US yacht sales and service firm Galati Yacht Sales has transferred full beneficial ownership of the company to its employees through an Employee Stock Ownership Plan (ESOP).
The firm says the change aims to maintain the company’s continuity while also allowing employees to hold shares in the company.
Founded in 1970 on Anna Maria Island, Florida, the company has developed from a small local operation into a yacht sales and service organisation with operations in Florida, Alabama, Texas, California, Mexico and Costa Rica. It also has four yacht service yards. The business represents several yacht brands, including Viking, Valhalla, Princess, Prestige, Absolute and MJM Yachts.
The transition establishes Galati Yacht Sales (GYS) as a fully employee-owned organisation. GYS states that its leadership team, management structure and operations will remain the same following the change.
As president Joe Galati says: “For more than 55 years, our family and dedicated employees have built Galati Yacht Sales into the powerhouse it is today. Establishing an ESOP is the natural next step to ensure future success.”
In a statement, the company notes that employee-owned organisations often report higher engagement, stronger performance and improved long-term stability. Galati Yacht Sales joins more than 6,500 employee-owned companies across the US operating under similar ownership models.
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