28 Feb Stuart Silk Architects Announces Transition to Employee Owned Company (ESOP)
March 1, 2018
Effective October 31, 2017 Stuart Silk Architects, an award winning architectural firm in the Pacific Northwest specializing in custom residential and commercial projects, was sold to a trust for the benefit of all employees through an Employee Stock Ownership Plan (ESOP). This transaction will build an even stronger company foundation, as ESOPs are a proven tool for effective business succession.
For the last few years Stuart Silk, the founder of Stuart Silk Architects, has been searching for the right path to transition ownership of the company. The number one goal for Stuart was to ensure that the firm’s many long-term employees are rewarded for their loyalty and commitment to the firm. His over-arching goal was to provide the tools and incentive to afford the company the best chance to flourish in the next generation. It is Stuart’s intent to continue his involvement in the company for the years to come.
“Since the firm’s founding in 1981, we have worked hard to make Stuart Silk Architects a leader in the Pacific Northwest,” said Stuart Silk, founder of Stuart Silk Architects. “I felt the best way to keep and reward the many talented architects who helped get us to where we are was with an ESOP. An ESOP is a powerful model that can attract and retain the best professionals in our area.”
It is widely acknowledged that when employees are company shareholders, they feel an increased sense of pride and connection to the company’s mission. Stuart Silk Architects employees will now directly benefit from thinking entrepreneurially and doing the best possible job, to increase company stock performance through improved efficiency and lower costs for our clients.
Much research has been conducted regarding the impact of employee ownership. The research confirms that employee owned companies outperform alternative forms of ownership. This superior performance is not only good for our employees but also for our clients.
“Our 24 employees have always taken immense pride in their work. Now that everyone benefits even more from our success, our performance will continue to improve. An ESOP provides a strong incentive for each employee to make the company better because everyone has a stake in the company’s success. I can already see how each person in the company wants to take that extra step to make the company a little better. Everyone is excited about the news, and we all look forward to seeing that excitement translate into even better service for our clients” said Stuart.
About Stuart Silk Architects:
Founded in 1981, Stuart Silk Architects, is a Seattle based employee-owned architectural and interior design firm with 24 total staff. The company specializes in custom residential construction, renovations of historic structures, and commercial construction. Stuart Silk Architects provides above-and-beyond service to clients and through collaborating with partners to deliver some of the most ambitious construction, renovation, and restoration projects in the Pacific Northwest.
(]) ESOP Association: Employee Ownership and Corporate Performance