At our annual company meeting, Chuck Markey Jr., CEO of Markey's Rental & Staging, announced to the 160 employees that they would become part-owners of Markey's. An Employee Stock Ownership Plan (ESOP) will be in place as of December 31st, 2012.
"There were many reasons to take this step," said Chuck. "First, this will ensure stability of the company for many years to come. We have been in business for more than 50 years and this action will allow Markey's to remain in business well into the future, long after I am gone. Secondly, unlike many companies in our industry, Markey's is fortunate to have employees who are very loyal, some who have been with us for 20, 25, even 30 years. This is a way to reward them and our entire team for their continued loyalty and hard work. And lastly, we wanted to create a plan that would allow us to continue to provide our customers with access to an audiovisual rental and staging company that is focused on delivering a unique and unparalleled product. A company that combines convictions to serve our communities in a giving and compassionate way - ideals that are commonly lost on the major players in our industry."
"An ESOP is a great way for employees to create wealth in a tangible way," said Trustee Tom Potts of Fiduciary Trust Services, Inc. "By having a financial stake in the company's success, the employees are more motivated to be budget-conscious and do what is best for the company."
About Employee Stock Ownership Plans
An employee stock ownership plan (ESOP) is a defined contribution plan that provides a company's workers with an ownership interest in the company. In an ESOP, companies provide their employees with stock ownership, typically at no cost to the employees. Shares are given to employees and are held in the ESOP trust until the employee retires or leaves the company, or earlier diversification opportunities arise.
About Markey's Rental & Staging
Markey's Rental & Staging was founded in 1959. We are a national rental and staging/audiovisual company headquartered in Indianapolis, Indiana, with branches throughout the Midwest and also in Central Florida. Our technical experience and professional capabilities in our industry are well respected and we are proud of our inventory, in which we annually reinvest to ensure we are always able to offer the best equipment in the industry to our customers.