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"Being an owner attaches a personal commitment to our day to day actions.
The ESOP allows each and every employee an opportunity to make a difference in
the growth and success of our business as well as their future."
-Bill Yee
President
"Our ESOP is an excellent way to provide a great benefit to our
associates, which in turn, motivates all to insure the success of our company."
-Dennis Dalton
COO/CFO
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In June of 1991, Western Contract established an Employee Stock
Ownership Plan (ESOP) as the company's primary retirement plan for
associates. A strategy was developed to fund the purchase of company
stock by the ESOP from profits generated by the company. The associates
at Western Contract reached their goal to be 100 percent employee owned
in April of 1999.
Western Contract's ESOP is very entrepreneurial. It calls for a
combination of associate ownership and associate participation. Each
vested associate has a beneficial interest in the stock held by the
ESOP, as well as input in the decision making process. They also have
the responsibility to make sure that their individual work efforts are
exceptional and business decisions are made wisely.
The transition from a solely owned corporation to an employee-owned
company has evolved since the inception of the ESOP. The transformation
was encouraged by forming Total Quality Management (TQM) committees.
Volunteers from each department came together to learn the concepts of
teamwork, organizational behavior and process improvement necessary to
create and then commit to an entirely new corporate culture. This
corporate culture is reflected in the firm's vision statement and
philosophy for organizational success called "The Canoe Theory".
WCF associates have a shared vision which is a commitment to:
- Excellent Customer Care
- Continual Personal Development
- Profitable Growth
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