SeaDek Marine Products, a producer of marine non-skid products, has become an employee-owned company.
The company’s principal owners Kurt Wilson, Jim Wilson, Jason Gardner and Chuck Yates have extended ownership to more than 70 full-time staff members through the implementation of an Employee Stock Ownership Plan (ESOP).
In addition to helping create financial security for employees, the plan is designed to encourage and reward increased employee productivity and efficiency. According to the Menke Group, who assisted with the ESOP implementation, a five or 10 percent increase in individual employee productivity can result in increasing company profitability by 50 percent or more.
"In the earliest days of SeaDek it was an entrepreneurial spirit that drove us to change the way boaters connect with their boats," said Kurt Wilson, company president. "We've worked hard to foster that same spirit in our employees so they're committed to the ongoing problem-solving process that is at the core of any growing business. We let them be creative in their work and then take responsibility for it. It's worked well for us and our people take great pride in what they do. Now, we're taking idea of employee entrepreneurship to its full expression. We're giving everyone in the company an ownership stake in SeaDek. It's a very exciting time for us."