MAINE, USA — Popular Maine pizza and sandwich chain Sam's Italian is now employee-owned. After the switch, workers not only received a raise but shares of the company as well.
John Boyan is president of Sam's Italian Food and told NEWS CENTER Maine employees now own 15 percent of the business. The plan is to grow the employee-owned share of the company to 80 percent over the next 10-15 years, he said.
Sam's Italian Food was purchased by the national company Teamshares earlier this year. It works to support businesses as they transition toward employee ownership.
After Sam's Italian Food switched to being an employee-owned company, wages moved from roughly $12 an hour to $14 an hour, according to the president.
"Investing in employees is the best investment we can make," he said.
Workers have also been issued shares — and the better the company does, the more their shares are worth, according to Boyan. Workers have an online system where they can check their shares, the value of said shares, and how long it'll take them to vest. Boyan said the shares take four years to 100 percent vest when employees can then sell them.
Aside from that, the president said their job stays the same.
"People are really excited," Boyan said.
Workers are still being taught about the finances and how they work. But the president said employees have already started pitching new ideas for the company to him.
"We've had several employees raise new ideas," he said. "If we do things better, it'll improve profitability and shares."
Not only that, but new hires are coming in, excited about working in a place where they'll share in the profits, according to Boyan. Right now, Sam's Italian Food has around 74 employee-owners, everyone from district managers to people working the cash registers.
Stephanie Law is a Sam's Italian Food employee-owner and said, "Being an employee-owner means I have a stake in building the business and benefitting from that growth, so I feel empowered and excited about what's next for Sams."
In 2021, when the then-owner of Sam's Italian Food was considering retirement, he wanted to make sure everyone would keep their jobs, according to Kevin Shiiba, co-founder and Chief Product Officer of Teamshares. After they reached out, the store agreed to work with Teamshares.
Teamshares has 48 companies across 22 states and 37 industries that it's helped transition to employee-ownership, according to Shiiba. That equals 1,167 Americans who now have stock in their companies.
As for whether other Maine restaurants or businesses will become employee-owned, Boyan said, "I hope so. It's my hope, same for Teamshares. We want employee ownership to be the future for small businesses."
Boyan has been president of Sam's Italian Foods since February. When he sees signs around Maine that businesses are employee-owned, it makes him happy, he says.
The president added success should be for employees, owners, and the communities they serve.
As far as other businesses across the Pine Tree State are concerned, Maine State Chamber of Commerce President Dana Connors said, "While the chamber does not have specific numbers or data on shifts to employee-owned companies in the state, Sam's is joining some of Maine's most recognizable companies, including Cianbro, Moody's, Kennebec Technologies, Clark Insurance, Sargent, Landry/French, Johnny's Seeds, and others, that over the years have shifted to employee-ownership."
