Client Testimonial: Guttman Holdings, Inc.

Background

Guttman Holdings, Inc., a leading energy solutions provider. It is comprised of Guttman Energy, Guttman Renewables, and Source One Transportation with an approximate revenue of $4 billion. Founded on a legacy of innovation and customer-centric service, Guttman Holdings has established itself as a trusted partner in the energy industry for the past ninety-plus years . Industrial, commercial, retail, and transportation operations across the eastern United States have trusted Guttman for fuel distribution, delivery, and customized service. At the core of Guttman Holding’s operations and culture are its core values, which were created by their employees. Those values are respect, lead, collaborate, serve, solve, and the final installation of “own”.

The Guttman family has long taken pride in the culture and history they have cultivated. As they prepared for a transition, their priority was to preserve the strong legacy they had built and sustain the creation of valuable jobs within their community. Placing great confidence in their executive team, they determined that establishing an ESOP would be the optimal approach to sharing success with their leadership team and all their employees, ensuring they were well-positioned for ongoing growth.

Assisted by Business Transition Advisors (BTA) and the law firm Buchanon, Ingersoll, Guttman Holdings made a strategic decision to transition to an 100% Employee Stock Ownership Plan (ESOP). This move aimed to offer ownership to its employees and align their interests with the company's long-term success. Through the implementation of the ESOP, Guttman Holdings, Inc aimed to cultivate a shared sense of ownership and responsibility among its workforce, nurturing a culture of collaboration, engagement, and motivation.
Joseph Lucot, CEO of Guttman Holdings, Inc. stated “Dan Zugell and the team at Business Transition Advisors, Inc. (BTA) are ESOP experts. BTA is extremely knowledgeable about the process, and Dan is very well connected to the ESOP community. Dan helped guide many aspects of our ESOP transition, which included connecting me and our senior leadership team to all the right resources. I would highly recommend Dan and BTA to anyone who is considering employee ownership.”

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