Employees at a furniture company based in Thomasville are now co-owners. Whitewood Industries sold its privately-owned company to its employees through an Employee Stock Ownership Plan.
"Think of it like a mutual fund. This mutual fund is owned by the employees and it only owns one company which is Whitewood," Jorge Mata, president of the company.
Mata, who started the company with a partner, Ron Feibel, in 1982, said they decided to take this route when they discussed exit plans and saw how that could have an impact on the workers who helped build the company.
"We've had some employees who have been with us since 1985. So we wanted to make sure they were protected and that no matter what happened they had a future and the future would continue with them," added Mata who interacted jovially with his employees-turned-co-owners.
"What more can you ask for, and they give you a part of the company? Really? Yes," said an excited Jacqueline Williams. Williams has inspected and packed furniture at the company for the last 4 years.
Out of 300 employees at Whitewood Industries, she is one of 172 who qualified for the Employee Stock Ownership Plan.
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"I'm just excited about my future here. I've never gotten to be a part of a job that offered this type of shares on their company," Williams added.
"Just by being a full-time employee working a thousand hours a year, you are an owner so at the end of the year the profits are distributed based on your salary and among all the employees," said Mata. According to him, the E.S.O.P. ensured the company's long-term financial stability. It has also helped to align employee goals with company goals and improve organizational performance.
While Mata and co-founder, Feibel, will remain in the management position, he said he is technically just a caretaker.
"I no longer own Whitewood. They own it 100 percent."