Scottsdale-based home builder Camelot Homes is now 100% employee-owned through an Employee Stock Ownership Plan.

Owners Julie and Mark Hancock surprised the team at a recent copmany meeting and revealed an onwership transition for the 56-year-old company, according to a press release. The ESOP is a qualified retirement plan that allows employees to gain ownershp of the company through a trust that holds the company’s stock.

Team members will be able to build retirement wealth based on the company’s performance, according to the release.

For more information on Camelot Homes, visit https://camelothomes.com/ .

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