Giroux Glass was selected to host an event that announced a new service offered by a partnership between The Los Angeles County Department of Economic Opportunity (DEO) and Project Equity. The event took place in the shop area of Giroux’s LA headquarters, where members of the press, the local business community and Giroux employees attended to learn more.
The new program, entitled, “Employee Ownership LA County,” was officially launched yesterday and is offered through DEO’s Office of Small Business – Small Business Concierge. Its goal is to help business owners explore their options to sell their company to their employees, while preserving jobs and sustaining wealth opportunities. The free consultation service will feature education, technical assistance, and direct transition support for participating businesses and workers.
The service aims to preserve legacy small businesses and create opportunities for shared ownership, wealth generation, and economic mobility – for both workers and business owners – throughout Los Angeles County. One factor in the decision to offer this program is the fact that many business owners currently are nearing retirement and need to devise an exit strategy and succession plan. Another is the current tight labor market and the competitive advantage that can be offered to employees – a benefit that extends beyond the usual compensation package and offers a stake in the success and profits of their company.
Supervisor Holly Mitchell of Los Angeles County District 2 was on site to announce the DEO program and identified it as a priority for the district because of its history of building wealth for workers and bolstering locally owned businesses. Also present was Kelly LoBianco, Director of Los Angeles County’s Department of Economic Opportunity, who said, “We are excited to add this service to our Small Business Concierge and build understanding and momentum around this pathway.” Evan Edwards, CEO at Project Equity, also spoke and presented research performed by his company that highlighted the need for educational and supportive services which can benefit so many local businesses.
Supervisor Mitchell recognized Giroux Glass as a beacon of excellence and presented the company with its inaugural DEO “Employee Ownership Commemorative Award. “
Also present was former Giroux Glass owner and board chairperson, Anne-Merelie Murrell, who joined the Giroux team in accepting the award.
Concerns about succession and employee financial well-being led to Giroux Glass becoming an ESOP company in 2006. While in her sixties, Anne-Merelie Murrell purchased the company in 1991 from Louis Giroux, who had started his small glass company in 1946. By the time she considered her retirement, the business had grown exponentially in sales and work scope and had opened new offices in Nevada and Southern California.
Murrell considered her own succession plan and options to replace her as CEO. She initially considered selling the company but decided instead to reward the employees who had achieved the company’s success and to give them company shares.
In 2015, she named then CFO, Nataline Lomedico, to replace her as CEO and president. The company became 100% employee owned in 2017, and former employees became partners. The company has consistently ranked on both local “best companies to work for” and national “top glazing company” lists, expanded into Arizona during the pandemic, and plans to achieve its highest sales revenue in its history this year.
Nataline Lomedico, CEO and president, says, “We call our employees ‘partners’ for good reason. When we each do our best, we all succeed. At Giroux, our culture is one of camaraderie and collaboration, it’s something that makes us a special place to work. And our clients know that when they talk to any one of us, they’re talking to an owner with accountability. We applaud this DEO service being offered by the County. Our story illustrates the success that small businesses can achieve, while providing employees the security of financial stability for their retirements, and owners a viable succession plan and greater employee retention and engagement. We are honored to have been chosen to host this event and for this recognition from Los Angeles County. We hope that we can serve as a role model and guide for local small businesses.”