Lewis CaliburnHaverford Systems, a longtime provider of audiovisual integration services, has announced it will transition to a 100% employee stock ownership plan ESOP, giving employees a personal stake in the company’s success.
Rather than going public or merging with another company, Haverford instead turned the entire family-owned enterprise over to its employees by forming a 100% employee ESOP. The transfer of ownership became official on January 23rd 2026.
ESOPs are a long-term retirement benefit utilising a trust that holds company stock for eligible employees to transition ownership of the company to its employees. They are a no-cost wealth building tool for everyday workers to grow their retirement benefits by simply continuing to work. According to the National Center for Employee Ownership (NCEO.org), ESOP participants in the United States tend to have twice as much in retirement savings as employees in non-ESOP companies.
“Haverford Systems has thrived as a family-owned business for nearly 40 years and it was very important to our founders, Hugh and Eileen Richards, that the company continued to thrive after stepping away from ownership,” says Joseph Mulcahy, Haverford Systems president. “We believe the transition to an ESOP accomplishes that and will not only reward our team, but also help foster growth, encourage innovation and create yet another incentive for future employees to consider joining our organisation.”
Becoming an ESOP presents a variety of benefits for the Haverford team. First, it allows for a succession plan that creates continuity in company leadership and culture because leadership can remain in place and employees maintain ownership of the company. Second, because that ownership is represented by shares in the company distributed to employees over time, the ESOP creates a retirement benefit in addition to other savings plans, such as a 401k or 403b.
Third, because Haverford Systems is a registered S-Corp, the ESOP status frees the company from state or federal corporate tax obligations, allowing for more liquidity, increased cash flow and better opportunities to grow and expand.
As early adopters in the audiovisual integration space, Haverford uses proven, forward-thinking technology to deliver top-quality audio-visual solutions that perform today and scale for the future. Haverford Systems joins approximately 6,300 other ESOP companies around the United States that include 10.7 million active employee-owners.
Haverford Systems clients and partners can look forward to increased employee engagement and motivation, increased focus on long-term value for all stakeholders and continuity of company culture that will continue to prioritise client experience and quality of work.
Haverford Systems engaged SES ESOP Strategies (SES) and its affiliated law firm, Stevens & Lee, to structure the ESOP transition plan. SES team members conducted financial due diligence and modelled the proposed ESOP structure. They managed critical elements of the transaction, including a capital raise, trustee selection and due diligence, term sheet negotiations and guidance through closing. Across this process, Stevens & Lee attorneys assisted with the sale, prepared transaction-related documents and negotiated the financing agreements with the Company’s senior lender.
“Rewarding the commitment of our employees was our top priority in planning the evolution of our business,” Joseph says. “SES and Stevens & Lee provided exceptional client service, guiding the financing and technical details of the transaction and positioning our workforce to benefit from the future success of the company.”