benefit financially from performance. As