45 44 Growth Rings
After e Davey Tree Expert Company was declared to be up for sale, hardy men
and women with bark under their fingernails, sawdust on their shoulders, and even
a little sap in their veins banded together to buy the family's namesake business. e
employees, many with little more than a high school education and very little personal
wealth, bought the multimillion-dollar international tree care firm in 1979. Just 114
employees of the company initially signed on to make the employee-acquisition a
reality. Some of the original employee-owners cashed in their savings to buy stock.
Others secured second mortgages on their homes. A few even took out personal bank
loans to help fund the employee purchase. "It was really a true saga of Davey Tree,"
is how Jack Joy, former Davey chairman, CEO and president once described the
employee acquisition.
In 1977, few believed the staff could make the employee acquisition of the company
a reality. Change was coming, but few knew what the outcome would be. After the
family's announcement, Davey Tree was set on an uncertain path for the foreseeable
future. But one thing was clear: the Davey Company could not continue without
steady leadership.
Members of the executive leadership at Davey Tree were among the first to hear
of the family's plan to sell. Al Smith called a meeting with senior leaders, including:
Jack Joy, senior vice president, operations; James Pohl, senior vice president, finance
and administration; Howard L. Eckel, Jr., vice president, utility services; and Doug
Cowan, corporate controller. As the company's management meetings were typically
held on Mondays, the timing of the meeting – a Friday morning – tipped the group
off to something big happening.
Chapter 3
3
e Employee Ownership Acquisition
and the New Service Line Concept
(Nov. 1977–March 1979)
Jack Joy, named president of Davey Tree in
1977, was no stranger to field work. He started
dragging brush on a utility line clearance crew
in 1946. e group photo shows his first day of
work for Davey. Joy is on the far left. He rose
through the ranks of the field and climbed the
corporate ladder over the course of four decades
with Davey Tree.
