The Davin Difference
Our ESOP Story
At Davin Healthcare Workforce Solutions, we are proud to say that we are America’s only Nurse-Founded and Employee-Owned MSP in the healthcare staffing industry, but what does that mean to our hospitals and partners? In short, it means that eligible employees at Davin Healthcare own a piece of our company without having to invest their own money to purchase stock. It means that Davin’s employees are both figuratively and literally invested in the organization’s success and are steadfastly committed to providing high-quality customer service, fulfilling the organization’s vision and mission to support healthcare facilities nationwide.
Our Employee Stock Ownership Plan (ESOP) was established in 2022, when our President & CEO David Theobald was faced with a pivotal decision of who to entrust the Davin Healthcare legacy. Rather than following suit among other MSPs in our sector by securing a private investor or equity firm to purchase the company, Dave remained true to the caring culture he created and instead looked to the very people who helped build the organization he founded. Shares of the organization were sold to an Employee Stock Ownership Trust and each year, shares are allocated to each eligible employee-owner’s account as the organization’s value grows. This retirement benefit — which supplements and does not replace the Company’s existing 401(k) profit-sharing plan — will continue to serve both current and future employees of Davin Healthcare and help preserve the very company Dave founded over twenty years ago and continues to lead today.
Here at Davin Healthcare, our leadership team knows that caring for the future of healthcare means investing in great employees who are committed to our organization and dedicated to advancing its mission.
What is an esop?
Navigating the benefits of an ESOP:
What is it?
An Employee Stock Ownership Program (ESOP) is a long-term retirement plan that is fully employer funded. Each year, eligible employees earn an allocation of stock as beneficiaries of the employee stock ownership trust, which works alongside our 401(k) retirement plan.
How does it work?
Each employee meets certain basic eligibility requirements and each year the company contributes to the ESOP, and the trustee makes a payment on ESOP loan. Shares that are allocated are then added to participants’ accounts annually, subject to vesting requirements.
How do ESOPs benefit employees?
Take advantage of being part of a team focused on clinical excellence while owning a portion of an ever-growing, dynamic healthcare organization. Join an organization where your voice is not only heard, but your feedback and opinion hold value in helping to care for the future of healthcare.
How do ESOPs benefit clients?
ESOPs are known to provide higher quality service than non-ESOP counterparts due to more highly motivated staff and a higher retention rate, allowing ESOP organization to provide greater continuity in customer service.
Meet Our Independent Trustee
Miguel Paredes, MBA, CPFA
President & Founder | Prudent Fiduciary Services
As an ESOP, Davin Healthcare has an Independent Trustee who has the fiduciary responsibility to act solely in the interests of the ESOP’s participants. Davin is fortunate to have Miguel Paredes, President and Founder of Prudent Fiduciary Services, as its ESOP Trustee. Prior to establishing Prudent Fiduciary Services, for over a decade Miguel worked as an employee benefit plan investigator and supervisor with the U.S. Department of Labor, Employee Benefits Security Administration (EBSA). His extensive experience conducting ESOP investigations and compliance process improvement plans for the DOL’s ERISA enforcement program, makes Davin’s employee-owners fortunate to have such an expert serving as their advocate in this incredibly important role.