Columbia, Maryland (PRWEB) July 19, 2017
LJT & Associates Inc. of Columbia, Maryland announced that on May 26, 2017 the company transitioned its ownership to an Employee Stock Ownership Plan (ESOP). Mr. Robert Conrad, President & CEO said, “The employees of LJT now own 100% of the company.”
Mr. Conrad shared that Leon John Tasheiko was the original founder and principal owner of the company. When Leon passed away in November of 2013 his ownership in LJT passed to his wife Sandra. In 2015 Sandra asked the Board of Directors to find a way for her to divest her ownership in LJT while allowing the company culture and management team to continue.
These conditions ultimately led LJT to Menke and Associates, Inc., a firm specializing in Employee Stock Ownership Plans. Some 23,000 companies have adopted ESOPs since they became legal in 1974, according to Phil DeDominicis, the ESOP consultant at Menke who assisted the company in establishing the plan. Establishing the ESOP allowed the company to transfer ownership from the LJT owners to its employees while ensuring the company and culture continue to move forward.
Mr. Conrad believes the ESOP will enhance the company’s ability to continue to recruit and retain the best and brightest employees and encourage further employee involvement in areas such as productivity improvement and enhanced customer service. The plan, “will increase the employee stake in the company, provide long-term retirement benefits, and incentive to increase value to our customers.”
LJT & Associates, Inc. is a premier engineering services provider delivering advanced technical and program management solutions, information technology, systems engineering, launch operations support, hardware/software development, telecommunications, facility services, and scientific support to federal and civil customers.