Luckett & Farley, Kentucky’s largest and oldest architecture and engineering firm, announces today that it has become a one hundred percent, employee-owned ESOP company.
Today, during Luckett & Farley’s regularly-scheduled monthly Staff Meeting, the firm’s President and CEO, Ed Jerdonek, made the announcement to the packed meeting room which included the consultants who assisted Jerdonek and the firm’s two other Principals, Gail Miller and Rob Diamond, in advising the firm. Planning for the ESOP transition has been in motion since early 2011.
The transaction is funded internally without the use of any external debt capital.
Luckett & Farley originally started its ESOP in January 2000 when the previous owners of the firm each sold equal shares of their stock to total just over 26% of the Company’s equity. Over the years, the ESOP has continued to grow as a result of employee retirements and redemptions to a high of just over 61% of the Company’s total equity. As a result, the ESOP became the largest shareholder at Luckett & Farley.
According to Jerdonek, moving to a 100 percent employee-owned Company is “a logical extension of Luckett & Farley’s commitment to being the best employer in the region”. Since Jerdonek, Diamond and Miller assumed the leadership of the firm some seven years ago, the Company has remained focused on creating the best environment, culture and reward structure in the business. Jerdonek adds, “by providing a way for Luckett & Farley’s employee-owners to create real wealth for themselves and their families, we’re confident that all of our folks will continue to provide the best service and technical solutions to our clients, ensuring the continued long term success of what is now their Company, too”. Taking Jerdonek’s remarks further, the Company’s COO, Rob Diamond explained that, “we’ve succeeded in creating a culture of ownership here and it’s demonstrated throughout the Company on a daily basis in the way our employee-owners interact with our clients and each other”.
Working closely with ESOP experts from local accounting firm, Harding & Shymanski, representatives from Prairie Capital Advisors, and an independent ESOP Trustee, Luckett & Farley’s jump to becoming a 100 percent ESOP Company actually became official on January 1, 2012, even though the announcement is being made today. This allows the Company to take full advantage of the ESOP tax benefits beginning immediately.
Related Posts
Small Projects, Big Relationships
In the words of the Greek orator, Demosthenus, “Small opportunities are often the beginning of great enterprises.” Great concept, but how do we implement his sage advice? While searching for some answers, I decided to look at our company’s Core Values. Do our Core Values apply to each & every project – even the small [more...]
First Impressions
Good companies start from the inside out
As one of Luckett & Farley’s newest employee-owners and Director of First Impressions, my role is tailored toward providing exceptional service for our clients and dedicated business partners. When hired, I knew I had the personality to deliver a great experience, but I never expected my role to come with such ease. Luckett & Farley [more...]
North American auto companies focus on their people
Employee passion is contagious and the results speak for themselves.
American car companies and A/E firms have one thing in common. People. Sure, there are probably a few other things they have in common. They both build and design objects that shape our lives, but I would argue that it’s the value they place on their employees that brings them together. I recently visited the [more...]
Extra, Extra! Read all about it!
A look back on 19th and 20th century news articles featuring our original firm leaders
I never considered myself a “history buff,” but when I heard (thank you Twitter) that the Louisville Free Public Library recently posted all Courier Journal newspaper articles from 1830 to 1922, I’m embarrassed to admit I was a bit excited. Since Luckett & Farley was founded in Louisville in 1853, it was the perfect opportunity to [more...]
Are You a Fire-Fighting Arsonist?
Sometimes design professionals stand in their own way of success
Department Managers in the majority of architecture, engineering and interior design firms generally balance their project-specific responsibilities along with the management responsibilities of their respective departments. It isn’t easy! If you’re a manager in a design firm, how many times have you muttered under your breath (or screamed), “I’m too busy?” I hear it around [more...]
How to Defuse a Volatile Situation
Advice for all designers
Sometimes in a project meeting an architect finds himself on the receiving end of criticism, whether he/she legitimately deserves it or not. It’s just part of the job. Now, how he/she chooses to respond to it reveals the character and integrity of the architect – which ultimately may determine how long he’s in business. So [more...]
The Hands Off Approach to Grooming New Leaders
As President and CEO of Luckett & Farley, one of the biggest challenges I face is finding the sweet spot when it comes to mentoring our future leaders. It’s a fine line between being too distant and being just ”hands off” enough to allow our rising stars to gain valuable experience in dealing with the myriad of [more...]
Correcting Mistakes, the Luckett & Farley Way
When something doesn't go as planned, how you handle it can define your entire practice.
Mistakes are a part of business. Any architectural, engineering or interior design firm that hasn’t suffered from a costly mistake probably doesn’t have any employees! Sure, we’ve all been in that situation – myself included. Unfortunately, the most effective way to have a lesson permanently seared into your brain is to make a big hairy mistake and have the initiative to shoot your [more...]