US-based Galati Yacht Sales (GYS) has transferred ownership of the company to its employees through an Employee Stock Ownership Plan (ESOP).
This transition is designed to secure the company’s future while providing employees with shared ownership in one of the marine industry’s largest yacht sales and service firms.
“For more than 55 years, our family and dedicated employees have built Galati Yacht Sales into the powerhouse it is today,” said Joe Galati, president of Galati Yacht Sales.
“Establishing an ESOP is the natural next step to ensure future success. Our leadership team, management structure, and the way we work today stays the same.
“Our focus on teamwork, innovation, and customer support continues as always.”
Our focus on teamwork, innovation, and customer support continues as always.
Joe Galati
He continued: “We’ve always referred to ourselves as ‘Team Galati,’ and this transition to employee ownership is a way to honor our employees’ exceptional contributions and reward them with shared equity.”
An ESOP is a federally regulated program that enables employees to become beneficial owners of the company while continuing their roles.
Research carried out by Galati Yacht Sales shows that employee ownership often results in stronger company performance, higher employee engagement, and long-term stability.
Galati Yacht Sales was founded in 1970 by the Galati family and operates 14 locations across Florida, Alabama, Texas, California, Mexico, and Costa Rica, including four yacht service yards.
The company is now one of the largest employee-owned yacht dealerships in the world and represents a range of brands including Viking, Valhalla, Princess, Prestige, MJM and Absolute Yachts, offering new, preowned, and brokerage vessels.
