ASB Reports Strong Growth, Adopts Needy Families
American Solutions for Business (ASB), Glenwood, Minn., recently completed its fifth year as an employee-owned company and reported a 19.35 percent growth in the company's share value to its employee-owners. ASB has seen substantial increases in share value each year since the
establishment of the ESOP (Employee Stock Ownership Plan) in 2000.
Craig McLain, COO, said, "Fiscal year 2004/2005 was a very good year for us. Our ESOP share price increased more than 19 percent over the previous year continuing, a five-year trend of double-digit growth in share value. This year's growth was fueled in part by American's merger with Health Print, a healthcare-focused distributorship based in Texas. And last year's endorsement by Novation continues to drive our profitability."
Now in its twenty-fifth year, ASB became an employee-owned company when founder and president, Larry Zavadil made the decision to place the corporation into an ESOP. Under the plan, which is non-contributory, shares in the corporation are purchased annually with corporate profits and are distributed to qualifying sales associates and employees. The move to an ESOP has empowered employee-owners to make decisions that benefit the company.
In other company news, sales associates and employees raised $5,000 to support needy families in the West Central region of Minnesota this Christmas in lieu of purchasing a gift for company president, Larry Zavadil.
One of the company's core values is community stewardship, which encourages employees to participate in and support local projects in order to improve the areas in which they live. "Our culture is one of sharing and giving back to our communities," said Sam Triplett, director of human
resources. "So, the Adopt-a-Family project is a natural for us."
A committee of eleven corporate volunteers headed the fundraising effort, which included contests, challenges and pledges. Several employees from the corporate office in Glenwood operated a hot dog stand at a local grocery store and donated the proceeds to the project.