Beloved New England Tire Company Giving It All Away

This is a rare story.  In an age of greed and gobbling up profitable companies through consolidation by bigger firms, this is a story of the opposite.

It's not one you hear often, because today's society says it's not the right thing to do.  If you can make a quick "buck", then do it, and don't look back.  Get out while the gettin' is good.

But that's not what a beloved business did this week.

Sullivan Tires was founded by Bob and Mary Sullivan in Rockland, Massachusetts, in 1955. According to wcvb.com, it was originally called Bob Sullivan and Sons Tire, but as the business grew, the name changed.

Sullivan Tire is headquartered in Norwell, MA, and Bob's two sons run the company now.  So when it was time to decide the future of the company, they got creative.  Instead of going through a takeover to sell the business, Sullivan Tire opted for an ESOP, an employee stock option plan.

This gives the company to the nearly 1500 employees, in Massachusetts, New Hampshire, Maine, Rhode Island, and Connecticut.  There are 79 locations across New England.

According to msn.com, the employees "will have a six-year vest, without having to contribute any of their own cash, and can redeem at retirement (or roll it over into another retirement account, if they leave before age 65). It does not impact 401(k) plans."

This is good news for the employees who have invested years in making the business a team effort. Kudos to the Sullivan family, who really cares about their employees and dared to be creative to keep the business rolling along for years to come.