Vermont Business Magazine Heritage Aviation, based at Burlington International Airport, announced today the transition of the company’s ownership to its employees via the formation of an Employee Stock Ownership Plan (ESOP). An ESOP allows employees to earn stock and share in company profits. Company owner Robert Stiller had long expressed a vision that, one day, Heritage Aviation would be employee-owned as a way to reward employees for their years of service and to ensure that the business would stay in the area.
Heritage founder Robert Stiller said, “I have seen that employees get more motivated when they have an ownership interest in the business. They can make more money than just working for the business because they get not only their wages, but also a part of the growth of equity. They also become more engaged. So, philosophically, I am very inclined to sell to the ESOP because of what it can do for the business and also because of what it can do for the people.”
“It’s wonderful that Heritage Aviation has been sold to the employees,” says Heather Jean, Director of Human Resources. “It’s exciting to know that our employees have a real stake in the company and can benefit financially based upon the company’s success. It’s a great incentive for us to do our best work each and every day and to ensure that our customers are happy.”
The existing management team will remain in place, and the company is committed to remaining in Vermont, where it will continue as one of the leading aviation employers.
Heritage Aviation joins a growing list of 100% employee-owned businesses in Vermont such as Gardener’s Supply, King Arthur Flour, Carris Reels, and PC Construction.
Heritage Aviation is a Burlington-based diversified aviation services company that provides aircraft maintenance, avionics and FBO (fixed base operator) services. FBO services include 24/7 ground handling, fueling, deicing, and related aircraft support capabilities.
Burlington, Vermont (January 5, 2016) — Heritage Aviation