Stacy Witbeck Transitions to 100% Employee Ownership

In an effort to strengthen Stacy Witbeck’s commitment to its workforce, the company’s Board of Directors unanimously decided to transition to a 100% Employee Stock Ownership Plan (ESOP). This decision solidifies our dedication to our most invaluable resource: our exceptionally dedicated and talented employees. 

Stacy Witbeck has been 100% employee-owned since 1993. We carry the culture founded over the past 30 years as we move from a hybrid structure made up of 30% direct shares and 70% ESOP to 100% ESOP. 

The team at Verit Advisors, an outside financial advisory company assisting with the transition, was led by Jake Cravens, Managing Director. He states, "The transition to being 100% ESOP-owned was a great extension of Stacy Witbeck’s core values and its commitment to employee success...the final outcome [will] continue to support the company’s desire to remain independent while creating tremendous value for its employee-owners.” 

In an increasingly transient industry, the employee-owned structure has allowed us to build a workforce of long-tenured, committed team members who are willing to go above and beyond to ensure the success our clients deserve. We are proud when our employees' skills and efforts contribute to the company’s success, as well as their own.  

While the ownership structure has evolved, our core principles remain the same. We will continue to take advantage of opportunities to compensate our employees and recognize their contributions to our growth. 

CEO George Furnanz adds, “Moving from a partial to a 100% ESOP is essential to remain a privately held corporation as we grow and look to the future.” As we navigate this exciting journey, we want to thank our employees for their support and our clients for their trust in our company’s vision for over 40 years. 

Together we will continue to build on the great foundation the ESOP structure has already provided us with, and we are excited by what the future holds.