Recently, ESCA Board member company Lifetouch had the honor of hosting Senator Sherrod Brown at their Galion, Ohio facility. Sen. Brown, a strong supporter of employee ownership, toured the facility with plant manager Don Lane and visited with many employee-owners. News of the visit was picked up by two local media outlets, the Mansfield Journal and WMFD.
During a question and answer session, the Senator noted: “As we continue our economic recovery, employee ownership should be considered as a way for businesses to boost productivity, sales, wages and help improve working conditions overall.”
The theme of S ESOPs ability to withstand tough economic times has been noted often. In a 2013 study by Alex Brill, a fellow at the American Enterprise Institute, found the same phenomenon noted by the Senator. Brill’s report showed “that employee-owned companies that have employee stock ownership plans have demonstrated higher productivity and increased economic resilience despite economic fluctuations.”
As a member of the tax-writing Senate Finance Committee, Senator Brown has been an important advocate for S corporation ESOPs.
ESCA thanks both Senator Brown and Lifetouch for supporting the American dream at work!