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!