From its inception, ReVision Energy has been a mission-driven, values-oriented company that built care of employees, clients, the broader community, and the natural environment into the operating system of the company. This set of practices was formally recognized in 2015 when ReVision Energy became a certified B-Corp, joining the ranks of Ben & Jerry’s Ice Cream, King Arthur Flour, and Patagonia, who all share in common a ‘triple bottom line’ business philosophy of People, Planet and Profits.
ReVision’s original co-founders saw employee ownership as the next step to fully realizing a more equitable way to run a business. Employee ownership allows every person who works at the company to operate with an “owner” mindset and to receive the benefit of equity built over time.
“We are investing the future of our company in the exceptional people who have worked hard all these years to build ReVision Energy into one of the best solar companies in the world,” said co-founder Phil Coupe. “Converting to 100% ESOP means that every employee can financially benefit from the success of the business as we continue our mission to transition New England from a fossil fuel based economy to a sustainable, renewable energy based economy,” noted Coupe, who has spent a 25-year career focused on socially responsible business practices. “We believe this is the best future we can create for all our employees and for our commitment to sustainable energy.”
How ESOP Works
ReVision’s four partners chose the ESOP option after a rigorous three-year exploration of various strategies to ensure ReVision Energy’s long-term economic and environmental sustainability.
In an ESOP, a trust is established on behalf of the employee-owners. The trust’s primary responsibility is to manage shares of the company on behalf of the employee-owners. There are different ways that ESOP companies structure the generation and allocation on shares; in ReVision’s case we’ve established a 40-year timeframe and allocate all shares in the company, over time, to the employee owners (hence being 100% employee-owned).
These shares gain value as the company’s value increases, and when the employee-owner leaves the company, the company pays fair market value for their shares. This generates value to the employee (typically this payout is done when an employee retires) and then returns the shares back to the company for future investment in employee-owners.
More about how ESOP works: https://www.nceo.org/articles/esop-employee-stock-ownership-plan
According to the ESOP Association, 84% of companies that convert to ESOP report higher levels of employee motivation and productivity. This overwhelmingly positive effect on the company creates broad-based ownership among all employees and fosters an environment in which everyone understands his or her role in helping the company achieve its triple bottom line. Research has proven that employee ownership builds successful, competitive companies and creates equitable wealth for employees. It has been shown that ESOP companies pay better benefits, have twice the retirement income for employees and pay higher wages than non-ESOP companies.
ReVision joins a growing list of successful and innovative businesses, across industries and sectors, that recognizes and captures both the social and the economic rewards of fair practices and commitment to long term sustainability. ReVision is proud to achieve both 100% ESOP ownership and B-corp status, positioning itself for a lasting and influential role in New England’s energy future.