[Grand Rapids, MI – June 6, 2023] - DornerWorks, a leading engineering solutions provider, is excited to announce its transition to an Employee Stock Ownership Plan (ESOP), signifying a monumental milestone in the company's journey. Founder and former president, David Dorner, has passed on ownership to the dedicated and talented team at DornerWorks, making them proud owners of the company they work for. Lazear Capital Partners was the sole advisor on the transaction.
This strategic move reinforces DornerWorks' commitment to fostering a culture of collaboration, innovation, and excellence. By becoming employee owners, the DornerWorks team is further motivated to bring unparalleled value to engineering projects, fueled by their personal stake in the company's success.
“We are excited for this new opportunity, and we believe employee ownership will further strengthen employee motivations for exceeding customer expectations and delivering solutions that drive value for all involved,” said DornerWorks president Shawn Isenhoff. “This combined with the distribution of wealth afforded by the ESOP structure is something that resonates well with our culture.”
With this transition, DornerWorks harnesses the power of employee ownership to drive a customer-centric approach. Each member of the team is empowered to take ownership of their projects, embracing a sense of pride and accountability that translates into unrivaled commitment to quality, efficiency, and client satisfaction.
The shift to an ESOP ensures seamless continuity and stability for DornerWorks' valued clients. As the same trusted team leads the charge, the company's core values and unwavering dedication to excellence remain unchanged.
"I believe in the power of ownership and have seen firsthand the impact it has had on my own passion and dedication in starting and growing DornerWorks. By transitioning to employee ownership, that power has now been transferred to our own team! Our team is now, more than ever, fantastically motivated to exceed client expectations and deliver innovative solutions for mutual growth and success,” said DornerWorks founder David Dorner.
David expanded on the meaning behind the transaction saying, “DornerWorks has been a family business for many years. So much so, that our loyal employees have felt like an extension of my own family. In considering exit strategies, nothing resonated with me as strong as employee ownership – it is a fantastic way for me to demonstrate my loyalty to them! I am so excited to transfer ownership of something that has been such a part of my life for 23 years – it has defined me and shaped me in so many fascinating ways. Now I am excited to see the future journey of the company resulting from the passion and dedication of our new employee owners.
I would also like to give a shout-out to Lazear Capital Partners who guided me through this transition – they executed a very complex process from beginning to end smoothly, efficiently, and expertly. Thank you, thank you! I couldn’t be happier; and neither could our new DornerWorks’ employee owners!”
The Lazear team that worked on the ESOP shared in the belief that this transition was the right fit for DornerWorks. Lazear Director, Brad Miller, shared “It was evident from our first interaction with David that he is passionate about his employees and securing the future success of DornerWorks. Selling to an ESOP was the perfect solution, strengthening the Company’s future by transitioning ownership to the employees who were instrumental in the growth of DornerWorks from its humble beginnings in David’s basement to the industry leader it is today. It was an absolute pleasure to advise David and the team at DornerWorks throughout the transaction.”
The entire DornerWorks team is excited about the opportunities that lie ahead. With a team of exceptional engineers who are now invested owners, the company is poised to deliver even greater value, transforming ideas into reality and driving success for customers.
For more information about DornerWorks and its innovative products and services, visit DornerWorks.com.
DornerWorks is a leading engineering solutions provider specializing in the design and development of embedded systems, IoT devices, and custom software. With a team of passionate engineers and a commitment to excellence, DornerWorks delivers innovative solutions that accelerate product development and turn ideas into reality.