Vac-Con and Holden Industries welcomed Florida Congressman Ted Yoho to the Vac-Con facility on Tuesday, March 19, 2019. This was not the congressman’s first visit to the facility, but was an important appointment as Holden’s Chief Financial Officer, Greg Hamilton, presented a congressional bill seeking backing and support from the congressman’s office.
Mr. Hamilton presented the ESCA (Employee-Owned S Corporations of America) congressional bill number S.177, which encourages retirement savings through Employee-Owned Companies. The bill, officially the Promotion and Expansion of Private Employee Ownership Act of 2019, promotes changes to the tax code and educational outreach to companies to eliminate barriers that businesses and their owners currently face in establishing a new S corporation ESOPs or expanding the employee-ownership stake in an S corporation.
The presentation included an overview by Mr. Hamilton and the executive staff at Vac-Con, as well as a tour of the manufacturing facility where several Vac-Con employees expressed their own success and retirement potential thanks to the Holden ESOP. Congressman Yoho was quick to input his support for the bill, understanding the positive impact that the Holden ESOP has had on one of the largest businesses in his district, and moreover, it’s impact on the local economy and job market.