Award-winning manufacturer, contractor and architectural product supply firm hands over ownership to employees
Employees at architectural products provider Golterman & Sabo received an unforgettable holiday surprise. At a recent company meeting, the entire staff learned they would become owners of the more than 75-year-old business. Herb and Ned Golterman, current owners and brothers, announced they sold the company to a newly formed Employee Stock Ownership Plan. Employees acquired 100 percent ownership as of Dec. 31, 2022.
The Golterman family selected an ESOP sale because it allows the ownership of the company to transition without selling to a third-party equity firm or competitor. "We wanted the company to continue to operate as it always has," Herb Golterman said. "This way, the culture, vision and values will not change."