50 Years of Employee Ownership: A Legacy of Shared Success
October is Employee Ownership Month, a time to recognize and celebrate the power of employee-owned businesses across the country. For Scott Insurance, this year holds even deeper meaning as we mark 50 years of employee ownership, a milestone that reflects our enduring commitment to shared success, independence, and a people-first culture.
In 1975, Scott Insurance made a bold decision that would shape its future for generations to come. It became one of the first companies in the nation and the very first in Virginia to establish an Employee Stock Ownership Plan (ESOP). What began as a solution to a succession challenge has since become a cornerstone of Scott’s identity, culture, and success.
As we celebrate this 50-year milestone during Employee Ownership Month, we reflect on a legacy built not just by visionary leaders but by every employee owner who has contributed to Scott’s journey. This anniversary is more than a marker of time; it’s a celebration of enduring values and a business model that continues to set Scott apart.
Pictured here Clay Chapman, Theresa Craft, Bill McBratney, Bob Nein, and Dick Royer.
A Bold Beginning
The ESOP was born out of necessity. In the 1970s, Scott’s senior leadership—Bob Nein, Bill McBratney, and Clay Chapman faced a dilemma: how to ensure the company’s future without selling to outside investors. Inspired by new legislation and a conference in Atlanta, then Scott President Bob Nein saw the ESOP as the perfect solution. In 1975, Scott Insurance became employee-owned, allowing its people to buy the business over time and secure its independence.
Ownership That Inspires Excellence
Employee ownership at Scott is more than a financial benefit; it’s a mindset. It empowers every team member to think and act like an owner, fostering a culture of accountability, collaboration, and service. As COO/CFO Keith Mann puts it, “You can see and experience a different level of engagement with our employee owners… because of that ownership.”
This ownership culture has led to remarkable outcomes: a 97% employee retention rate, industry-leading client service, and a workplace consistently recognized as one of the best in the nation. In 2024, Scott was named Business Insurance’s #1 Best Place to Work, and in 2025, it became the only agency in the U.S. to earn the “Best Practices Agency” designation for 32 consecutive years.
A Model for the Industry
Scott’s ESOP has become a model for others in the insurance industry and beyond. It has enabled the company to remain independent in an era of rapid consolidation, attract top talent, and invest in long-term strategies like captive insurance, risk performance, and benefits innovation.
The ESOP also plays a critical role in Scott’s ability to recruit and retain young professionals. With a focus on mentoring and development, Scott empowers the next generation of leaders, many of whom start with little to no insurance experience but grow into top producers and branch leaders.
Culture Fueled by Ownership
The ESOP doesn’t just shape Scott’s business model; it fuels the culture. From the annual Scott Summit to Owner Appreciation Day, the company celebrates its people and the values they uphold: serving others first, continuous improvement, ownership, teamwork, and trust.
As one employee owner, Ashley Moore says, “We all approach our days differently because this is our company, not just someone else running it for us. We reap the benefits and celebrate when we’re successful.”
Looking Ahead
Fifty years in, Scott’s ESOP is stronger than ever. It has weathered economic shifts, industry changes, and even a global pandemic, all while staying true to its founding principles. As Scott opens its tenth branch in 2025 and continues to innovate, the ESOP remains the foundation of its resilience and success.
“When anyone joins our firm, ownership comes as a part of being on the team. It’s who we are, and therefore, it’s what we do.” – President Hutch Mauck
As we celebrate Employee Ownership Month, we honor the spirit of ownership that drives our culture—and we look forward to the next 50 years of shared success.