by: Zollars, Ron
Source: The Beyster Institute
Learn more about a unique engineering company that has been providing critical infrastructure services throughout southern California since 1986. LAE started working on its employee stock ownership plan (ESOP). Founder Angus O'Brien had been interested in pursuing this for a while. In 2008, the company started setting up an ESOP trust.
CEO Angus O'Brien explained that management felt by doing the ESOP that it could be a win-win scenario, wherein everyone benefits. 'I feel employee ownership can help us attract and retain future employees. It does make a difference,' said O'Brien. 'We are working on the cultural aspect right now and trying to better educate the employees about the benefits of the ESOP. I think overall, people understand it. They like the idea that they can own shares and become an owner and do think the more exposure people have to the information flow, the more they will be able to embrace it. That's the cultural aspect and it's an ongoing effort.'
Publication Date: 2011-03-15