CLEVELAND, May 24, 2018 – At its annual company summit this week, Great Lakes Brewing Co. – Ohio’s first and largest craft brewery – announced the creation of an Employee Stock Ownership Plan (ESOP), joining a growing community of ESOP-owned craft breweries across the country. Co-owners Patrick and Dan Conway made the surprise announcement to their co-workers as part of the annual awards ceremony that concludes the summit.
“Every year, we give The Conway’s Award – a sort of founder’s award – to recognize one employee for outstanding contributions to the company. This year, we decided the award was the perfect way to announce the ESOP, recognizing everyone in the company as deserving. Instead of the customary hardware, we’re giving them a stake in our company,” says Co-owner Patrick Conway. “Many recognize our company as having a family-like culture – we’ve just expanded the size of the family,” adds Dan Conway.
ESOP’s are in the Conway family’s blood. Patrick and Dan’s father, John F. Conway, a well-known tax attorney in Cleveland, introduced the first ESOP in Ohio – and one of the first in the country – for his client Alloy Engineering. “We think our father would approve of what we’re doing today,” says Dan.