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.
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38 Security Dealer & Integrator / www.SecurityInfoWatch.com October 2016 is in a similar business and talk to them," he advises. "ESOP companies love to help each other and people considering an ESOP." Adds Hoertsch: "It is very import- ant that a company deciding to be an ESOP hires a law firm with ESOP experience. It is also important that the company hires a trustee and an appraiser that understands ESOPs." e ESOP is federally regulated, and as such, comes under scrutiny by the Department of Labor, which performs frequent and periodic audits of ESOPs to make sure they follow the rules and guidelines as defined by the Employee Retirement Income Security Act of 1974 (ERISA). As Pro-Tec pays down the loan used to finance the buy-out, the company's cash flow will allow taking on new ini- tiatives and expanding reach. In five years, the employee-owners will have a suite of financial results behind them, deep understanding of what it means to be an employ- ee-owner, and knowledge of how they can individually contribute to the share price. Reaping the Benefits "ESOP has allowed LVC to remain an independent, entrepreneur- ial company rather than being swallowed by a large corporation," Hoertsch says. "Morale is high, and LVC is well-respected across the country as a professional integrator." On top of that, LVC's employ- ees remain proud of what they do and their approach to their work. Hoertsch notes that customers would oen ask "How long have you owned the company?" e pre- vious answer was "I don't own it." Now he can say, "since 2008." Mach says Pro-Tec would travel the ESOP road again in a heart- beat. "e creation of an ESOP aligned with company culture and values," she says. Hagen achieved his objective to establish an exit plan that would be good for the employees, clients, suppliers and his family. "e strategy enables the Pro-Tec team to continue building on its suc- cesses without disruption," Mach concludes. ■ » Curt Harler is a freelance technology writer and regular contributor to SD&I; magazine. Reach him at curt@curtharler.com. Cover Story Request information: www.SecurityInfoWatch.com/10752984 November 15-17, 2016 Houston, Texas Crowne Plaza Hotel • Reliant Park Brought to you By: SECurED CItIES PArtNErS: register today at SecuredCities.com Attention: uASI Funding is Available for Secured Cities. Contact your financial officer or grant administrator for details. A hands-on Security and Public Safety Event Whether you are accountable for understanding and implementing government funding and grant initiatives, emerging technologies, security and emergency management policy and operations, best practices and peer-led applications, Secured Cities provides the educational and networking opportunities to help you establish the programs and build the relationships to address today's security and emergency management challenges. The one-of-a-kind event showcases the wireless capabilities of our nation's cities and suburbs, featuring three-days of classroom sessions/panel discussions, a two-day sponsors' hall featuring the latest in new products and technologies, and several interactive venue security tours including, NASA Kennedy Space Center, Reliant Stadium complex, and the City of Houston's Office of Emergency Management Operations Center (HEC), and the Houston PD Air Support Division, Secured Cities is your one "must attend" event for 2016. Secured Cities is a content-driven conference providing real world solutions to today's technology, management and operations issues. Visit SecuredCities.com for details Earn ASIS Continuing Professional Education Credits! SIlvEr SPoNSor oF thE ASIS tEx AS NIght out Pricing Starts at $ 199