Great Lakes Asset Solutions (GLAS) transitioned to an Employee Stock Ownership Plan (ESOP) structure. This strategic change allows the company to become 100% employee-owned.
“As I looked to transition, I wanted to ensure the employees were taken care of as they are the key to Great Lakes’ success,” Brandon Marvin, former owner and CEO, now chairman of the board of directors of Great Lakes, said. “It was important to me that Great Lakes didn’t get sold to a larger company, where employee security wasn’t guaranteed. I am thankful to our entire staff for everything they’ve done over these past nine years, and this is just one way to show my gratitude.”
“Nothing is changing in our day-to-day operations, but we believe this ownership model will further inspire our employees to work even harder and secure more collateral for our clients,” Anthony Garver, president of Great Lakes, said. “The ESOP aligns everyone’s success with the company’s success.”
The ownership model aims to enhance employee engagement, boost productivity and reinforce the company’s focus on building meaningful, long-term relationships with clients and vendors.
