Torch’s Bill Roark talks employee ownership during Senate hearing with Tuberville

WASHINGTON – When word got out through Torch Technologies that co-founder Bill Roark was going to testify in Washington today, he had one message to deliver: “Tell them how much you helped us retire with dignity.”

Called a “champion for employee ownership” by U.S. Sen. Tommy Tuberville, Roark was part of a bipartisan hearing on employee ownership hosted by the Senate Committee on Health, Education, Labor, and Pensions (HELP). He is also the founder and executive chairman of the board of Starfish Holdings and founder and chair of the board of Freedom Real Estate and Capital.

“When I started this company, at the core of what I wanted is I wanted people to retire with dignity,” Roark said. “In fact, the announcement of this hearing went out on our social media last night. And one of the posts this morning, I’ll quote for you […] Jim Deal, one of our retiring employees seven or eight years ago, he says, ‘Tell them how much you helped us retire with dignity.’

“That is, to me, the essence of why I wanted to do this.”

“You know, some 25 years ago, a company bought the company I worked for, I’d had a successful career,” Roark said. “I was president of an operating segment. As that acquisition evolved, (it) was shortly thereafter, I was told as I was handed my severance check that ‘We’ll pack your office and send your stuff home.’

“I never wanna see an employee walk through the door in such an undignified manner. I put my whole life into that company. Several times, I worked 24 hours straight to get a delivery out on time. Was that respected? No. My stuff showed up in boxes with a bunch of crap that I didn’t really want; was not dignified at all.”

Tuberville said he believed that employees of an Employee Stock Ownership Plan don’t stress about job security when executives leave.

“So, what kind of security does an ESOP structure have for all employees?” he asked.

“Well, you know, we work real hard to build a succession plan in that it prepares our employees as people retire to step forward,” Roark said. “One of the biggest challenges we’ve had is the success of the ESOP has led to people retiring early, so we have to work that problem a little harder and be training people ready to step into the role.

“The departure of employees that are retiring actually creates lots of opportunities for the other employees to accelerate in their careers quicker. So, a successful ESOP actually creates a lot of successful careers.”

Tuberville asked Roark had can the federal government help make ESOP structure more viable?

“The ESOP is a wonderful tool and it provides stability for the employees and provides a retirement path for them as well,” Roark said. “So, I think the more that we can refine the regulations around it to encourage people to be able to do this, clear up the rules on how the evaluations are done so that it’s clear what needs to be done.

“When I meet an employee in the grocery store, I want them to come hug me, not run from me. With the ESOP, I get lots of hugs. Every year when the ESOP statements come out, I get lots of hugs.

“This is a different way of doing business.”