{"id":3688,"date":"2020-12-24T12:06:56","date_gmt":"2020-12-24T17:06:56","guid":{"rendered":"https:\/\/www.stevenslee.com\/sesesop\/?post_type=transaction&p=3688"},"modified":"2026-07-31T15:02:05","modified_gmt":"2026-07-31T19:02:05","slug":"speed-wrench","status":"publish","type":"transaction","link":"https:\/\/www.stevenslee.com\/sesesop\/outcome\/speed-wrench\/","title":{"rendered":"Mobile Repair Company Strengthens Ownership Culture with Transition to 100% ESOP"},"content":{"rendered":"

Mobile Repair Company Strengthens Ownership Culture with Transition to 100% ESOP<\/h1>\n

Overview<\/strong><\/p>\n

Based in Hudsonville, MI,\u00a0Speed Wrench, Inc.<\/a>\u00a0began as a mobile repair service specializing in on\u2010site fleet maintenance for light-, medium- and heavy\u2010duty trucks. Over the next 32 years, the Company grew its core business readily and expanded into new markets through keen acquisitions and complimentary service offerings spread over seven divisions. Its original staff of five employees grew to 159, and Speed Wrench has three affiliates under its umbrella, and is an industry leader in West Michigan. The Company\u2019s growth is due to its commitment to high quality customer service, diverse service offerings and a culture of ownership among its employees.<\/p>\n

Situation<\/strong><\/p>\n

Speed Wrench implemented an employee stock ownership plan (ESOP) in 2010, and their newly formed ESOP purchased 49% of the Company stock. Management and employee-owners embraced an ownership culture and the Company continued to flourish. In 2013, the Company converted to an S Corporation and in 2020, the remaining individual shareholders sought a liquidity event for their ownership and Speed Wrench made the decision to become 100% employee owned.<\/p>\n

Solution<\/strong><\/p>\n

Speed Wrench\u2019s management engaged SES ESOP Strategies to structure its second-stage ESOP transaction and to perform an analysis of its executive compensation obligations. After consultation and planning, a transaction was structured and implemented resulting in the ESOP becoming the sole shareholder of the Company. SES professionals managed the financial due diligence process and negotiated the sale of stock and closing of the transaction.<\/p>\n

As a 100% employee-owned S Corporation, Speed Wrench can enjoy the benefits of operating without incurring federal or state income tax at either the corporate or the shareholder level, due to the tax-exempt status of the ESOP as the company\u2019s sole shareholder.<\/p>\n

\u201cWe\u2019ve developed a strong employee ownership culture at Speed Wrench, and we highly value the employees who have helped us grow exponentially over the years,\u201d said Brandon VanOverloop, Chief Operating Officer of Speed Wrench, Inc. \u201cWe couldn\u2019t be more pleased with the work that SES ESOP Strategies did to help us become 100% employee-owned. They added significant value to the Company and greatly assisted the shareholders throughout the process.\u201d<\/p>\n

For more information on this transaction, please contact\u00a0Mark Russell<\/a>\u00a0at 817.566.1013.<\/p>\n","protected":false},"featured_media":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false},"categories":[],"tags":[],"class_list":["post-3688","transaction","type-transaction","status-publish","format-standard","hentry"],"acf":[],"yoast_head":"\nMobile Repair Company Strengthens Ownership Culture with Transition to 100% ESOP - SES ESOP Strategies<\/title>\n<meta name=\"description\" content=\"Waldron engaged SES ESOP Strategies, along with its affiliated law firm,\u00a0Stevens & Lee, to structure the new ESOP plan and guide the Company through the transaction process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stevenslee.com\/sesesop\/outcome\/speed-wrench\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mobile Repair Company Strengthens Ownership Culture with Transition to 100% ESOP - SES ESOP Strategies\" \/>\n<meta property=\"og:description\" content=\"Waldron engaged SES ESOP Strategies, along with its affiliated law firm,\u00a0Stevens & Lee, to structure the new ESOP plan and guide the Company through the transaction process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stevenslee.com\/sesesop\/outcome\/speed-wrench\/\" \/>\n<meta property=\"og:site_name\" content=\"SES ESOP Strategies\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-31T19:02:05+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/speed-wrench\\\/\",\"url\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/speed-wrench\\\/\",\"name\":\"Mobile Repair Company Strengthens Ownership Culture with Transition to 100% ESOP - SES ESOP Strategies\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/#website\"},\"datePublished\":\"2020-12-24T17:06:56+00:00\",\"dateModified\":\"2026-07-31T19:02:05+00:00\",\"description\":\"Waldron engaged SES ESOP Strategies, along with its affiliated law firm,\u00a0Stevens & Lee, to structure the new ESOP plan and guide the Company through the transaction process.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/speed-wrench\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/speed-wrench\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/outcome\\\/speed-wrench\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Transactions\",\"item\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/transaction\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Mobile Repair Company Strengthens Ownership Culture with Transition to 100% ESOP\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/#website\",\"url\":\"https:\\\/\\\/www.stevenslee.com\\\/sesesop\\\/\",\"name\":\"Griffin Financial Group\",\"description\":\"TAILORED ESOP SOLUTIONS. 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