BRUNSWICK, Maine — Sam's Italian Foods, a popular sandwich and pizza shop in southern and central Maine, is the latest business in the state to move toward employee ownership.
Earlier this year, Sam's was purchased by the national company Teamshares, which works to support businesses as they transition toward employee ownership. According to John Boyan, the new president of Sam's, the company is 15 percent employee owned. Boyan said that will only continue to grow.
"Sam's is really kind of starting this process, especially in this industry, of being an employee-owned business," Boyan said. "What that really means for our employees is that they all have shares in Sam's Italian Food."
According to Boyan, Sam's has 67 employee owners who have received their initial share grants. Boyan said Sam's is expected to grow to 80 percent employee ownership over time.
"Slowly they're earning a larger percentage of the company, and what's great is they don't have to pay any money for additional shares," Boyan said. "They actually just earn more of the company through service to the company by just doing their jobs and taking care of the customers."
"Shares are worth anywhere from $3,000 to $5,000 per employee, and they basically get to cash out for the value of those shares at a future date," Boyan added.
Employees also would earn revenue from dividends.
"It's not just like I come to work everyday. I have input in the company. I know that decisions that I make kind of help drive how the company does," Stephanie Law, director of administration at Sam's said.
Law said she has been working at Sam's since high school. She said she was excited to continue with the company and see it grow.
"It's just kind of the best way to make sure that things stay the way they are and locally owned. A ham Italian is still going to be ham Italian," Law said.
Sam's has 13 locations in Maine.
The company also is hiring and hopes employee ownership can help draw in new staff.
"It's a unique opportunity certainly for the brand so I'd like to think it's going to continue to bring some people in," Tyler Eaton, director of operations at Sam's, said.