South Windsor, CT – Flow Tech, Inc., a full-service HVAC manufacturer’s representative for applied and engineered products and systems, announced that it has become a 100% employee-owned corporation, also known as an Employee Stock Ownership Plan (ESOP).
An ESOP is a benefit plan that allows employees to have an ownership stake in their company. This ownership ensures that everyone who contributes to the success of the company shares in the reward through earned stock in the firm. The ESOP serves as a long-term retirement benefit for all employees as owners.
In conjunction with becoming 100% employee-owned, Flow Tech announced that as of Oct. 1, Michael O. Davis, PE will lead the company as president. Richard R. Harper will remain with Flow Tech as president emeritus while Davis takes on the day-to-day management of the firm. It is this leadership transition that inspired Flow Tech to become employee-owned. Harper and Davis began exploring succession options and were drawn to an ESOP.
“Employee ownership closes the loop between employees and owners, creating a powerful dynamic that benefits our people, our customers, and our community,” said Davis. “We’re big believers in the employee-owned model and it will only enhance our ability to provide exceptional service to our customers and industry friends.”
Flow Tech, Inc. was assisted in this process by Spinnaker Trust, Empire Valuation Consultants, Maselan & Jones, P.C., Devine Millimet and Acclaro Valuation Advisors.