Source: PR Newswire - Redneck Outdoor Products
LAMAR, Mo., March 24, 2017 /PRNewswire/ -- Danny Little, CEO of Redneck Outdoor Products, Inc proudly informed employees on December 27th, 2016 that the Company has formed an Employee Stock Ownership Plan (ESOP) and, in doing so, has joined the growing list of companies whose employees are stakeholders.
"The Plan has several objectives," Mr. Little indicated. "First, to provide ownership of the company to those that build the company; second, to provide a significant retirement benefit and additional incentive to further the company's success; third, to provide a tool to motivate, retain and attract quality employees."
During 2016 Redneck Outdoor Products, Inc contributed 21% of each eligible employee's total wages to the ESOP.
"The plan should result in increased employee satisfaction and provide our team members with long-term retirement benefits. We also hope the ESOP will encourage employees to actively seek opportunities for the Company including, but not limited to, ways to improve quality and productivity," Mr. Little stated. "It is a lot more fun and rewarding coming to work for yourself every day."
Over 20,000 companies have adopted ESOPs since they became legal in 1974. Most are small companies, with 80% having less than 150 employees, and privately owned.
About Redneck Outdoor Products, Inc: Redneck Outdoor Products is a leading manufacturer of hunting blinds and stands and other hunting related products located in Lamar, MO and currently has over 70 employees.