Guitar manufacturer Taylor Guitars is now 100% employee-owned following the introduction of its employee stock ownership plan (Esop).
More than 750 employees will be able to control shares within the business. Its new ownership structure will support the continued established leadership, enabling the organisation to remain independent and preserve culture.
The news was communicated to staff on an organisation-wide gathering in a pre-recorded video that co-founders Bob Taylor and Kurt Listug shared on 11 January 2021.
Taylor said: “It is a huge day in the history of Taylor Guitars. A day that Kurt and I have been thinking about and planning for a long time.”
Listug explained that the company’s growth had been because of its workforce and said it now needed to look beyond its founders.
He added: “Who will be the best people to guide it forward into the future? Who will keep our organisation true to our values and maintain the culture we love? While Bob and I still have many good years left to dedicate, we wanted to make sure we put the organisation in the best possible position for future success, to give it the best chance to be around for the next 100 or maybe even 200 years.
“We are thrilled that we get to share this with employees, and that we get to continue to work together just like we have been doing.”