Business View Magazine - May 2024

Schueneman’s altruistic approach to business, driven by his belief that those who build a company should also have a stake in its success, laid the foundation for WESTPAK’s transition to the Employee Stock Ownership Plan (ESOP) model, which proved to be a transformative structure for the company, offering a unique path to growth, expansion, and long-term success. At the top, its executive leadership cultivates a culture of transparency and open communication through sharing the company’s financial and strategic goals with employee-owners, fostering a sense of involvement and accountability. A key strategy has been to ensure that employees have opportunities to contribute to decision-making processes, reinforcing the idea that they are not just workers but stakeholders with a vested interest in the company’s success. Through regular training and education, WESTPAK has managed to gradually integrate this sentiment into its everyday practices. It has built a strong sense of community and teamwork by encouraging employee participation and recognizing individual contributions. By leveraging the collective expertise and motivation of its employee-owners, the company offers innovative solutions and exceptional service, distinguishing itself in a competitive industry. A PATH ALIGNED WITH CORE VALUES Herb Schueneman’s vision for WESTPAK was always centered on integrity and a sense of ownership for employees.As he approached retirement, his decision to transition the company to an ESOP was a natural extension of his beliefs. This transition, completed in stages, allowed WESTPAK to become 100% employee-owned in 2017, providing significant tax benefits as an S-Corp and fostering a culture of ownership among employees. This move secured the company’s future while still honoring the founding ethos that work should be meaningful and rewarding for all involved.The ESOP model has granted WESTPAK many advantages, but 107 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 05 WESTPAK