All Comfort Services becomes Madison’s newest employee-owned company
Larry Davies, owner of All Comfort Services, has sold all his company stock — 100% of shares — to his own employees on Dec. 31, creating an employee stock ownership plan (ESOP). In doing so, All Comfort Services joins a unique group of companies that are 100% employee owned, according to a news release.
Transitioning the company to an ESOP allows employees to benefit directly from profits and get involved in the many decisions that guide a company. Over a 10-year period, ESOP companies have 25% higher job growth than comparable companies without an ESOP, according to statistics from the National Center for Employee Ownership.
Davies and his wife Susan established the company in March 1973. There are currently over 50 employee owners.