The ESOP Association Blog

Covering ESOPs and employee ownership

ESOP Association President Visits Omni Cable

J. Michael Keeling, President of The ESOP Association, visited the Omni Cable corporate office, in West Chester, Pennsylvania, on Friday, July 31st. During his visit, he met with the Jeff Siegfried (President & CEO), Greg Donato (Chief Operating Officer), the ESOP Trustees, and a few Committee members to discuss everything ESOP. Omni Cable’s ESOP, the state of ESOPs, what other people are doing, and more. His visit concluded with a tour of the distribution center, guided by Jimmy Moreno (Distribution Center Manager).

Photo from left, Brian VanBuskirk (Omni Cable Controller & ESOP Trustee), Steve Glinski (Omni Cable Chief Financial Officer & ESOP Trustee), Michael Keeling (President of the ESOP Association), Jeanine Bilotta (Omni Cable IT Director & ESOP Trustee), and Jimmy Moreno (Omni Cable Distribution Center Manager)

He left with a nice Omni Cable ESOP goodie bag.

ESOP Association President Visit_2

Filed under: TEA Members,

ESOP Company News Part 7: Congressman Reid Ribble Visits Hatco Corporation

Congressman Reid Ribble (R-8) visited the Hatco Corporation manufacturing facility in Sturgeon Bay, Wisconsin, on August 11.  Congressman Ribble toured the facility and held a very constructive meeting with employee owners discussing what employee ownership has done for the company and for them personally.   Congressman Ribble stated his support for employee ownership and committed to reviewing H.R. 2096 (The Promotion and Expansion of Private Employee Ownership Act of 2015) after the visit and that he would consider signing on to the bill after that review.

Hatco is a worldwide designer and manufacturer of commercial foodservice equipment that offers innovative solutions to the foodservice industry.  The company has grown steadily through the years by product line expansion and great customer service. Hatco began in 1950 and first became employee owned in 2004.  Today Hatco is a 100% S Corp ESOP.

Hatco Ribble Visit 1

Hatco Ribble Visit 2

Hatco Ribble Visit 3

Filed under: Government Affairs, TEA Members,

ESOP Company News Part 6: ComSonics Meets with Congressman Goodlatte

CEMSI, ComSonics Electronic Manufacturing Services Incorporated, located in Harrisonburg, Virginia recently hosted Congressman Bob Goodlatte (R) of Virginia’s 6th District for a tour of the ComSonics manufacturing facility. ComSonics reported that Congressman Goodlatte has always been a strong supporter of employee ownership and he is always willing to take time from his busy schedule to visit with our employee‐owners when he is available.

During his visit, there was time to answer questions and the Congressman shared his views about employee ownership and his ongoing belief that it works. ComSonics employee owners also took the time to discuss H.R. 2096 and asked for his support on the Promotion and Expansion of Private Employee Ownership Act.

ComSonics also provided a letter asking for his backing upon his departure. Within a few weeks the company received a letter from the Congressman noting that he was pleased to inform ComSonics that he had become a cosponsor of the legislation.

ComSonics Goodlatte 1ConSonics Goodlatte ComSonics Goodlatte 3 ComSonics Goodlatte 2

CSI Goodlatte Letter5-15_Page_1CSI Goodlatte Letter5-15_Page_2

 

Filed under: Government Affairs, TEA Members,

ESOP Company News Part 5: Restek Meets with Congressman Glenn Thompson

Restek Meets with Congressman Thompson

In July, the employee owners of Restek Corporation, located in Bellafonte, Pennsylvania, met with Congressman Glenn Thompson (PA-5) to review H.R. 2096. According to Restek employee owner, Mike Shuey, the Congressman expressed support for the bill. And we are happy to report that Congressman Thompson became a co-sponsor of H.R. 2096 on July 28.

Restek Thompson meeting

Filed under: Employee Ownership Message, Government Affairs, TEA Members,

ESOP Company News Part 4: PPI Meets with Senator Joni Ernst

ESOP Association members have been busy advocating for ESOPs. Iowa ESOP Association member, PPI (Precision Pulley & Idler) in Pella, IA, recently met with Senator Joni Ernst to talk ESOPs.

PPI visit Ernst 1

PPI visit Ernst 2

Filed under: TEA Members,

ESOP Company news Part 3: Travel and Transport Meets with Congressman Ashford

Congressman Brad Ashford (D) from the 2nd district in Nebraska visited Travel and Transport in early June to meet with employee owners and talk ESOPs. Travel and Transport shared the following photos with us.

