New Law Allows Redmond Business to Transition to Employee Ownership | Breaking News

Nussbaum Group, a Redmond-based landscape construction and maintenance company, has made a significant move towards employee ownership by transitioning to a 100% employee stock ownership plan (ESOP). This transition marks the first ESOP in the state this year under the new state law, Senate Bill 5096, which aims to promote employee ownership.

The founder and CEO of Nussbaum Group, Dale Nussbaum, expressed his vision of creating a culture of ownership, improvement, and empowerment within the company. He believes that employee ownership will institutionalize the company’s values and empower employees to contribute even more to its growth and long-term success.

Nussbaum Group hopes that their transition to employee ownership will set an example for other businesses looking to prioritize the greater good. By allowing the employees who construct and maintain exceptional landscapes to own the company, Nussbaum Group is reinforcing the trust and reputation they have built with their clients.

Senator Mike Padden, who introduced the bill, emphasized the benefits of employee ownership for both employees and society as a whole. Studies have shown that happier employees are more likely to stay in their jobs longer and retire in a better financial position. Additionally, companies with employee ownership structures are more likely to remain in the local area, benefiting the community.

The new law not only encourages employee ownership but also provides support and services for businesses considering such structures. It establishes the Washington Employee Ownership Program and offers a business-and-occupation tax credit for businesses transitioning to an employee ownership model. Nussbaum Group’s move to employee ownership is a significant step towards creating a more inclusive and sustainable business environment in Washington.