Employee Stock Option Plan (ESOP) benefits clients when employee-owners take on full accountability for company growth
SEBASTOPOL, CA, UNITED STATES, February 23, 2021 /EINPresswire.com/ — LEFF Construction Design Build, a residential remodeling and new home construction firm in Sebastopol, CA, recently completed its transition to a 100% employee-owned company through its Employee Stock Ownership Plan (ESOP).
Dave Leff, who founded the company in 1978, will continue to serve as CEO and Chairman of the Board; ownership has been transferred to the 30 employees, all of whom qualify for ownership immediately.
An employee stock ownership plan (ESOP) is a qualified retirement benefit plan that gives employees a stake in the company through stock allocation. It provides a method for the company workforce to accumulate capital for retirement at no cost to the employee.
“Over the decades, the success and growth of LEFF is a direct result of our talented and skilled employees who have consistently delivered award-winning projects and superior client experiences to Sonoma County homeowners,” Leff said. “Their dedication and longevity have more than earned us the opportunity to own the company together. And because employee ownership has a formidable advantage when recruiting and retaining top talent, we look forward to expanding our workforce with more talented and skilled employee-owners. Employees at LEFF, at every level of engagement with our clients and within their teams, will share directly in the success they are helping to create.”
After 43 years as CEO, Leff explored various options to allow the company to survive after his retirement. “Rather than sell the company to a third party, we wanted to continue growing the company and building the future of the families who work here, “ Leff said. “And for our clients and the community, it further raises the level of accountability and commitment toward client service and superior quality projects.”
According to the National Center for Employee Ownership, there are approximately 7,000 ESOP companies in the U.S., and 28 million employees participating in employee ownership plans.
About LEFF Construction Design Build
Founded in 1978 in Sebastopol, California, LEFF designs and builds residential remodeling and new home construction projects in Sonoma County. The LEFF Design-Build process helps define its core mission: to make every project a superior client experience. LEFF’s approach makes their entire team of architects, designers, estimators, project managers, and field crew accountable from beginning to the end of the project. Communication and accountability between all parties is transparent and consistent. The result: a beautiful custom project delivered on time and on budget, and very happy clients.
In 2020 and 2021, LEFF Construction Design Build was awarded the NARI (National Association of the Remodeling Industry) Contractor of the Year (CotY) award (regional and national) for their whole-home remodel projects. See the 2021 award-winning projects here and the 2020 winning project here.
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LEFF Construction Design Build: 40 Years of Design and Build Excellence/ see a fire rebuild in progress and a Universal Design remodel