TiER1 Celebrates Ownership
Four reasons why an ESOP is the best next step
and why we’re celebrating.
by Allie DeCraene
Over the past three weeks, TiER1 celebrated the transition of ownership from our three founders—Greg Harmeyer, Kevin Moore, Norm Desmarais—to 149 employees through an Employee Stock Ownership Plan (ESOP). Shareholder Ceremonies in our four largest markets—Cincinnati, Denver, Chicago, and Pittsburgh included dinner, drinks, speeches, and the presentation of stakeholder certificates to each owner.
What does this mean for employees? The ESOP directly benefits every employee through annual contributions to a qualified retirement trust. As shareholders in the company, TiER1 employees can now directly benefit from future financial growth.
What does this mean for clients? It means that every TiER1er is financially invested in adding value and positively impacting every engagement and partnership we undertake.
“It’s a privilege to be a part of something that is bigger than you,” shares Managing Director, Kerry Headley. “To be part of and now partly own a company that significantly and positively impacts people at so many large organizations is a pretty great feeling.”
Participating in the ESOP is an idea that took over two years to come to fruition. At the Shareholder ceremonies, Greg spoke to why he, Kevin, and Norm decided to pursue an ESOP and the tremendous opportunity it brings to TiER1ers. The four key points he outlined are:
1. As an owner, we have a voice.
Yes, we still have a board. Yes, we still have a CEO. Yet now, TiER1 is owned by employees as well. That’s a big deal. As individuals, we have the power to influence our company; to shape what we are and what we will be; to conserve, and also to grow; to strengthen our culture; and to adapt a mindset of ownership to all that we do.
2. As an owner, we have partners.
We have friends: people who are committed to the same ideals and principles, who have our back, who follow the same purpose, who create the same culture, and who have a deep respect for each other. We recognize people are flawed and we accept our differences and weaknesses, because we champion our strengths instead.
3. As an owner, there’s a financial upside.
Potentially. There is a realistic chance this stock could be worth nothing—or, we could all retire as millionaires. (Some liberties may have been taken with those numbers.) The point is that, financially, we are all a part of this. Together, we have the capacity to make this worth something or worth nothing at all. That’s a challenging, exciting opportunity.
4. As an owner, we have tremendous responsibility.
Owning a company doesn’t mean working for yourself. It means working for everybody—for every customer, every TiER1 employee, every client, every community, your family, and every person you unknowingly impact. We have a tremendous responsibility to the people around us, to our culture, to the stewardship of our culture, to future employees, and to our success, financial or otherwise.
“The purpose of TiER1 is to help people do their best work,” Greg says. “The ESOP has always been about having an ownership mindset and owning a culture that has an impact on each other and believes in high-performing people. It is an opportunity that affords our consultants to realize their potential while also providing them with a long-term reward for helping our clients and communities perform at their best.”
At TiER1, we take this responsibility and opportunity seriously. We are grateful to every client, connection, friend, and supporter who has been and continues to be a part of this journey. In addition to celebrating our transition as owners, we celebrate you and the pivotal role you play in helping us improve the performance of organizations through the performance of people to build a better world.
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