Just months before its 100th anniversary, DWF Wholesale Florists announced Aug. 1 its move from a stockholder-owned company to an Employee Stock Ownership Plan (ESOP) firm.

Ken Tagawa, chairman of DWF Wholesale Florists, says it is time for the company to "enter a new era" and that the ESOP structure offers "significant benefits" to employees.

DWF began as a partnership of growers in 1909 and now has full service wholesale branch locations in 15 cities, spanning from Seattle-Tacoma to Norfolk, Va.

An ESOP is an employee benefit plan which makes employees owners of stock in that company. Each year, the company makes contributions to the ESOP on behalf of the employees. The contributions will be invested in DWF stock and allocated to an account in the employee's name. Tagawa says the company leadership will stay in place.

Dave Gaul, DWF's vice president and national marketing director, says the board "felt a measure of sadness" in its decision to change the company's long tradition of stockholder ownership, but they're pleased that the future positioning of the company will reward employees who contribute to the company's success.

"The directors are giving the company to its employees, and that's a tremendous move on their part," adds Dave Lisowski, DWF president.

--Kate F. Penn
kpenn@safnow.org

 

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