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w w w . i n s i g h t o n b u s i n e s s . c o m D e c e m b e r 2 0 15 • I NSIGH T | 41 "The organizational changes we're about to set up are to add responsibility to existing executives to prepare them for future leadership as this company continues to grow. – B o b D e K o c h , c h i e f o p e r a t i n g o f f i c e r, T h e B o l d t C o m p a n y that we had really considered because there was a lack of connection with us." When the ESOP idea was sent up the flagpole, they considered the pluses and minuses. "We've studied ESOPs pretty heavily before we made this decision and there are three major reasons why they fail," says DeKoch. "One is they take on too much debt. e Boldt Co. doesn't have any debt and this plan is not going to require us to take on any debt. e second reason is they don't have good management succession. We've been working on that for a long time and continue to work on that. "e third reason they fail is that employees are asked to put in their own money. Employees are not putting their own money in the Boldt plan. e benefit will be paid out of company earnings and will not touch 401k plans. We're very fortunate that our current owners are able and willing to take their money out of the company over a number of years." As a family-owned company, Boldt has a history of sharing financial information with its employees, which has helped make the transition to employee-ownership smooth, Tom Boldt says. "e sharing of information and being very focused on our employees' Our trusted preventative maintenance program assures your large HVAC investments are maintained appropriately and running at peak energy efficiency, so you (and your building) can breathe easy. 920 . 498 . 0400 www.tweetgarot.com Partnerships. Performance. Possibilities. Dedicated to your building's long life. IT ' S ABOUT BECAUSE YOU HAVE IDEAS, PLANS AND GOALS FOR YOUR BUSINESS. LISTENING ©2015 AnchorBank, fsb. AnchorBank is a service mark of Anchor BanCorp Wisconsin Inc. EQUAL HOUSING LENDER You never stop thinking about your business. Neither do we. Our Commercial Bankers are always at-the-ready with Commercial Real Estate and Commercial Banking expertise and support tools to keep your business on track. Plus, our Commercial bankers are based where your business is—right here in Wisconsin—and have been for more than 95 years. Success begins with a conversation. Let's talk. Call 920-997-3935. careers and caring for our employees we think carries over nicely in the ESOP plan," Tom Boldt says. e company culture at Boldt is what led them to decide employee ownership would be the best succession plan, DeKoch says. "Our values are the basis of everything — the culture, which is really about our people, our customers and the communities that we serve," he says. "ose are the priorities. Our owners take a long-term view, which means they're interested in profits but not interested in short-term profits to stand in the way of opportunities to do well for our customers and our people for the long term." Oscar Boldt is pleased they will be not only empowering employees as employee-owners, but preparing the next tier of leaders to take on more responsibility. "ere are people in the company ready for new opportunities and that's what's going to come soon."