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Filed under: TEA Members,

ESOP Company News Part 2: Representative Grothman Visits Priority Sign

On June 19, 2015, Wisconsin Congressman Glenn Grothman (R-6) spent over an hour and a half touring the Priority Sign headquarters in Sheboygan, WI and talking with the company’s employee-owners.  Rep. Grothman engaged in an informative Q&A session and the company’s owners were great advocates for the use of ESOPs, explaining what the opportunity has meant to them.  Before leaving, Rep. Grothman stated that he would sign on as a cosponsor to H.R. 2096 (the Promotion and Expansion of Private Employee Ownership Act of 2015), which he did on the same day.

Priority Sign is a 100% ESOP-owned company that specializes in national sign programs and rebranding campaigns.  It is headquartered in Sheboygan, WI, and has seven offices throughout the U.S.  They have created thousands of signs for a number of industries nationwide and globally.  Their clients include such well-known brands as AIG, T-Mobile, AT&T, Panda Express, BMO, Wells Fargo, Hertz, and Microsoft.

H.R. 2096 cites a number of studies that show how ESOPs outperform non-ESOP companies, particularly highlighting  the  exceptional contribution  to  employee retirement assets.    Also noted is the fact that currently, companies that qualify for SBA status lose that qualification once they become 50% ESOP-owned.  The bill aims to create incentives for S-corporations to form ESOPs and stop the automatic loss of SBA status for small businesses.  Specifically, S-corp ESOPs will be given the same tax deferral for sales of employer stock to the plan as C-corps get, they will get deductions for interest on loans that finance purchase of stock by the ESOP, the Department of Treasury will form an office that will specifically serve S-corp ESOP companies, and SBA eligibility will be determined by considering each ESOP participant as “directly owning his or her proportionate share of the stock in the ESOP business concern owned by the ESOP.”

Welcome Banner - Priority Sign

Welcome Building - Priority Sign

Talking With Employees 2 - Priority Sign

Conference Room - Priority Sign

Filed under: TEA Members,

ESOP Company News: Omni Cable Celebrates Vesting Day

Omni Cable Vesting DayWe thought we’d share some ESOP company news this week. First up, Omni Cable.

Omni Cable, headquartered in West Chester, PA, held its first annual ESOP Vesting Day in late June.

Omni Cable’s Vesting Day celebrates and honors employee-owners who have invested in the company and who Think, Feel and Act like an owner. “We wanted to recognize the importance of becoming 100 percent vested with Omni Cable’s ESOP and celebrate that moment throughout our company’s 11 locations,” said Jeanine Bilotta, Omni Cable’s IT Director and ESOP Trustee.

Omni Cable has been an ESOP company since 1998 and designated its Vesting Day as June 25. “Becoming vested is a huge deal! Being an owner means being part of something bigger… and that’s a great feeling,” said Chris Sorah, Omni Cable Account Manager and ESOP Delegate.

During the week of June 22nd, each Omni Cable branch celebrated ESOP Vesting Day in their own special way. “It was incredible to see how each branch created their own way of celebrating the 100 percent ESOP vested employee-owners. They showed the unity of the celebration, yet the uniqueness of each region,” said Vicki Allin, Omni Cable District Sales Manager and ESOP Committee Chair.

Omni Cable also presented fully vested employee-owners with a custom Omni Cable copper bar. “We wanted something tangible and unique to Omni Cable that would serve as a celebratory tribute for employee-owners who are 100 percent vested,” said Bilotta. “Since copper is an extremely important factor in our business and industry, we knew instantly that an engraved copper bar would be the perfect way to recognize them,” she added.

Omni Cable will be celebrating Vesting Day every year around June 25.

Filed under: TEA Members,

July 2015 Link Round Up

It’s that time again…see what you might have missed this month.

