EXECUTIVE OFFICE OF ECONOMIC DEVELOPMENT
ONE ASHBURTON PLACE, ROOM 2101
BOSTON, MA 02108
https://www.mass.gov/eoed
MAURA T. HEALEY TELEPHONE
GOVERNOR (617) 788-3610
KIMBERLEY DRISCOLL FACSIMILE
LIEUTENANT GOVERNOR (617) 788-3605
YVONNE HAO
SECRETARY
Center for Employee Ownership 2024 Annual Report
Section 17 of Chapter 23D of the General Laws (“Authorizing Statute”) established the
Center for Employee Ownership (Center) within the Massachusetts Office of Business
Development (“MOBD”).
Pursuant to Section 17(b)(4) of the Authorizing Statute, the Center’s mission is to "provide
education, conduct outreach and promote efforts to create an overall environment in the
commonwealth to: (i) expand and enhance employee ownership; (ii) increase the number of
employee-owned companies; (iii) publicize and promote the benefits of employee involvement
and ownership to policy makers and the general public; (iv) encourage collaborative outreach
efforts regarding involvement and ownership in the workplace; (v) research and evaluate
employee involvement and employee ownership in the commonwealth; (vi) showcase employee
ownership initiatives in the commonwealth; (vii) facilitate and coordinate the sharing of existing
information and resources; and (viii) provide grants…”
The Center is required by the Authorizing Statute to annually submit a report to the
Legislature that describes the activities taken by the Center to support and promote the
transition of traditionally structured companies to an employee ownership model and an
inventory of employee-owned businesses in the state.
Activities Taken to Support and Promote Employee Ownership
• Section 204 of Chapter 6 of the General Laws establishes an Advisory Board on
Employee Ownership (“Advisory Board”) consisting of 19 members, both appointed and
ex-officio, for the purpose of advising the Governor and the Director of the
Massachusetts Center for Employee Ownership on issues and policy matters pertaining
to employee involvement and ownership in the Commonwealth. The Advisory Board was
finalized in February 2024, and the inaugural meeting was held on March 1, 2024.
• In April 2024, MOBD Central MA Regional Director Kevin Kuros was appointed Interim
Director of the Center. Kevin’s private sector experience includes nearly 20 years’
working for a company with a profit-sharing pension plan used to incentivize and reward
their employees, igniting Kevin’s passion for employee involvement in the success of
 businesses.
• In July, the MassCEO webpage www.mass.gov/massceo was added to the mass.gov
domain. This is notable as MassCEO is one of only a handful of government offices for
employee ownership nationwide, as most states’ centers are non-profits outside the
scope of state government. The Center will continue to update and build out the web
page as content is developed. Additionally, the Advisory Board on Employee
Ownership’s webpage https://www.mass.gov/advisory-board-on-employee-ownership
was also published online in July.
• EOED contracted with MassDevelopment to administer $300,000 earmarked for
MassCEO in the MODB line items. This funding represents all the earmarks secured for
the Center in the FY23 & FY24 General Appropriations Act. The contract provides that
funds may be used to provide outreach and educate business owners, municipalities,
and economic development partners in the Commonwealth of Massachusetts on
employee ownership structures and improve the transition process, avoid closures, and
support those interested in exploring employee ownership models. These funds will be
used primarily to develop a program to provide technical assistance stipends to
businesses to support the conversion to an employee ownership model. The Center
expects the stipend program to be active by Q2 2025.
• The Center maintained its membership in The ESOP Association (TEA), a trade group
that educates and advocates for employee ownership with an emphasis on ESOPs. The
Center attended TEA’s New England Spring Conference in Nashua, NH on March 13-14,
2024, and TEA’s New England Fall Conference in Springfield, MA on October 15-16,
2024. The Center intends to upgrade its membership level in TEA from individual to
Exhibitor for 2025 and will staff a booth at the 2025 Spring and Fall conferences.
Additionally, the Center intends to identify and join a similar Co-op focused trade group
in 2025.
• In November 2024 the Center issued an RFQ to procure an integrated marketing firm to
assist with logo, branding, collateral material development, conference table/booth
development, the development and maintenance of a marketing database, and meeting
coordination services for a series of five regional symposium roadshow events and five
virtual events. The Center intends to have an integrated marketing vendor under
contract by January 2025, with the first regional event in February 2025.
