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Philadelphia-based brokerage The Graham Company said last week that it has become a 100% employee-owned company through an Employee Stock Ownership Plan Trust.
The previously family-owned brokerage, which ranks as the 64th largest brokerage of U.S. business in Business Insurance’s most recent ranking, said in a statement that it will continue to operate under the same business model and management structure.
“By making the transition to an employee-owned organization, we are grateful to be rewarding our employees for their countless contributions to clients’ successes, while empowering them to play an integral role in our shared future,” Bill Graham, Chairman and CEO of the brokerage, said in a statement.
Mr. Graham said in a recent interview with the Philadelphia Inquirer that he had been offered up to $230 million to sell the business, but a buyer would likely lay off staff to increase profits.
The brokerage was founded in 1950, the statement said, and Mr. Graham grew the firm from six employees with revenues of $300,000 to a team of more than 180 employees with more than $50 million in revenues.