Posted January 12, 2022 by hughstonhomes
After nearly half a century of significant expansion and growth, Hughston Homes embarks on its next chapter.
Hughston Homes is pleased to announce it has completed a transaction to become 100% employee-owned through its newly formed Employee Stock Ownership Plan (ESOP). The Company was founded in 1972 in Columbus, Georgia by Mr. Edgar Hughston and is a leading new home builder in prime locations across Georgia and Alabama.
On September 30th, the ESOP transaction was finalized, but on November 2nd, 2021 - the secret news was announced to Hughston’s employees by President Richie Eubanks at their monthly corporate meeting. Eubanks began by asking what commonality Hughston Homes had with Publix, joking that it wasn’t just the shared brand color “green” before revealing that the employees were now the owners.
“Since Hughston Homes’ formation in 1972, the company’s philosophy has been to empower its employees to treat the company as if it were their personal franchise, to build the best possible home, and to provide a first-class homeownership experience to our Hughston Homes Family. I am extremely pleased that after nearly half a century, Edgar’s passionate work has turned his dream into a reality. Our hard-working employees now have an opportunity to accumulate financial well-being not only through compensation but now through our ESOP as well. Equally, our buyers can now have an increased level of assurance that Hughston homes will be here for their new home needs well into the future. Congratulations to all!” said Eubanks.
Jack Hughston, son of Mr. Edgar and key contributor to Hughston Homes’ successes, stood proudly next to his father Edgar while speaking to the surprised employees after the announcement.
“We have a bunch of great people with great talent. We worked really hard to find an option that would allow us to keep our company how it is AND take it to the next level,” said Jack.
“To have this take place is unbelievable…for you all to be able to own it and I still get to work here! Please don’t fire me…” laughed Edgar. “I didn’t want to sell Hughston Homes to another builder and have them change the name, or quality of home, or anything like that. This is great for all of you.”
Hughston Homes was advised by Steve James, President and CEO of SCJ Fiduciary Services who specializes in employee-ownership transactions. Appointed trustee to the newly created ESOP, James’ goal is to secure a sustainable future for Hughston Homes in a manner that is highly beneficial to its employees while allowing room for excelling even faster. “This is worth celebrating. With a strong and unique company like Hughston Homes, employee ownership is a true win/win transaction for all parties involved. I am super excited to be part of Hughston Homes’ future growth,” said Steve.
|Contact Email||[email protected]|
|Issued By||Hughston Homes Builders|
|Website||Hughston Homes Website|
|Business Address||8219 N. Crossing Court Fortson, Ga 31808
|Categories||Business , Construction , Real Estate|
|Tags||ESOP , home builder , new home construction , business , Hughston Homes , Georgia , Alabama , Real estate|
|Last Updated||January 12, 2022|