Family Business Drake-Williams Steel Converts to Employee Ownership | SG&F Law
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Family Business Drake-Williams Steel Converts to Employee Ownership

Author: SG&F Law

Drake Williams, the Omaha, Nebraska based steel fabricator, is now owned by its employees.  In this exciting development for the 4th-generation family business, Drake Williams transferred ownership to its 230 employees through an Employee Stock Ownership Plan (ESOP).  SG&F  was pleased to represent the ESOP Trustee, First Bankers Trust Services, Inc.

Drake Williams was at a crossroads; the next generation was not interested in the steel business, and the current leadership was approaching retirement age.  The company had a long tradition as a family business with empowered employees so the idea of selling to an impersonal conglomerate ran counter to the organizational culture.   The owners saw the ESOP as a way to reward the employees and honor the family legacy.

Details of the story and the company history can be found here.   Congratulations to the new owners of Drake Williams!