Image Credit: Taylor Guitars
Acoustic Guitar Brand Taylor Guitars Is Now A Fully Employee-owned Model Via A Employee Stock Ownership Plan (ESOP).
The famous acoustic guitar brand has announced that it is now an entirely employee-owned company. However, the leadership team will remain at the company and no changes to its management structure or operation policies.
Speaking on the move President and co-founder Bob Taylor said: “We have delighted in giving people the joy of music and hope to do so for generations to come. Becoming 100% ESOP allows us to ensure our independence for the long-term future and continue to realise our vision for the company as an innovative guitar manufacturer.”
Kurt Listug, Taylor co-founder and CEO added: “While Bob and I are not retiring, we have been preparing for our eventual exit. Master guitar designer Andy Powers is not only the wellspring of our guitar designs for the future, but he also joined our leadership team several years ago, and strengthening our leadership team has been essential to our succession planning.”
The move however, isn’t just about ensuring the future of the company but it’s also financially beneficial for those responsible for its success. As Listug explains: “We believe we’ve created a special company, where passionate people can engage in problem-solving innovation, collaboration and respect,” he said. “Securing our independence through an ESOP allows us to strengthen this culture.”
Employees at Taylor’s production facility in Tecate, Baja California, Mexico will also participate in the ESOP plan. European Union employees will also be part of a similar incentive plan that is available under EU regulations.