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FarraTech’s ESOP Program
A rarity in the business world, FarraTech is 100% employee owned. FarraTech is proud to provide our employees with company ownership through our Employee Stock Ownership Plan (ESOP). As of 2015, the National Center for Employee Ownership (NCEO) estimated there are roughly 7,000 employee stock ownership plans (ESOPs) covering about 13.5 million employees. Farratech’s Employee Stock Ownership and 401K Plan is a defined contribution plan with a profit-sharing component, 401k feature, and leveraged ESOP component.[/vc_column_text][vc_separator][/vc_column][/vc_row][vc_row equal_height=”yes”][vc_column width=”1/2″][vc_column_text]
What is an ESOP?
An Employee Stock Ownership Plan (ESOP) is an employee-owner program that provides a company’s workforce with an ownership interest in the company. In an ESOP, companies provide their employees with stock ownership, often at no upfront cost to the employees.
How does it work?
FarraTech became an ESOP company in 2007 when our founder, John Farra, decided to retire. Rather than sell the company to a third party, he gave it to his employees! Since the ESOP implementation, new employees joined the ESOP program after their one-year waiting period. Once employees are in the plan, their ESOP accounts begin accumulating shares of FarraTech stock.[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_single_image image=”1561″ img_size=”medium” alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_separator][/vc_column][/vc_row][vc_row equal_height=”yes”][vc_column width=”1/2″][vc_single_image image=”1565″ img_size=”large” add_caption=”yes”][/vc_column][vc_column width=”1/2″][vc_column_text]
What makes us unique?
We are an ESOP (An Employee-Owned Company), women-owned and 100 percent dedicated to our customers. Employee ownership is a unique opportunity and one most Americans never get the chance to experience. We are thrilled to have employees on our team who have taken advantage of this opportunity.
Our employee owners work with each other and our customers to help make FarraTech have the best service possible. Our employees are committed to our company’s success because they are a part of it. At FarraTech, the benefits of hard work and dedication return to our employees and not to outside third-party owners. That is the critical component to our success![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space][/vc_column][/vc_row]
