Vermont Employee Ownership Center

Vermont Employee
Ownership Center

286 College Street
P.O. Box 546
Burlington, VT 05402
Tel: 802-321-8362
Email: info@veoc.org

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Special Thanks

We would like to express our gratitude to Senators Patrick Leahy and Bernie Sanders, whose long-term support has been critical to our success.

Adworkshop Initiates Employee Stock Ownership Plan

LAKE PLACID, NY Oct. 1, 2009 - Adworkshop, the North Country's largest, full-service marketing communications company, announces the formation of an Employee Stock Ownership Plan (ESOP) for its employees. Adéle and Tom Connors retain their positions as Principals.

In a move rare for the North Country and the Adirondacks, employees now own 33 percent of the company. The announcement comes in October in celebration of National Employee Ownership Month. The Adworkshop ESOP program involves the selling of 33 percent of the company, via shares of stock, to its employees as part of their retirement benefits. The ESOP was established July 2, 2007 and became effective April 29, 2009.

"One of the unique benefits of an ESOP is that it allows employees to participate and share in the agency's growth and success," states General Manager, Darcy Norfolk. "This will assist us in attracting and retaining the best marketing professionals in the area."

Another important benefit resulting from the ESOP is that it sets up a succession plan for the agency. In instances when businesses are purchased in Upstate New York, they are often closed, and staff relocated out of the area. Tom and Adéle wanted to avoid that possibility and help secure a future for Adworkshop and its employees.

When they started the company in the 1970s, they operated out of a tiny office in an old converted building, and Fischer Skis was among the agency's very first clients. The first assignment: after each ski event in the 1980 Olympic Winter Games, they were to print the name and nationality of the Fischer champion athletes on thousands of posters and distribute them to ski shops throughout America. Since then, Adworkshop has grown to become one of the largest full-service advertising and public relations firms between the Albany Capitol District and the Canadian border.

"We feel very fortunate that we have maintained this business over the last 32 years," states Tom Connors. "Employees now have even more incentive to excel in their jobs because they are also working to provide for their own financial security."

"Among our proudest accomplishments is the acquisition of clients throughout the northeast and the creation of jobs in the North Country," adds Adéle Connors. "With a current staff of more than 30, we would like to see the company continue to grow for years to come."