New Book by HB Global CEO Makes the Case for Employee Ownership

In Beyond Your Ownership: How Employee Ownership Can Align Your Purpose, People, and Profit, Bob Whalen, the CEO of ESOP-owned HB Global, and Jamie Dykstra, who helped write the book, draw on the company's remarkable history since becoming ESOP-owned to demonstrate the power of employee ownership. Whalen bought the commercial and residential contractor in 2008 when it had 133 employees. He sold it to an ESOP in 2010 but remains the CEO. The company has grown to 1,700 employees, partly through organic growth, but significantly through an active acquisition program. HB Global has done over 30 acquisitions, a few of which have been funded by its separate business unit, HB Capital, which acts as its own special-purpose private equity firm that buys target firms and ultimately sells them to an independent ESOP or HB Global. 

In the book, Whalen notes that if the company were in the Russell 1,000 between 2010 and 2020, it would have ranked number three in stock growth. He says the goal is for every employee to be able to retire a millionaire. That does not seem unrealistic—employees who have been with the company since the ESOP was set up 14 years ago have a median account balance of $392,000. HB Global's stock price grew 80% in 2024.

The book explains both Whalen’s and HB Global’s ESOP journey. It describes how ESOPs work and the culture of ownership that has helped the company grow. Whalen and Dykstra discuss other ESOP examples and include a number of stories from front-line employees about their experiences at the company. It is a very useful addition to the growing library of books about ESOP companies. Kindle copies are available for only 99 cents on Amazon.