Litehouse Sees Success Through ESOP
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While there aren't any real needs for lighthouses in Idaho, Litehouse Inc., a popular salad dressing, dips, cheese, herbs and apple cider brand, finds its headquarters there and its business is truly thriving. Due in part to an excellent product line that appeals to a wide demographic, including millenials that seek natural foods, one other major element of its success can be attributed to the company's decision to move to an Employee Owned Stock Ownership Program or ESOP. Instead of selling, Litehouse Inc. owners sold 30 percent of the company to Litehouse employees in 2006. In December of 2014, the remainder of the company was sold to employees through the same ESOP program. Under the ESOP, Litehouse workers are awarded shares as the company gains in size The employees can then sell back the shares they own upon retirement. On an annual basis the company is appraised to set the share value.The head of Litehouse, Inc., Jim Frank, said the Sandpoint, Idaho-based company saw an increase in net sales in 2017 of 18% (from 2016) and an approximate 15% increase in share price during the same period. Mr. Frank believes this is largely due to the company's ESOP program. Company morale has also been up consistently, and turnover has been down. “The culture that’s created from that is one of, ‘If I’ve got skin in the game, I’m going to be more energetic every day and do a better job,’ ” Frank said, “As we all would if it’s something we own.” [su_quote]The culture that’s created from that (ESOP) is one of, ‘If I’ve got skin in the game, I’m going to be more energetic every day and do a better job,’ as we all would if it’s something we own. - Jim Frank, Head of Litehouse, Inc.[/su_quote]Read more about this ESOP success story covering one of Portco Packaging's most important partners.
Great Litehouse Links
You've probably seen Litehouse brand products at your local supermarket. That said, maybe you've not yet become a customer? And even if you have, perhaps you weren't aware of the vast number of products this great company has developed and honed to perfection over the years. Well, look no further. The below links will get you where you need to be! Enjoy!Main Website of LitehouseLitehouse Food ProductsGreat Recipes Using Litehouse ProductsThe Litehouse BlogWhere to Buy Lithouse Foods