A well-known, family-owned New England tire and car repair business is transferring the ownership of the company to its employees, in a bid to preserve the legacy and values of the brand well into the future.
Sullivan Tire and Auto Care, based in Norwell, Massachusetts, announced that it is putting the company's ownership into a new Employee Stock Ownership Program, meaning that 100% of it will be owned by workers.
"It's nice when people come to work each and everyday, feeling like they have a bigger stake in what they're doing," Vice President of Marketing Paul Sullivan said. "We didn't want this to be about money. We wanted it to be about our history and our legacy."
Sullivan said that as the company approaches its 70th anniversary, leaders there were starting to get many calls expressing interest in buying the business.
Get New England news, weather forecasts and entertainment stories to your inbox. Sign up for NECN newsletters.
"Each time they were rebuked, with all the same words, 'We’re not interested,'" Sullivan said. "We’re going to find a better way. A better way that has a little more meaning, as far as we’re concerned."
That better way ended up being turning over ownership to the nearly 1,500 employees.
Sullivan explained that the move is a full circle one, since his father founded the business in the 1950s after quitting a national brand over his refusal to lay off three employees.
"He would not lay those people off," Sullivan said of his father. "Who... helped him realize the American dream, owning a home. Going full circle, the same is happening today."
Sullivan Tire and Auto Service has seen expansive growth in the decades; it now has over 100 total locations and has a span ranging from New Haven, Connecticut to Bangor, Maine. Its locations include retail shops, commercial centers, wholesale locations, distribution centers and more.
Paul Sullivan said that he will keep his position with the company, and looks forward to even more expansion in the future.
"The Sullivans are not leaving, they’ll continue on in their day-to-day jobs, in support, making sure we are realizing another 68 years," Sullivan said.
Editors note: Sullivan Tire and Auto Service is a sponsor of NBC10 Boston.
