Staff reports | Real Property & Homes
Scottsdale-based home builder Camelot Homes has announced the company is now 100% employee-owned through an Employee Stock Ownership Plan.
Owners Julie and Mark Hancock shared the news during a company meeting, revealing the ownership transition of the 56-year-old business, according to a press release.
Employees received envelopes containing stock certificates, officially making them owners through the ESOP—a qualified retirement plan that allows employees to gain ownership through a trust that holds company stock, the release states.
“I’ve always encouraged you to have an ownership mentality,” Ms. Hancock said. “And now you actually are the owners. Congratulations! There is no group of people more deserving. Every time we asked you to step up and achieve a major goal, you did it. I’m excited to see where you will take this.”
The announcement formalizes Camelot Homes’ long-standing commitment to its employees.
“Our employees have always been the foundation of our company’s success,” Mr. Hancock said.
“Establishing an ESOP is the ultimate way to reward their dedication and ensure that the legacy of quality, craftsmanship and customer service that our family started continues for generations to come.”
As employee-owners, Camelot Homes team members will build retirement wealth based on company performance, offering a long-term benefit aligned with the company’s values and collaborative culture.
