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W W W. M A I N E B I Z . B I Z 5 O C T O B E R 2 0 , 2 0 2 5 Maine trends Some of Maine's best-known names in construction and man- ufacturing are ESOPs, including Cianbro, Sargent Corp., Reed & Reed, Haley Ward, Zachau Con- struction, Landry/French Construc- tion, Knickerbocker Group, J.S. McCarthy Packaging and Printing, Woodex MECO Industries and Lie- Nielsen Toolworks. Construction and manufactur- ing make up the bulk of Maine's ESOP community, which mirrors the national trend. Why is that? Laura Pfeiffenberger, senior vice president and ESOP client advi- sor at Portland-based Spinnaker Trust, says historically companies in construction and manufacturing industries have been family-owned and passed down from generation to generation, but that's changing. ESOPs as a succession tool Smaller companies that have been led by the founder or a family mem- ber often find the next generation is not there to take over. "It is getting hard to find that next generation that wants to stay in that line of work, much less assume all the financial responsi- bility of a sometimes significantly larger company that has grown since their grandparents started it," Pfeiffenberger said. ESOP as a retention tool ESOPs can be particularly ben- eficial in construction and manu- facturing industries, which tend to have high rates of employee turnover. Research shows that ESOPs boost employee retention rates. Once a company adopts an ESOP structure, "young and old employees quickly learn that commitment and tenure pay divi- dends," Pfeiffenberger said. "If employees are staying longer, that means management can focus on running and growing operations, rather than having to think about replacements, so it turns out to be a mutually-beneficial decision." Listening first, helping always — powered by employee ownership. An ESOP working with ESOPs since 1989 Wealth Management Business Insurance Personal Insurance Employee Benefits Offices in Belfast, Camden, Rockland, Southwest Harbor and Waterville AllenIF.com (800) 439-4311 Allen Financial, 31 Chestnut St., Camden, ME 04843. (207) 236-8376. Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA, SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network. 2025 Best Places to Work in ME, created by the Maine State Council of the Society for Human Resource Management, the Best Companies Group, and BridgeTower Media. 2025 Award was presented on 8/7/2025 based on an evaluation of each nominee's workplace policies, practices, demographics, and an employee survey and is not specific to financial services and does not imply an endorsement, recommendation, or reflect the performance of the advisor. Visit www.bestcompaniesgroup.com/best-places-to-work-in-maine for more information. ESOPS BY THE NUMBERS ESOPs in Maine: 95 Employees Maine ESOPs: 10,303 ESOPs in the U.S.: 6,300 Employees at U.S. ESOPs: 14.9 million (of which 10.8 million are active employees) U.S. ESOPs with fewer than 100 employees: 3,407 Active participants at U.S. ESOPs with fewer than 100 employees: 113,296 TAKE THAT TO THE BANK ESOPs paid out over $156 billion to participants in 2022 ESOPs PER INDUSTRY 1. Manufacturing: 21% 2. Professional, science, technical services: 19% 3. Construction: 16% 4. Finance/insurance/real estate: 14% 5. Wholesale trade: 9% Employee stock ownership plans, or ESOPs, have become a growing trend not only in Maine but nationwide as well. Here are some interesting facts and trends. S O U R C E S : National Center for Employee Ownership, Spinnaker Trust, Broadreach Public Relations ESOPs at a glance

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