The Employee Stock Ownership Plan (ESOP) Retreat was held February 8-10, 2006 and was attended by Gear Motions’ Employee ESOP Committee.
The team was up early to make six am flights to Orlando, in order to make our first sessions at 1 p.m. Thursday, which went until about nine that evening.
The three-day training seminar was attended by non-managerial employee stock owners to learn from and interact with their peers from other ESOP companies. Specifically, we received training on the ABCs of ESOPs, on managing an Employee Stock Ownership Plan company while playing the ESOP Game and on team building group problem-solving skills.
Through small groups, structured exercises, we developed and maintained a fictional company, in which we gained a better understanding of management’s role in creating a better P&L and Balance Sheet. The P&L and Balance Sheets are the two things that directly affect the share value at the end of the year.
We also learned a problem solving technique that will help the Employee Stock Ownership Plan Committees prioritize common goals and solving problems. This technique will also keep the committee focused.
Through the interaction with other committees from other companies, our committee feels we have a better understanding of ESOPs and how ESOP committees function.