Coated Metals Group Sponsors Employee Ownership through an ESOP
MADISON, WI, AUGUST 2017: Coated Metals Group (CMG) is now 100% employee-owned through an Employee Stock Ownership Plan (ESOP).
Founded in 1983, CMG initially began as a family owned company and grew into an established business operating multiple facilities. As the company continued to grow, CMG owners felt the appropriate action to recognize the efforts of the employees would be to bestow to their employees ownership of the company they had been instrumental in building. In 2016, CMG announced their transition to becoming a 100% employee-owned company.
Company co-founders, Gary and Scott Woodward, considered several options when thinking about the future of CMG but felt that handing over ownership of the company to the employees through an ESOP was the only option that truly recognized the deep gratitude they felt towards their colleagues for their loyalty and devotion to the company.
Gary Wooward states, “Any business owner closer to the end of his career than the beginning naturally starts to consider the transition that retirement presents and begins planning for succession of the business….Successful companies generally perform at high levels because they have assembled highly qualified teams whose efforts are aligned towards common goals. That has certainly been the case here at CMG and there is no doubt that we could not have succeeded to the level that we have without highly competent people working so diligently and sacrificing so much. For Scott and me, the only choice was to hand over ownership to the group who is so deserving of it. By doing so, we are confident that the foundation is in place for CMG to succeed well into the future.”
Today, CMG operates six locations nationwide and has plans to continue expanding into new markets.