August 5, 2025

Photo credit: Employee Owned S Corporations of America

On July 24, 2025, Acadian Companies CEO Eddy Dupuis testified before the Senate Committee on Health, Education, Labor, and Pensions (HELP) at the bipartisan “Empowering Workers by Expanding Employee Ownership” hearing. He was joined by Bill Roark, Founder and Former CEO of Torch and Starfish Holdings, as they each shared valuable insights about the benefits of employee ownership to HELP Committee members, who expressed support for ESOPs and policy initiatives that both encourage and remove impediments to this business structure.  

Dupuis advocated for ESCA’s priorities, suggesting solutions for the various challenges in the realm of employee ownership. In addition to urging lawmakers to raise awareness around ESOPs, he supported policies that simplify ESOP transactions.

“Employee ownership not only leads to a greater level of success but helps our employee-owners build personal wealth and retirement security.  Our founder felt strongly that retirement savings should be a priority for our employees, so not only do we contribute to the ESOP but we also have a robust 401(k) plan that helps our employees retire with dignity and financial independence,” Dupuis stated. “The Employee-Owned S Corporations of America, of which we are proud members, has conducted research that shows that in the 30 years since Congress created S ESOPS, there are more worker savings, wealth and wage equality, job stability, and significant national economic benefit.”

He continued, “Given the success and prosperity that we believe the ESOP has brought to our Company, and our employee owners, Acadian resoundingly supports ESCA’s work to advance the Promotion and Expansion of Private Employee Ownership Act of 2025, bipartisan bicameral legislation sponsored by Senators Steve Daines (R-MT) and Maggie Hassan (D-NH). This bill would encourage more employee ownership by providing incentives to S corporation business owners to sell to an ESOP or become acquired by an S ESOP company when they are looking to transition out of the business.”

Photo credit: Employee Owned S Corporations of America

Throughout the hearing, lawmakers acknowledged the strong bipartisan support for ESOPs, stressing that employee ownership is one of the few topics that generates enthusiasm from both sides of the political aisle. Chair Bill Cassidy (R-LA) and Ranking Member Bernie Sanders (D-VT) noted the lack of federal resources allocated to ESOPs, despite their important role in the economy. Senators Roger Marshall (R-KS) and Tim Kaine (D-VA) also discussed their joint efforts to advance a bill that clarifies the definition of adequate consideration, thus providing some much-needed certainty in the marketplace.  

Senator Hassan highlighted ESCA’s legislation, the Promotion and Expansion of Private Employee Ownership Act, as a tool to address the barriers S corporations face when becoming employee-owned. Prompted by Senator Cassidy’s testimony about the unequal tax treatment between S and C corporations, Senator Hassan emphasized that the bill would incentivize ESOPs by leveling out those tax differences. Senators Hassan and Daines plan to reintroduce the Promotion and Expansion of Private Employee Ownership Act.  

Access Dupuis’ written statement as well as a recording of the hearing: https://www.help.senate.gov/hearings/empowering-workers-by-expanding-employee-ownership