Clark-Devon Hardware now employee owned
After 99 years and three generations of family ownership, Clark-Devon Hardware Co., Inc., in Chicago, has been sold. Its new owners are the roughly 65 people who work there.
“I’m thrilled to be the CEO; and excited and proud – we all are – it’s a big responsibility for all of us and we’re honored,” said Xan (Sean) Flink by phone to HBSDealer.
As its century celebration nears, co-owners and brothers Ken and Ed Walchak, who have headed the growth of this Chicago icon for the past 50 years, chose to sell the company to its employees through an Employee Stock Ownership Plan (ESOP).
“We wanted the business that our father and grandfather built and nurtured to continue while maintaining the reputation, the culture and the commitment to the community and our customers that they taught us,” said Ed Walchak.
Clark-Devon Hardware is now 100 percent employee owned with all the benefits of ownership accruing to its employees, many of whom have been with the company for decades.
“We are grateful Ken and Ed considered an ESOP for passing the baton of this amazing business which has built its great reputation for decades” said Flink. “I hope our stewardship honors them and their family.”
With this transition, Clark-Devon’s new employee-owners will join about 14 million employee-owners nationwide in 7,000 companies. Clark-Devon becomes one of only 300 ESOPs in Illinois and one of just a handful that operate in the retail space.
“We found the structure of an ESOP was the best way to reward the people who helped us build the business, thus helping create personal wealth while ensuring the long term success of the company,” said Walchak.
The Clark-Devon Hardware store has built what it describes as, “an enviable reputation over the years by consistently providing high quality service and expert advice to every person who steps into the store,” and is a member of Do it Best.
“Now we’re the owners,” CEO Flink laughed over the phone, “so we’ll pay the bills and we’ll manage this big store.”
