Salem proudly celebrates 25 years as an award-winning employee-owned business!

Salem has had an award-winning history since becoming an ESOP in 2000.  We take a closer look at that history and explain what employee-ownership means as a business model.

History

• 2000: Salem launched its ESOP (employee stock ownership plan).
• 2002: 30% of company stock was purchased from then owner, Bob Long.
• 2005: The ESOP purchased the remaining stock, making Salem 100% employee owned. Salem becomes a member of The ESOP Association.
• 2018: Salem becomes a founding member of Certified EO.
• 2025: Salem and its employee-owners celebrate 25 years as an often-recognized ESOP *.

* — The ESOP Association’s Carolinas Chapter awarded Salem “Company of the Year” in 2007, 2012, 2013, 2016 and 2019; the Annual Awards for Communications Excellence (AACE) in 2018. Awarded by the NCEOC as “Employee-Owned Company of the Year” in 2024. Several employees have won the individual “Chapter Employee of the Year” awards.

What's an ESOP?

According to Investopedia, it is “an employee benefit plan that gives workers ownership interest in the company in the form of shares of stock.”  It’s considered a qualified retirement plan by the Internal Revenue Service and offers several advantages to both the company and employee.

How many businesses have employee-ownership options?

As of 2022, there over 6,500 publicly and privately held companies with ESOPs in the United States.

In North Carolina, where Salem is based, there are 188 businesses that implement some form of employee ownership model.

How can I learn more about employee ownership?

Salem is big on ESOP advocacy.  Please reach out if you would like more information; we are happy to discuss our experience with you.  Additionally, below are links to national and regional organizations dedicated to the subject:

The ESOP Association — esopassociation.org
National Center for Employee Ownership — nceo.org
Certified EO — certifiedeo.com
North Carolina Employee Ownership Center — nceoc.org
 

Sources:
https://www.nceo.org/research/employee-ownership-by-the-numbers
https://nceoc.org/companies/
https://www.certifiedeo.com/companies
https://www.investopedia.com/terms/e/esop.asp