Modern Times Beer has now accomplished something no other brewery in California has managed to achieve.
The San Diego-based brewery has just announced that after repurchasing shares from held by outside investors, 30 percent of the brewery is now being held in an employee stock ownership plan. According to the press release, the move is intended to “help attract and retain exceptional talent” as the company continues to grow by building additional breweries, restaurants, and cafes.
“This is my single proudest achievement as Founder & CEO of Modern Times,” said Jacob McKean, majority owner of Modern Times, in a press release. “I’m supremely excited for our deserving employees, who have shown an almost perverse degree of dedication over the last 4 years. Now, they will benefit directly from the company’s success as co-owners. This is as it should be. Making Modern Times an employee-owned company gives me a sense of satisfaction that is somewhere beyond joy.”
While the percentage of breweries owned by employees is not large, there are a number of examples across the country, including New Belgium Brewing Co. and Odell Brewing Co. in Fort Collins, Colorado as well as Boston, Mass.-based Harpoon Brewery.
According to the press release, Modern Times’ ultimate goal is to have 100 percent of the company owned by employees at some point in the future.