Wallick Communities Announces Ownership Change
WALLICK COMMUNITIES ANNOUNCES OWNERSHIP CHANGE
Family-Owned Company Transitioning to Employee Stock Ownership Plan (ESOP)
Wallick Communities Co-Owners and Principals Howard Wallick, Julie Wallick and Tom Feusse today announced the company’s ownership transfer to its more than 1,100 associates through an Employee Stock Ownership Plan (ESOP). Wallick is the largest developer, owner and operator of affordable housing in the state of Ohio.
The ESOP is a new retirement benefit. Associates will earn Wallick stock and become part-owners of the company. Wallick’s co-owners considered multiple options for ownership transition while preserving the company’s culture, sense of family and independence. An ESOP helps secure the company’s future and growth while remaining a locally-owned and operated business.
“When Jack Wallick founded the company in 1966, he could not have imagined the company would grow to open doors to homes, opportunity and hope across 200-plus communities in six states, with more than 1,100 associates,” said Wallick CEO Amy Albery. “Moving to employee-ownership preserves Jack’s values and vision for the company, while enabling our associates to benefit from our success. We know that our associates already think and act like owners, putting residents first through genuine care, genuine character and genuine collaboration.”
“Additionally, employee ownership is a significant advantage as we continue to recruit and retain top talent. We believe employee ownership provides an opportunity for associates to benefit directly from the company’s growth and momentum that they are helping to create.”
According to the National Center for Employee Ownership, there are approximately 7,000 ESOP companies in the U.S., and 28 million employees participating in employee ownership plans. Data from the ESOP Center at Kent State University finds there are 286 ESOP companies in Ohio, which ranks the state in the top 10 nationally for the total number of ESOPs.
Wallick Communities (wallick.com) serves the affordable housing and senior living markets and operates five business divisions: Development, Construction, Asset Management, Affordable Housing Operations, and Senior Living Operations. With more than 1,100 associates, the company currently manages more than 200 affordable and senior communities across the Midwest, having developed and built more than 400 communities throughout its history. Wallick is Ohio’s largest developer, owner and operator of affordable housing. For over 55 years, the family business has adhered to its founder Jack Wallick’s ideals of integrity and consistent quality. Led by CEO Amy Albery and guided by its Board of Directors, Wallick is an employee-owned company.