LA CROSSE, Wis. (WXOW) - Congressman Ron Kind praised a La Crosse company that offers its employees a financial stake in the company Thursday.
WA Roosevelt is a distributor of plumbing and other equipment and is known as an ESOP company, short for employee stock ownership plan.
WA Roosevelt has had an ESOP for 2 years, with all 70 employees as shareholders.
The company's Vice President and Regional Manager says when the company makes a big profit the employees get a share.
Employee Byron Lincoln has worked for WA Roosevelt for 17 years and knows first hand the benefit of owning a stock in the company he works for.
Lincoln says it motivates him to work harder.
Rep. Kind says employees know that their future financial success is directly tied in to where they're working with the ESOP.
The employees share of the company is calculated by how much value the company gains each year.
When an employee leaves the company or retires, that's when they can access their ownership stake.
In Wisconsin, there are about 200 companies that offer a stock ownership plan.
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