VGM Group to Transition to Employee Ownership
The VGM Group will begin a long-term transition that will eventually transfer ownership of the DME member service organization to its employees.
The announcement came during an employee stock option program (ESOP) meeting on Feb. 2, when CEO and Founder Van G. Miller told his staff, "We're only here because of one reason -- you people. Why shouldn't you own the company?"
The ESOP will create a transition program that will enable VGM employees to "accumulate ownership in the company over time," according to a news release, which added that Miller and minority stockholders Jim Walsh and John Deery would be selling the company to some 400-plus employees.
VGM management will remain in place, with Miller and Walsh said to have no plans to retire soon. The ownership transition, VGM says, will take a few decades, and no change in day-to-day operations will take place. VGM is based in Waterloo, Iowa, and offers various member services, including education and training, to DME suppliers.