When Members of Congress visit employee-owned companies like SEL, they get to see first-hand the enormous benefits the S ESOP business structure has created for the economy and employees since Congress established the structure in 1998. Employee ownership has continued to benefit SEL’s Charlotte office, which opened in 1993 with one engineer and now has growing research and development and engineering services teams, employing more than 80 people. SEL is expanding with eight positions currently open in Charlotte and more than 200 positions available worldwide.
ESCA would like to thank Congressman Watt for taking the time to visit SEL and meet with their employee owners. At a time when Congress is thinking about tax reform, it is important to preserve and expand business models, such as the S corp ESOP model, that have proven to be successful.