Atlanta Flooring Design Centers Launches ESOP Transfer of Ownership
Suwannee, GA, January 4, 2024-Atlanta Flooring Design Centers is transitioning to an ESOP structure, effective January 2.
The organization was founded by Donny Phillips in 1985, and today is number 24 on Floor Focus’ Top 100 Retail list with an estimated $166 million in annual sales. Frank Winter is a minority owner in the business.
"Frank and I started planning for retirement. We looked at the options for selling, including private equity, and decided an ESOP structure would be best for our employees," says Phillips, "Our employees have been instrumental in getting us to where we are today, and we felt that this is the best reward and incentive program to keep us on our growth trajectory." Employees can be 100% vested after five years.
Phillips, age 64, will remain in the president role for two years and then continue in a minimized capacity for another three.
Read Floor Focus' May 2018 Best Practices on Atlanta Flooring Design Centers.
The business has 15 locations in six states. A current profile of the business can be found here.
Related Topics:Atlanta Flooring Design Center