But the way they feel about what they do, I believe, will change somewhat dramatically when they begin to see the value that falls to them.I believe that their esteem about what they do and how they do it will continue to grow.Going into this process now — as opposed to waiting 10 years — brings with it a lot of operational stability [the plan rolled out May 1]. It allows us to begin to weave this ESOP notion into the culture of the company well in advance of the change in management.I believe it sets us on a more even keel for the future as we go forward to the eventual day when I retire.I think it focused more on me than the company, so we kind of canned it at that time. About a year ago, I did meet one out in Kansas City — Emery Sapp & Sons Inc. Three of us from Sargent spent some time with a number of their employees in an open question-and-answer session.In my mind, I was performing due diligence on behalf of my employees.MB: At what point does an employee become fully vested as an owner?HS: Basically, employees fall into the same vesting schedule that had been in place with our 401(k) program.
Sargent Inc.)Employees: Just under 400Revenue 2012: Approximately 0 million Contact: 800-533-1812 May 1, Herb R.
For much of the early 2000s, over 50% of our work involved site preparation for big-box stores. Primarily, it's because we believe governments are going to continue to be constrained budget-wise for many more years to come.
MB: What's been the reaction to the ESOP change among your peers? I get some feedback from my employees about what they hear from other folks in our industry, and they're being congratulated for it.
HS: I think it will take time for a true appreciation to be realized over what it can be for our employees … It will take some time of building and actually seeing that value before they'll truly feel 'Yes, this makes a difference.'MB: Prior to this change, Sargent was a family-owned business? You have to get an independent appraisal of the value of the company.
In our case, Berry Dunn was the evaluator of the company.
From that point on, it was a matter of deciding whether I was satisfied with that value and then it was a matter of whether the trustees were satisfied in paying that value. HS: It's a trustee group of three people representing the ESOP trust, and I'm one of those trustees.