Hawaii’s T&T Tinting Specialists, Inc. has completed a transaction to become 100% employee-owned through its newly-created Employee Stock Ownership Plan (ESOP). The company was founded in Honolulu in 1982 and provides the installation of window films, paint protection films (PPF) for vehicles, solar, security and graffiti protection films, and custom glass graphics for residential and commercial buildings in the state.
Heading into its 40th year, T&T Tinting’s CEO Tommy Silva has transitioned 100% of the company’s total ownership to all company employees through a qualified retirement plan known as an ESOP. All eligible employees will be granted shares of company stock each year at no cost, allowing them to earn ownership over time and accumulate additional tax-deferred retirement wealth on top of their current 401k program.
“Each employee of T&T Tinting is a highly valued and trusted team member,” Silva says. “We want our employees to feel that they ‘own and operate’ their own business which fosters tremendous pride and aloha resulting from owning actual stakes in the company. We also want our employees to benefit far beyond their wages and 401k plan as they continue to help build and grow T&T Tinting. Together we strive to be more innovative, creative and responsive to our customers’ needs.”
Silva implemented this plan because he felt it was the most sustainable path forward for the employees of T&T while protecting the legacy he has built with them. The company is on WINDOW FILM magazine’s 2021 Top Dealer list and is expected to hit nearly $5 million in sales by year’s end.
“Legacy was a critical factor in selecting this ESOP transaction, but equally as important was ensuring that anything we did as owners would directly motivate and help the employees continue to succeed,” Silva adds.
T&T Tinting installs window films supplied by Eastman Performance Films. Darrell Reed, commercial director of Eastman Performance Films, applauded the move.
“On behalf of Eastman, we would like to congratulate Tommy, Teri and their team on 40 years of business excellence,” Reed says. “The success of the T&T is based on their relentless focus on providing an outstanding customer experience, disciplined business practices while still being able to cultivate a family culture with their employees. The decision by Tommy and Teri to move forward with an ESOP for their employees embodies the family culture they have created. We are very proud to be T&T’s supplier for the last 40 years and excited to continue working with the T&T team going forward as they continue the amazing legacy they all helped build.”
Investment banking firm Ambrose Advisors advised Silva with the transition.
“Tommy Silva’s goal was to secure a sustainable future for T&T Tinting Specialists in a manner that would be highly beneficial to its employees, customers, supplier partners, vendors, and the local community,” says Michael Harden of Ambrose Advisors.