 

Booth Sales Open for 2015 Las Vegas Conference & Trade Show

 

ESOP Association President Comments on the Passing of Carolyn B. Long

 

Raise the Bar: More Pro-ESOP Bill Sponsors Needed

 

ESOP Chapter Membership

 

2015 Summer Advocacy Kits Available

 

New Center for American Progress Report Touts Capitalism for Everyone

 

Discussions of Capitalism

ESOP Company News for July

July 2015 Legislative Update

The July 2015 ESOP Report was published

Publications Highlight: Administration Handbook

Mid-Atlantic Chapter Round Table Re-Cap

2015 Las Vegas Conference and Trade Show Preliminary Agenda released

RELEASE: Expansion of S ESOPs Recommended by Senate Finance Committee’s Tax Reform Working Group on Savings & Investment

Welcome New ESOP Association Professional Members

Northwest Chapter News

Information on the Las Vegas Conference and Trade Show

Filed under: ESOP Report, Government Affairs, News Links, Publication, TEA Members,

July 2015 ESOP Company News

We thought we’d share some news from ESOP Association members today.

Congressman Meehan Visits SEL in King of Prussia

On May 11, 2015, ESOP Association member, Schweitzer Engineering Laboratories’ (SEL) King of Prussia team discussed the benefits of being a 100 percent employee-owned company with Rep. Patrick Meehan (R-PA) during his visit to their Pennsylvania office.

The Congressman toured the company’s business and engineering services facility and learned about the American manufacturer’s role in protecting power grids around the world. SEL employees also provided updates on recent projects related to power grid protection, control and cybersecurity.

“One in four private sector workers is employed by S-corporations like SEL,” said Congressman Meehan. “Employee stock ownership plans give workers a greater stake in a business’ success and enable more employees to benefit directly from a firm’s performance. I’m grateful to have the opportunity to visit SEL today, meet its talented team and learn more about the work they do.”

Meehan represents Pennsylvania’s 7th Congressional District and is a member of the House Ways and Means Committee which oversees a number of issues, including taxes and retirement. During his visit, Meehan provided a status update on tax reform efforts and learned about the SEL ESOP, which is helping more than 2,000 SEL employees build robust retirement accounts.

“As employee-owners, we are motivated to create quality products that help our customers and, in turn, help SEL and our ESOP continue to grow,” said Angelo D’Aversa, manager of Research & Development in the SEL King of Prussia office.

SEL Meehan

ComSonics Meets with Congressman Goodlatte

CEMSI, ComSonics Electronic Manufacturing Services Incorporated, located in Harrisonburg, Virginia recently hosted Congressman Bob Goodlatte (R) of Virginia’s 6th District for a tour of the ComSonics manufacturing facility. ComSonics reported that Congressman Goodlatte has always been a strong supporter of employee ownership and he is always willing to take time from his busy schedule to visit with our employee-owners when he is available.

During his visit, there was time to answer questions and the Congressman shared his views about employee ownership and his ongoing belief that it works. ComSonics employee owners also took the time to discuss H.R. 2096 and asked for his support on the Promotion and Expansion of Private Employee Ownership Act.

ComSonics also provided a letter asking for his backing upon his departure. Within a few weeks the company received a letter from the Congressman noting that he was pleased to inform ComSonics that he had become a cosponsor of the legislation.

ConSonics Goodlatte

CSI Goodlatte Letter5-15_Page_1

CSI Goodlatte Letter5-15_Page_2ComSonics Goodlatte 1

ComSonics Goodlatte 2

ComSonics Goodlatte 3

 Employee-Owned Adworkshop Wins Two National Awards for Excellence in Healthcare Advertising

The Aster Awards Honored Adworkshop, an integrated marketing agency with headquarters in Lake Placid, New York and offices in Albany and Manhattan, and ESOP Association member, with two Aster Awards for its work on behalf of Canton-Potsdam Hospital (CPH) for excellence in healthcare advertising and marketing.

The Aster Awards, a nationally ranked competition recognizing the “most talented healthcare marketing professionals for excellence in advertising,” are sponsored by Marketing Healthcare Today Magazine. Winners were announced the first week of May.

Adworkshop won a Gold Aster in the Poster/Display-Single Category for its CPH “Unusual Beats” poster showcasing Cardiologist Dr. Znojkiewicz’s specialization in irregular heart rhythms. In addition, Adworkshop was awarded a Bronze Aster in the Service Line – Women’s category for its “Dense Breast Campaign” highlighting CPH’s Automated Breast Volume Scanning (ABVS) as a preventative breast cancer tool.

“We are honored by the national recognition the Aster Awards bring to Adworkshop’s creative work on behalf of Canton-Potsdam Hospital,” said Wendy Knight, Adworkshop’s Senior Managing Director. “We serve as partners for our clients and are excited that these awards recognize CPH’s innovative offerings, and bring greater awareness to the outstanding care offered at the hospital.”

Filed under: TEA Members

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