Appleton, Wis.-based Boldt Co. will transition from a family-owned business to employee ownership over the next five years. Within five years, the Boldt family's stake in the company will fall to 30% with the management team owning 25% and the company's employees owning 45%.
The phase-in approach is meant to prevent company employees from taking on debt to buy their stakes in the company. Details of the employee stock ownership plan and the management stock ownership plan haven't been finalized yet.
If Boldt continues its steady growth of at a least 10% a year it could reach $1 billion in sales in 2016 making it one of the largest employee-owned companies in the state of Wisconsin.
