Clients in the News: Carris Reels, Inc.

May 29, 2019

Back in the early 1990s, when Bill Carris started working on the ESOP, there weren’t many specialists in Vermont to help structure the company; Bill Carris had to work with law firms in the Midwest, Ferraro said. Nowadays, ESOPs are much more common; Vermont has at least 40 of them, according to the nonprofit Vermont Employee Ownership Center. They include Gardener’s Supply Co. in Burlington, King Arthur Flour in Norwich and Chroma in Bellows Falls.

“He was all too familiar with the fact that capitalism can be weighted toward the higher-income people,” David Ferraro, CEO, said. “He made sure that as we came up with a way to divide up our company, the guys on the floor had as many shares as the senior management team.”

Read about their employee ownership model here