Inventory of Employee-Owned Businesses
TYPE BUSINESS NAME CITY/TOWN
ESOP Abt Global Cambridge
ESOP Acentech Incorporated Cambridge
ESOP Aerodyne Research Billerica
ESOP American Ult Cryogenics Woburn
ESOP Artel Video Systems Westford
ESOP Ashworth International Fall River
ESOP Avwatch Plymouth
ESOP Barclay Water Management Newton
ESOP Baxter Crane West Yarmouth
ESOP Blue Q Corporation Pittsfield
ESOP Boston Brace International Avon
ESOP Bourneuf Corporation Lynn
ESOP Brait Builders Corporation Abington
ESOP Brockway-Smith Company Wilmington
ESOP Brookline Bancorp Boston
ESOP Cabot Corporation Boston
ESOP Cadmus Group Waltham
ESOP Cambridge Bancorp Cambridge
ESOP Cape Air Vineyard Haven
ESOP Cape Cod Lumber Co. Abington
ESOP Carney Sandoe & Associates Boston
ESOP Central Coating Technologies West Boylston
ESOP Charles River Analytics Cambridge
ESOP Colonial Systems Inc. Littleton
ESOP Comrex Corporation Devens
ESOP Concord Lumber Corporation Littleton
ESOP Consigli Building Group Milford
ESOP Courtsmart Digital Systems N. Chelmsford
ESOP Creative Financial Staffing Boston
ESOP Dale Medical Products Franklin
ESOP Darmann Abrasive Products Clinton
ESOP David Clark Company Incorporated Worcester
ESOP Daymark Energy Advisors Worcester
ESOP Diamond Antenna And Microwave Corporation Littleton
ESOP Dietz & Company Architects Springfield
ESOP Eastern Bank Newburyport
ESOP Electro-Term Springfield
ESOP Enfield Enterprises Llc Springfield
ESOP Environmental Health & Engineering Newton
ESOP Envision Bank Stoughton
ESOP Feingold & Feingold Insurance Agency Worcester
ESOP Forge Group Worcester
ESOP Fraser Engineering Co. Newton
ESOP Fred C. Church Lowell
ESOP Gemini Industries Inc. Burlington
ESOP Global Beer Network Middleton
ESOP Goody Clancy & Associates Boston
ESOP Green International Affiliates Westford
ESOP Halloran Consulting Group Inc Boston
ESOP Harborone Bank Brockton
ESOP Harpoon Brewery Boston
ESOP Imtra Corporation New Bedford
ESOP International Cars Ltd Danvers
ESOP International Data Group Framingham
ESOP Isaacson Miller Boston
ESOP James Monroe Wire & Cable Corp. S. Lancaster
ESOP L. P. M. Holding Company Maynard
ESOP Lampin Corporation Uxbridge
ESOP Landry's Natick
ESOP Meridian Associates Beverly
ESOP Middleton & Company Boston
ESOP Nelco Products Inc. Pembroke
ESOP Nevo Technologies Cambridge
ESOP New England Biolabs Ipswich
ESOP New England Controls Mansfield
ESOP New England Discount Retailers Mashpee
ESOP New England Natural Bakers Greenfield
ESOP NMR Group Somerville
ESOP Notch Mechanical Constructors Chicopee
ESOP Northern Tree Service Palmer
ESOP OEM Connect North Reading
ESOP Packaging Consultants New Bedford
ESOP Paragus Strategic IT Hadley
ESOP Paul K. Guillow Wakefield
ESOP Physical Sciences Inc. Andover
ESOP Prellwitz / Chilinski Associates Cambridge
ESOP Raytheon Company Waltham
ESOP Rex Cut Products Fall River
ESOP Rockland Trust Company Rockland
ESOP Sallop Insurance Inc. Boston
ESOP Scientific Systems Company Woburn
ESOP Seal-Ryt Corporation Westfield
ESOP Sign Design Brockton
ESOP Spaulding Brick Co. Wilmington
ESOP Spec Process Engineering & Construction Burlington
ESOP Spectral Sciences Burlington
ESOP Starrett Athol
ESOP State Street Corporation Boston
ESOP Stonetek Imports New Bedford
ESOP Sullivan Tire Norwell
ESOP Swissturn/Usa Oxford
ESOP Symmes Maini & Mckee Associates Cambridge
