Find news and information for the executive corporate security director, CSO, facility manager and assets protection manager on issues of policy, products, incidents, risk management, threat assessments and preparedness.
Issue link: http://sdi.epubxp.com/i/738825
October 2016 www.SecurityInfoWatch.com / Security Dealer & Integrator 31 attracting high-caliber candidates. e reception from our customers and vendor partners has been over- whelmingly positive." Clark found the same response. "ere was no carrot required," he says. Since the program does not require a monetary contribution — just a continued effort to be commit- ted to the success of Tech Systems — employees embraced it. Legal Considerations "ESOPs can be an effective and tax-efficient succession alterna- tive," says SD&I;'s legal expert, Eric J. Pritchard, Esq., of Kleinbard Bell and Brecker in Philadelphia. Pritchard explains that an ESOP is a qualified benefit plan similar to a profit-sharing plan. ESOPs invest in the stock of the employer com- pany. e security integrator sets up a trust. It then may contribute cash to buy existing or new shares of Pro-Tec Design of Minneapolis is the latest security integration company to transition to employee ownership; in fact, the company become 100-percent employee owned in February 2016. Photo: Kevin Featherly stock. "Regardless of how the ESOP acquires the stock, company con- tributions to the trust are tax-de- ductible, within certain legal limits," Pritchard explains. e purpose of an ESOP is to enable employees to acquire beneficial ownership in their company without having to invest their own money. Robert Hoertsch, who is the President and CEO of Low Voltage Contractors (LVC), finds that the employee ownership culture encour- ages and incentivizes company effi- ciency and growth. "Since 2008, LVC has grown at an accelerated rate both in revenue and profit," Hoertsch says, noting that ESOP companies typically outperform non-ESOP companies because the employees are empowered. "is is their com- pany," he says. "I have no doubt that LVC will continue to grow over the next five years." www.SecurityInfoWatch.com/12247959 Control Applications Push Plates Buttons & Switches Key Switches Positioning Switches or Keypads Electromagnetic Locks Door Readers or Sensors OEM Custom Design OEM Custom Design PUSH TO EXIT PUSH TO LOCK PUSH TO EXIT EMERGENCY DOOR RELEASE EMERGENCY DOOR RELEASE EMERGENC DOOR RELEASE EMERGENCY DOOR RELEASE PUSH TO EXIT PUSH TO EXIT PUSH TO EXIT PRESS TO OPERATE PRESS TO OPERATE PUSH TO OPEN PUSH TO UNLOCK PUSH TO UNLOCK PUSH TO LOCK PUSH TO OPEN EMERGENCY RELEASE EMERGENCY RELEASE PRESS TO UNLOCK EMERGENCY EMERGENCY DOOR RELEASE EMERGENCY PUSH TO EXIT PRESS TO OPERATE PRESS TO ELECTRIC DOOR CONTROL AND MONITORING SYSTEMS U If You Need Then You Need Opening Doors To The Future