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238: Transitioning to an ESOP, Part 1

The EsOp Podcast: Stewart's Ambulance Service, Transitioning to an ESOP, Part 1

Bret Keisling is joined by Justin Van Etten, Executive Chairman of Stewart's Ambulance Service, which is on path to becoming an ESOP. They discussed the transition process, the right time to share information with team members, how to manage expectations of management and rank and file, and why ambulance services are an amazing fit for employee ownership.

In early 2022, Stewart's announced plans to transition to an ESOP, making it one of the few ambulance companies in the country to become employee owned. They enacted the ESOP plan documents effective January 2023. The company has not yet determined a timeline for the ESOP transaction to take place.

Stewart's Ambulance Service is a leader in the industry and has provided quality 911 and intra-facility medical transportation in the state of New Hampshire for over forty-one years. they're currently doing 50,000 transports a year, making them the largest ambulance service in New Hampshire and in Maine.


Episode 238 Show Notes

About Justin Van Etten:

Justin Van Etten serves as the Executive Chairman of Stewart’s Ambulance Service. He first became involved with Stewart’s in 2007 when the company was near bankruptcy and the Meredith NH Fire Chief asked for help in keeping the company afloat. Under Justin’s leadership, Stewart’s Ambulance Service has grown from a nearly bankrupt service that transported approximately 1,600 patients a year to NH’s largest EMS agency currently transporting over 50,000 patients per year.

In addition to his work with Stewart’s, Justin serves as the Chairman and majority shareholder of Municipal Resources, Inc, the Chairman of Transformative Healthcare NH, LLC., and the Chairman of the Squam Lake Science Center.

Prior to returning home to New Hampshire to start a family, Justin was a principal in the investment banking firm of Keefe, Bruyette & Woods. In his 12 years with KBW, Justin helped community banks throughout the United States raise over $3 billion in capital and advised on almost $7 billion in merger and acquisition transactions.

Justin lives in Holderness, NH with his wife, two children, two dogs and one cat. An avid hiker, Justin has completed most of NH’s 4000 footers.

Bret Keisling, Passionate Advocat for Employee Ownership

We'd love to hear from you! To contact us, find us on Facebook at EO Podcast Network and on Twitter @ESOPPodcast. To reach Bret, email or find him on LinkedIn at Bret Keisling; he is active on Twitter @EO_Bret. This podcast has been produced by Bret Keisling for the EO Podcast Network, original music composed by Max Keisling, branding and marketing by BitsyPlus Design.

Standard Disclaimer: The views expressed herein are my own and don't represent those of my own firms or the organizations to which I belong. Nothing in the podcast should be construed as guidance or advice of any kind in any field and the fact that I mentioned an organizational website or an advocate or a company on a podcast does not reflect an endorsement, but if you've heard your name or your group's name mentioned on this podcast, I'd love to have you come on and talk about it yourself.


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