VGM to Sell Company to Employees

WATERLOO, Iowa–Employees of the VGM Group will eventually take
ownership of the company under a new stock option program announced
last week.

VGM’s new program will create a system where its associates will
accumulate ownership in the company over time and, eventually, will
own the entire company. Over the next few decades, Van G. Miller,
CEO and founder, Jim Walsh and John Deery Jr., both minority
stockholders in the HME buying group, said that they will be
selling the multi-million dollar organization to its more than 400
employees.

“We’re only here because of one reason–you people,” Miller told
associates last week during a celebration of VGM’s employee stock
option program. “Why shouldn’t you own the company?”

Neither Miller nor Walsh will be retiring any time soon. Miller
will continue his role as CEO and chairman of the board. There will
be no change in day-to-day operations, which will continue to be
run by the current management team.