● Employees vote on ESOP-owned jewelry company staying open on Sunday; more ESOP companies announce acquisitions. See Companies on

● Recently-minted ESOP Day’s Jewelers has announced that in response to employee feedback that its stores will be closing on Sundays. The Maine- and

New Hampshire–based jewelry retailer, which has roughly 140 employees spread across eight stores, has been named one of the “Best Places to Work in Maine” for the past seven years and prides itself on being responsive to employee needs and committed to work-life balance. When a majority of employees made the request for Sundays off, the company took the decision seriously. It even went so far as to survey customers to see if they would shop elsewhere on Sundays if Day’s were closed, and 92% of the 1,000 customers surveyed said they would remain loyal to Day’s. Trusting employee-owners to make these decisions is a big part of why Day’s became an ESOP in the first place. President Joe Corey elaborated on the decision saying, “Our company has always been very autonomous, very employee-centric, giving people the responsibility to make decisions…The more they feel they are owners in the company and really participating, the more vested they will be…No matter what your position is, you can still have a voice in this.” ● Harp’s Foods, a supermarket chain headquartered in Springdale, Arkansas, has announced that it is acquiring The Markets, an independent grocer with seven stores in Louisiana and Mississippi. These locations and employees will be added to the 6,800 employees who work at Harp’s 135 stores in Arkansas, Oklahoma,

Missouri, and Kansas. Harp’s was number 16 on our most recent Employee

Ownership 100 list. ● Hatco, another 100% ESOP-owned company that manufactures food preparation equipment, announced that it has acquired Food Warming Equipment Company.

And ESOP-owned Jasper Holdings Company, an engine manufacturer, has announced that it has purchased Jer-Den Plastics, one of a number acquisitions

Jasper Holdings has done in recent years. ● Condé Systems of Mobile, Alabama, has announced that it is now employeeowned by an ESOP. Founded in 1992, the company specializes in all aspects of personalized photo gifts, from design software to direct-to-garment technology and more. President David Gross explained the sale as prioritizing Condé’s customers while allowing for the company to focus on sustainability and reward employees in equal measure. He said, “This transition is the best step for us as it reinforces our commitment to serve our clients in the best way possible and also supports the sustainability of our company. Our clients can now have an additional level of confidence that our firm is here to serve their needs far into the future.

Equally, our employees now have an opportunity to accumulate financial wellbeing not only through compensation but also through the ESOP.” ● Progressive, a manufacturer of flooring for the hospitality industry, became a 100% ESOP in 2018. Vice President Nino Cervi told Chain Store Age that “the bottom line is that an ESOP empowers our people. Their excitement, hard work, and commitment to providing our clients with strong relationships and the best possible product directly increases their own bottom line. Happy customers make profitable companies. The better we do for our clients, the more profitable we become, the more valuable the company is, and the more integral the employee ownership is to its continued success.” n

NCEO BOOKSHELF

For a complete listing of books and other materials on employee ownership and ownership culture, visit us at NCEO.org. If You Are a Fiduciary of Your Company’s ESOP, Read This Book

Inside ESOP fiduciaries need to understand how valuation works and how to read a valuation report. This book teaches you how. The Fiduciary’s Guide to ESOP Valuation

Our innovative book The Fiduciary’s Guide to ESOP Valuation takes a different approach to teaching inside trustees, executives, and directors: the core chapter, “How Your Appraisal Report Works,” is an actual valuation report with explanatory comments added. Subsequent chapters discuss control premiums and discounts, reviewing the valuation, communicating to employees, and selecting an appraiser. The appendix is a checklist for reviewing the appraisal report. Visit here on our site for details or to order in PDF format; to buy the print version with the relevant parts of chapter 1 printed in color, get it on Amazon. (92 pp.) $25 for members (PDF) at nceo.org.

Thank you!

From all of us at the NCEO, thanks to all of our members for helping make employee ownership thrive in 2022. We’re excited to continue our mission next year, and beyond, thanks to your support.