MGX Becomes an ESOP
Doug and Sharon Watson, founders of MGX, pass the baton not to a corporation but to their employees. Effective August 18, 2021, MGX is an Employee Stock Ownership Plan (ESOP).
The Founder's Decision to Sell
As the Watsons prepared their succession plan, they explored their options – including a few opportunities from corporate buyers. However, they wanted to ensure that the new owners would take care of their employees and maintain the positive culture and excellent reputation of MGX. Doug explained to employees at their announcement dinner on August 15, 2021:
"It was this – and it is our goal – that the people who have applied their genius year after year to develop the fine products of MGX will now benefit, in retirement, from their hard work and loyalty in building this company as well as its growth and profits.”
The Watsons stressed the vital role that the strong leadership of Charity Brueggemann – CEO, Bill Sauer – VP of Operations, and Jeremy Underhill – VP of Sales had in their decision to pursue an ESOP and expressed their belief and trust in this executive team to lead the employees and the company into a new, prosperous future.
The Future of MGX
Charity looks ahead with confidence stating, “We have big dreams, big ideas, and the ability to make it happen.” She credits her fellow executives and employees as her most valuable assets going forward – especially as MGX continues to focus on quality, innovation, and simplification of processes.
There has been an excitement around the office that has every leader and employee working to ensure this transition is smooth and that MGX is in the best position to continue the growth it has experienced over the past several years. The MGX team is optimistic and assured that their dedication and hard work will pay dividends down the road for the company and customers alike.