South Windsor, CT – Flow Tech, Inc., a full-service HVAC manufacturer’s representative for applied and engineered products and systems, announced today that it has become a 100% employee owned corporation, also known as an Employee Stock Ownership Plan (ESOP).
An ESOP is a benefit plan that allows employees to have an ownership stake in their company. This ownership ensures that everyone who contributes to the success of the company shares in the reward through earned stock in the firm. The ESOP serves as a long-term retirement benefit for all employees as owners.
In conjunction with becoming 100% employee owned, Flow Tech is happy to announce that as of October 1, 2021, Michael O. Davis, PE will lead the company as President. Richard R. Harper will remain with Flow Tech as President Emeritus while Davis takes on the day-to-day management of the firm.
It is this leadership transition that inspired Flow Tech to become employee owned. Harper and Davis began exploring succession options and were drawn to an ESOP. “Employee ownership closes the loop between employees and owners, creating a powerful dynamic that benefits our people, our customers, and our community.” said Davis. “We’re big believers in the employee-owned model and it will only enhance our ability to provide exceptional service to our customers and industry friends.”
Flow Tech, Inc. was assisted in this process by Spinnaker Trust, Empire Valuation Consultants, Maselan & Jones, P.C., Devine Millimet and Acclaro Valuation Advisors.
About Flow Tech, Inc.
The mission of Flow Tech, Inc. is to help people connect to the built environment by sustainably improving comfort and safety of facilities. They offer competitive, energy-efficient and quality-focused, HVAC products, systems and services. They excel in large commercial and institutional type markets including healthcare, higher education, K-12 schools, pharmaceutical, office buildings and water/wastewater. Flow Tech differentiates themselves by solving their customers’ unmet and unarticulated needs, providing exceptional service and fostering creative and innovative solutions.
Nichole joined Flow Tech in 2013 as Director of Marketing. She leads our marketing communication initiatives including content marketing development, coordinating events and training, maintaining our digital presence and recruiting, as well as, some business development and office support. Nichole resides in Vernon with her husband Brian and two sons. She enjoys hosting parties, cooking and lounging on the beach.