Taylor Guitars – celebrated manufacturer of some of the best acoustic guitars of the modern age – has announced that it has transferred ownership of the company to its employees via a newly formed ESOP.
An ESOP – Employee Stock Ownership Plan – is an ownership structure through which the company's independence, values, culture and employees are protected, and its commitment to providing the best quality guitars is maintained.
The transition sees Taylor employees receive a retirement benefit linked to Taylor Guitars' future equity value, and places the revered guitar manufacturer on a long list of ESOP success stories.
Of the news, co-founder and President of Taylor guitars Bob Taylor said, "We have delighted in giving people the joy of music and hope to do so for generations to come. Becoming 100% ESOP allows us to ensure our independence for the long-term future and continue to realize our vision for the company as an innovative guitar manufacturer.
As well as viewing the transition as a move to preserve the longevity of the company, co-founder and CEO Kurt Listug also sees it as an opportunity to provide a valuable financial benefit for the people who have contributed to its success over the years.
Although on paper it sounds like a major shake-up, the reality is not much will change. Instead, Bob Taylor, Kurt Listug, Andy Powers and other members of the Taylor leadership team will remain onboard, with no changes being made to the management structure, operation policies or practices.
Taylor Guitars vows to serve its customers, suppliers and broader community with the same passion and innovation it has shown throughout the years.
For more information, head over to Taylor Guitars.