ESOP Tata & Howard Marlborough
ESOP Tech-Etch Plymouth
ESOP The Maids Wakefield
ESOP The Provident Bank Amesbury
ESOP The Richmond Group Hopkinton
ESOP The Savogran Company Norwood
ESOP Tighe & Bond Westfield
ESOP Tri-Wire Engineering Solutions Tewksbury
ESOP Valley Green Holyoke
Cooperative A Yard and a Half Landscaping Waltham
Cooperative Access Consulting Services Grafton
Cooperative Adventure Pups Concord
Cooperative Agaric Natick
Cooperative Artisan Beverage Cooperative Greenfield
Cooperative Boston Cleaning Collective Revere
Cooperative Boston Interpreters Collective Boston
Cooperative Boston TechCollective Somerville
Cooperative Broadway Bicycle School Cambridge
Cooperative Byggmeister Newton
Cooperative Catalyst Cooperative Healing Holyoke
Cooperative CERO Cooperative Dorchester
Cooperative Chronic Trips Holyoke
Cooperative City Fresh Foods Boston
Cooperative Co-Everything Somerville
Cooperative Collective Copies Amherst
Cooperative CoMetrics Boston
Cooperative Compost Cooperative Greenfield
Cooperative Coop 108 Haydenville
Cooperative Dean's Beans Organic Coffee Orange
Cooperative Democracy Brewing Dorchester
Cooperative DMA Health Strategies Lexington
Cooperative Dollars and Sense Vineyard Haven
Cooperative Downtown Sounds Northampton
Cooperative Energia Holyoke
Cooperative Eplam Cooperative Professional Services Revere
Cooperative Equal Exchange W. Bridgewater
Cooperative Ewing Controls Greenfield
Cooperative Farm Bug Co-op Springfield
Cooperative Firebrand Cooperative West Roxbury
Cooperative Global Village Farms Grafton
 Cooperative Great Sky Solar Arlington
Cooperative Jumping Jack Hoops Springfield
Cooperative Natural Living Landscapes Springfield
Cooperative Northeast Biodiesel Greenfield
Cooperative Old Window Workshop Springfield
Cooperative Oxbow Design Build Cooperative Easthampton
Cooperative Pedal People Northampton
Cooperative Pelham Auto Group Belchertown
Cooperative Pioneer Valley Photo Voltaics (PV Squared) Greenfield
Cooperative Placetailor Jamaica Plain
Cooperative Puntada Immigrant Women Sewing Co-op East Boston
Cooperative Real Pickles Greenfield
Cooperative Red Sun Press Jamaica Plain
Cooperative Regenerative Design Group Cooperative Greenfield
Cooperative Restoring Roots Landscaping Co-op Jamaica Plain
Cooperative Riquezas Del Campo West Hatfield
Cooperative RLMG Watertown
Cooperative Rose & Cole's Co-op Transport Pittsfield
Cooperative Samara Collective Quincy
Cooperative Sazon Co-op Boston
Cooperative Soundmirror Boston
Cooperative South Mountain Company West Tisbury
Cooperative Stoke Collective Easthampton
Cooperative Stone Soup Farm Hadley
Cooperative Toolbox for Education and Social Action (TESA) Northampton
Cooperative Vida Verde Brighton
Cooperative Wellspring Harvest Indian Orchard
Cooperative Wellspring Upholstery Cooperative Springfield
Cooperative Wooden Co-op Worcester
Cooperative Worcester Bookkeeping Cooperative Worcester
Cooperative Worx Printing Co-Op Worcester
Total 163
Definitions and Source:
ESOP: An ESOP is a federally-regulated employee benefit plan that gives ownership interest to
workers by allocating shares from the ESOP trust.
Cooperative: A worker cooperative is a member-owned business entity in which worker-owners
have a controlling interest, and who elect the governing body on a one-member-one-vote basis.
Data Sources: ICA Group, National Center for Employee Ownership, MassCEO