OEOC

The Ohio Employee Ownership Center

Tag Archives: ESOP Association

An ESOP Top Ten: Issues to Consider

This article appeared in the New South Chapter of the ESOP Association quarterly newsletter and was shared by Bradley Arant Boult Cummings LLP.

When considering, creating and administering an ESOP, there are some important issues that should be considered including valuation, diversification, the role of employee owners, and debt services.

Regardless of how an ESOP is used, there are some unique concerns that plan sponsors, trustees, and other fiduciaries of such plans should consider in connection with the creation and ongoing administration of the ESOP.

Read the entire article here.

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2012 Employee Owner Retreat

The ESOP Association’s annual Employee Owner Retreat will be held in Downers Grove near Chicago, Illinois August 9-11, 2012.

The Retreat is a three-day, off-site training seminar, staffed by the Ohio Employee Ownership Center, where non-managerial employee owners learn from and interact with their peers from other ESOP companies. The program, geared toward hourly and salaried non-managerial employees, will help participants develop team problem solving skills, become more knowledgeable about ESOPs and company financial statements, and gain a new perspective on employee ownership at their companies through structured exercises and informal discussions.

For more information, click here.

Ohio’s Award-Winning Employee Owners

CTL Engineering is OH/KY Employee-Owned Company of the Year – CTL Engineering was named the 2011 Employee-Owned Company of the Year by the OH/KY Chapter of The ESOP Association. CTL is 85% employee-owned through an ESOP established in 1998. Combining strong management with employee ownership and involvement that includes strategic planning, the Columbus-headquartered, firm has 250 employees in nine offices in OH, IN, and WV. CTL provides engineering, testing, analysis and consulting services in environmental, geotechnical, roofing, forensic and civil engineering areas.

Perry Corporation’s ESOP Video Wins National Communication Award – Perry Corporation of Lima took The ESOP Association’s Annual Award for Communications Excellence (AACE) in the Audio Visual category.  TEA President, Michael Keeling, praised the video for its use of humor to communicate the link between ESOP participation and the long-term rewards of ownership and business success. Featuring a Gilligan’s Island theme with Perry’s ESOP committee members dressed as the show’s TV characters, the video was enjoyed by hundreds of attendees at the TEA 34th Annual Conference and AACE exhibit in Washington DC.

CTL’s Becky Carroll is OH/KY Employee Owner of the Year – Becky Carroll, Payroll Administrator of CTL Engineering, is the 2011 Employee Owner of the Year for the Ohio/Kentucky Chapter of The ESOP Association. With 11 years at the firm, she serves on CTL’s ESOP Education Committee, also known as the Fun Czars, whose three members lead and promote “celebration, teaching, learning, and ownership” company-wide. “As a member of the ESOP Education Committee, it is my duty to educate our employees on the importance of the ESOP.  I feel I make a difference when employees take ownership and pride in where they work,” she remarked.

PRC’s Team wins OH/KY Group Excellence Award – The ESOP Communication Committee of Prentke Romich Company was selected by the Ohio/Kentucky Chapter of The ESOP Association as the winner of the 2011 Group Excellence Award. This annual award acknowledges companies that have excelled in communicating the ESOP  and its meaning to the company’s employees. PRC is a worldwide leader in the development and manufacturing of augmentative communication devices and other assistive technology for people with speech and other disabilities. PRC is 100% employee-owned through their ESOP established in 2003. Headquartered in Wooster, the firm employs 165 people worldwide. The ten members of the ESOP Communication Committee represent each area of the company.  They develop company-wide education through the internet, annual participant meetings, small-group birthday lunches with their company president, matching of  new employees with senior employees, and learning games with cash prizes.

Andrew Kulesza is 2011 Outstanding TEA Board Member – Andrew Kulesza, CFO/Treasurer of RE Kramig & Co., headquartered in Loveland, was named the 2011 Outstanding Board of Governors Member by The ESOP Association for his volunteer service and strong support of the Association’s government affairs activities. “Andrew has worked enthusiastically to advance the cause of employee ownership, particularly with leading think tanks and federal officials,” said J. Michael Keeling, ESOP Association President.

Happy Employee Ownership Month!

In case you didn’t know, October is Employee Ownership month. The ESOP Association has posted a press release that contains some quick stats on the shape of employee-owned companies in the U.S. If you are interested in learning more about employee owned companies in Ohio, you can check out our listing of Ohio’s Employee-Owned Network members on our website. Support the employee-owned businesses in your area!

Results From New Survey of ESOP Companies

The ESOP Association has released some results of their 2010 ESOP Company Survey. A selection of the findings:

1) The average account balance in the reporting ESOPs has risen to $195,222.65

2) The percent of reporting  companies that are S-Corps ESOPs has risen to 73%.

3) 52% of companies reported that all of their ESOP debt has been paid off.

4) 84% of reporting ESOP companies said that employee ownership has improved motivation and productivity.

Some interesting stuff…

A full report of the results will be released by the ESOP Association later this fall.