Mark Adams, President and CEO of Sebago Technics was our speaker on June 9. Founded in 1981 by former W-G Rotarian Walt Stinson, Sebago Technics, Inc. is a consulting firm of more than forty design professionals and technical staff providing services throughout New England. In 1998, the ESOP was started to transfer ownership to its employees. Since 2007, the company has been 100% employee owned.
Mark spoke on ESOP's or Employee Stock Ownership Plans. There are about 11,000 ESOPs in the US employing 13 million people. The most common industries with ESOPs are manufacturing, engineering, construction, and banking. Among the other Maine ESOP companies are: Cianbro, Sargent Co, Johnny's Select Seeds, Moody's Collision, Lanco Enterprises, Howell Laboratories, J & S Oil, Prock Marine, and Maine Drilling and Blasting, among others.
How it works: A company creates an ESOP Trust in which eligible participants are allocated shares. Each year an Independent Valuation Company determines share value. The Trust Administrator tracks all employee accounts. The company makes an annual contribution to the trust. Upon leaving the company due to resignation or retirement, eligible employees receive distributions over 5 year period at which time the employee pays taxes.
Benefits: As employees have a stake in a company, it tends to be more productive and more profitable. It can increase financial capacity, protecting jobs and the integrity of the company. It can offer better employee benefits, including providing employees with retirement benefits. It can also provide tax benefits for both the company and employees. The broaden ownership incentivizes employees to “think like owners”.
Katherine N Wight (Kate), currently of Cumberland Center, has submitted an application to become a member of our club. Kate (Bugeau) was born and raised in Berlin NH. She is a graduate of St Joseph’s College in Standish. She and her husband Jake, along with daughters Soleil and Everleigh, recently moved to Maine from North Carolina.
She has been a Rotarian since 2010 in North Carolina. She is Director of Marketing and Communications at Morgan Dental Care in Gorham. She is a past member of BNI and volunteers for the Chamber. She and her family love spending time outdoors together.
If the two week waiting period ends with no objections to membership, the Board of Directors will vote on her application at the next meeting July 7.
Remember, if you donate to the Rotary Foundation this week, the club will match that contribution in your name (up to $100). If you sign up for Rotary Direct as well, we’ll add on another $25 as a thank you – any amount at any interval you choose (monthly, quarterly, semi-annually, annually). Donate to Polio Plus, the SHARE Fund, or other funds of your choice. See directions below on how to sign up for Rotary Direct. It is easy to get started!
2) At the top of the page, click on Sign In/Register
3) Enter your email address (where you receive communications about Rotary) and password.
Note: If you have not created an account yet for My Rotary, click on Create Account. To create an account, enter your name and the email address you have set up on Club Runner (our Westbrook-Gorham Rotary website and where you receive your Scribbler each week). Finish set up following any direction provided.
Once you can login:
1) Hover your mouse over "The Rotary Foundation" at the top of the page.
2) Choose "Ways to Give"
3) In the first section, Recurring Giving (Rotary Direct), click on Online contributions link. OR choose one of the other options. If you choose "online", continue with the next step.
4) On the next page, select a fund by clicking on one of the radio buttons, and click Continue
5) On the next page, select amount, then frequency from the drop down options, and click Continue
6) Enter the requested information. Note that if you have a Visa branded debit card, you can use that or use a credit card to make payments
7) Click continue
8) Review the Summary for accuracy and Click continue
9) Follow any other directions to complete the transaction.
Hopefully this will all make sense as you navigate through the screens. If not, please contact Mike Foley or Christine Johnson for assistance.
The 2015 Lobster Bake will be held Thursday July 16 at the Saunders' home on beautiful Sebago Lake. Hope to see all members, spouses and friends there! Look for a sign-up sheet at the next meeting. Sign up to bring an appetizer, side or dessert.
Happy Hour 5 - 6PM. Price remains at $25 per person. Choice of steak or lobster.
We are making great progress, but time is getting short.. Tell your friends, tell your neighbors, tell you colleagues. Organize a team. Ask local businesses to sponsor a hole. Sponsor a hole for your business.
Brochures are available with details on costs and sponsorship opportunities. Pick some up at our next meeting!
Questions? Contact Co-Chairs Drs Jack Kivus, Wayne Lopez or Bill Chadwick
