SPS is 100% Employee Owned
Build wealth and opportunities for retirement by owning company shares
What is an ESOP?
An ESOP is an employee ownership structure that works similarly to a 401k, meaning it is a qualified retirement plan. Employees are given ownership over the company’s stock and more shares continue to be distributed to employees over time. If you work for an employee-owned company with an ESOP, you have your own account that holds your shares in the company.
Becoming fully vested (gaining full ownership of your shares) typically takes a few years, which can encourage employees to stay at employee-owned companies for the long-term.
An ESOP is a retirement plan that, like a profit-sharing plan, allows employee participants to share in the company’s success.
Who is eligible?
Any full-time employee not covered by a Collective Bargaining Agreement.
SPS New England:
Empowering Employees Through ESOP
At SPS New England, we believe that out employees are our most valuable asset. That’s why we offer an Employee Stock Ownership Plan (ESOP) that makes our employees owners of the company.
The Passing of the Torch:
A Letter from Our Founders
When we started SPS in 1984, we never imagined the level of success that would come to be achieved 40 years later. As a family business, we have tried to include every one of our employees in our extended family, and they have responded by making SPS one of the largest and most highly respected road and bridge contractors in New England.
However, history has shown that family businesses rarely stand the test of time, with less than 10 percent making it past the second generation and a dismal 2 percent making it past the third.
What we have built is more than a family legacy, it is a living, breathing being in and of itself. It is the sum of the collective efforts of every employee whose blood, sweat and tears have gone into building what we see today.
It is for this reason that we have chosen to bring SPS back to the people who embody it every day and will continue to do so without end.
This will allow SPS to remain New England’s preeminent road and bridge construction company for hundreds of years to come and beyond.
Wayne, Karen & Phil
Company Benefits?
SPS sets high standards and expects a lot from team members, but we also provide each employee with the tools that he or she needs to excel, and opportunities to advance. Career progression can take a variety of different paths depending on the individual. Some of these college graduate career paths include:
Rewards
A sale to an ESOP provides very large benefits to the company’s loyal employees
Job Retention
ESOP-owned companies are much less likely to participate in layoffs, even during recessions, than their peers.
Employee Benefits?
Rewards
A sale to an ESOP provides very large benefits to the company’s loyal employees
Job Retentions
ESOP-owned companies are much less likely to participate in layoffs, even during recessions, than their peers
Flexibility
ESOP transactions permit the owner to sell all or part of the business and, if desired, remain involved in the business following the sale to an ESOP
Tax-Efficiency
There are a variety of tax benefits that can make an ESOP transaction economically valuable to the former owner, the company and the employees
Cashflow
ESOP-owned companies tend to produce more free cash flows and default less than their peers
In addition to these ESOP benefits, SPS offers employees competitive compensation and benefits packages, a collaborative work environment, and opportunities for professional growth within our expanding organization.
Top 5 Reasons to Work for an ESOP
#1
Gain Personal Wealth over time
#2
Coworkers are highly engaged
#3
Boost Employee Retention and recruiting
#4
Get the best by offering the best
#5
Promotes leadership and empowerment
What Our Employees Say
Troy Thirkell
Field Engineer
The SPS Team is kind of like a family in my opinion. Very friendly, very hands on. As a field engineer with other companies I didn’t really feel like I was as involved with the project. SPS’s upper management really let me get a feel for the in’s and out’s of the project and I grew as a field engineer that way.
Zachary Beeley
Assistant Project Manager
Within project teams SPS is one of the most collaborative, team-oriented environments I have ever been a part of. You’ll get to know your project manager just as much as you’ll get to know the laborers that you have working on site and everyone has something to offer. Everyone has something to teach you and the more that you’re able to take in that information and use it in the future, the more successful you’ll be.
Erica Hart
Assistant Project Manager
At SPS I think you have a great opportunity to move up in management. It’s a growing company and we work on some really exciting jobs.
Craig Lees
Superintendent
With the company going to an ESOP it’s a pretty exciting time. It’s a benefit that you don’t typically see with a lot of other contractors.
100% of SPS stock is owned by our employees. Employee-owners pay $0 to join the SPS ESOP Plan.