As of yesterday my company went ESOP

ScottK

Not out of the crisis
Staff member
Super Moderator
#1
Big company luncheon and meeting.
Introductions to our trustee and valuation company rep.

40% ESOP. President is keeping 60% for now. He's also agreed to take his payout over time so the ESOP did not have to float any debt to buy it's 40%.

I pretty glad he chose to do this and very optimistic. I worked at a 100% ESOP in the past as definately felt a stronger sense of camaraderie across all levels.

I seem to be the only person with ESOP exerience in the past so a lot of people are coming to me with questions.
 
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GStough

Staff member
Super Moderator
#2
Big company luncheon and meeting.
Introductions to our trustee and valuation company rep.

40% ESOP. President is keeping 60% for now. He's also agreed to take his payout over time so the ESOP did not have to float any debt to buy it's 40%.

I pretty glad he chose to do this and very optimistic. I worked at a 100% ESOP in the past as definately felt a stronger sense of camaraderie across all levels.

I seem to be the only person with ESOP exerience in the past so a lot of people are coming to me with questions.
That sounds pretty encouraging for the employees there, Discordian. :cool: A couple of months after I started here, my company discontinued the ESOP much to the displeasure of several managers, my boss included. :mad:
 

Marc

Hunkered Down for the Duration with a Mask on...
Staff member
Admin
#3
What does ESOP stand for? Employee Stock Options or something like that?
 
B

Brad Eickhoff

#4
Congradualation's Discordian :biglaugh: .

I believe that it stands for Employee Stock Ownership Plan.

I wish our company would do something like that.
 

ScottK

Not out of the crisis
Staff member
Super Moderator
#5
What does ESOP stand for? Employee Stock Options or something like that?
Employee Stock Ownership Plan

essentially the (former) owner is selling 40% of the company to the employees.
It's essentially a pension plan as the shares are not public. So the company buys them back when you leave or retire.
 

ScottK

Not out of the crisis
Staff member
Super Moderator
#6
That sounds pretty encouraging for the employees there, Discordian. :cool: A couple of months after I started here, my company discontinued the ESOP much to the displeasure of several managers, my boss included. :mad:
how did they go about doing that?
Did they have to buy back the stock from the ESOP?
 

GStough

Staff member
Super Moderator
#8
how did they go about doing that?
Did they have to buy back the stock from the ESOP?
I'm not sure of the details, but from what I understand it was phased out, and wasn't offered as an option for new hires. I don't know how it was handled with the folks who were already retired and receiving pension. Sorry I don't have anymore details. :( This happened within my first 2-3 months here.
 

hogheavenfarm

Quite Involved in Discussions
#10
We have a 100% ESOP here also. I do not see any benefit from it, nor do any employees. Vesting occurs over 7 years, with 0% for the first 3. Supposedly, this encourages long term retention, but from where I stand, it simply fosters alot of employee resentment. While they are called "owners" all the time, the employees have no input in any processess. The owner/CEO makes all descisions, sits on all oversight boards, and is in fact the only member of these 'boards'. Employees resent never having been asked to "buy" the company, it was just "announced". We dont even know how much we paid for it. The general feeling here is that with empowerment of these "owners", it is just a big tax scam.
 
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