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EMPLOYEE OWNED -
EMPLOYEE BUILT
With the
new century arriving, the two brothers
contemplated how to plan their upcoming
retirement and still have the company continue
and prosper. The method they
decided upon is an Employee Stock Ownership Plan
(ESOP). This plan would allow the company to
continue to operate with the same management
team in place and utilize the strong reputation
of the company the employees had all been a
large part in creating. An IRS approved plan was
implemented in the fall of 2002 and since then
ownership of the company has been incrementally
transferred to an ESOP Trust, which then annually
allocates shares of stock to qualified employees
with in the company. When the final payment is
made to Bill and Jim Oftedal in December of
2009, the company will be 100% employee owned.
This is a very exciting time for the company as
all our employees are realizing the value of the
ESOP, and how it relates directly to the
performance of the company and ultimately to
their personal financial well being. |
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