Gene Milstein, founder, and his wife, Dee Milstein, co-owner of Applewood Seed Company, announce the formation of an Employee Stock Ownership Plan (ESOP), transferring significant ownership of the company to current and future employees.
As part of a comprehensive succession plan, the Milsteins formed the ESOP to implement their goal of keeping Applewood Seed as a privately-held business providing high quality flower, herb and grass seed to a wide range of customers. The ESOP is designed to supplement the extensive Applewood Seed employee benefits program which includes Profit Sharing, 401(k) contributions and a generous health plan. The officers of the company will continue to be Gene Milstein as President, Norm Poppe as Chief Executive Officer and Ryan Guilford as Chief Operating Officer.
“We believe our company is the strongest when our employees feel valued, empowered and are given the tools to be successful in their professional and personal lives,” says Gene Milstein regarding the transition to the ESOP. “The employees’ financial interest in the company provided by the ESOP is a confirmation of our appreciation for their many years of hard work and the trust we have in Applewood Seed’s future success.”
“The ESOP provides continuity to all of our company’s stakeholders,” states Poppe. “We are positioned for the future of the industry and excited to offer seed products that meet our high standards of quality and the excellent customer service that our customers have come to expect over the years. We continue to maintain and expand our relationships throughout the seed industry and to provide a broad array of products and services with the personalized care for which Applewood Seed is known.”
Source: Seed World