NRCA member Korellis Roofing, Hammond, Ind., has transitioned from being family-owned to being employee-owned as part of a succession plan that was developed during the past year, according to nwitimes.com.
The Korellis family has owned the company, which is one of the largest roofing contractors in Northwest Indiana, since 1960 but decided to sell the company to about 30 employees through an Employee Stock Ownership Plan (ESOP).
"We are excited to share the success of Korellis Roofing and to reward our employees for helping us get into the forefront of the roofing industry," says Korellis Roofing President and CEO Pete Korellis. "Korellis Roofing is now owned by its employees. It will be difficult to ever sell to an 'outsider.'"
About 120 workers in field crews are excluded because they already have pensions negotiated by their unions.
A growing number of Northwest Indiana employers have become employee-owned. Family-owned businesses often pursue ESOPs when there is not a family successor to take over the business.
Korellis Roofing is now 100 percent employee-owned with no changes in management or senior leadership. Korellis intends to stay on as president and CEO for at least three more years but no more than five years.
"Korellis Roofing's culture is much like a family—a high-performance family," Korellis says. "I think my father, George Korellis, would be very proud that the foundation he built is now affording this great career opportunity for many deserving employees."