Employee-owned Parksite, Inc. Hosts Congressman Randy Hultgren at Illinois Headquarters

October 5, 2012

Home News Employee-owned Parksite, Inc. Hosts Congressman Randy Hultgren at Illinois Headquarters

ESCA member company Parksite welcomed Congressman Randy Hultgren (R-IL-14)- to their headquarters in Batavia, IL last week. Parksite is a sales, marketing, and distribution company serving many segments of the building industry, with a focus on both interior and exterior products. They are a 100% employee-owned company and have 10 offices along the East Coast.

Congressman Hultgren joined three dozen employee-owners for a luncheon and discussion about the current policy issues facing Congress.  Parksite’s employee-owners also had the opportunity to tell their personal employee ownership stories of how the S ESOP structure has aided them financially and professionally throughout their time at Parksite. As a co-sponsor of H.R. 1244, The Promotion and Expansion of Private Employee Ownership Act of 2011, Congressman Hultgren understands the benefits that S ESOPs provide, from the substantial retirement savings, to the notable job stability and job creation.

With a history of providing exceptional building product solutions, comprehensive training and value-added service, Parksite, Inc. continues to revolutionize the building industry. The company understands how important employee ownership is in creating a company culture where every employee has ‘skin in the game’, working even harder to see the company succeed. Uniting employee-owners ultimately motivates them to be more productive, allowing the company to grow and produce at a faster rate.

Parksite employee-owners understand the importance of engaging their congressional delegation in order to protect the S corporation ESOP model in the tax code. S corporation ESOPs allow workers to own some or all of the company through shares of the company’s stock, which are given to the workers by the company (at no cost to the worker), and are held in a qualified retirement savings plan. As the company profits, the shares increase in value. A study from the National Center for Employee Ownership (NCEO) showed retirement accounts in S ESOP companies have balances three to five times higher than the average American’s 401(k) plan. At a time when many baby boomers are looking to retire, it is important to inform Members of Congress of the need to preserve and protect current systems that are in place that will help current and future retirees meet their goals.

In addition to Congressman Hultgren’s visit, Parksite employee-owners met with staff from Congressman Rush Holt’s (D-NJ-12) office in New Jersey and Senator Sherrod Brown’s (D-OH) staff in Ohio last month. Representative Holt, also a co-sponsor of H.R. 1244, took time to visit Parksite’s New Jersey office and meet with employee-owners there. In Ohio, George Pattee, CEO of Parksite, joined two dozen employee-owners at Senator Sherrod Brown’s office (D-OH), to engage in a question and answer session with the Senator’s staff.

Parksite employee-owners will continue to engage with Members of Congress and staff on a personal level in the coming months. It is more important than ever to reinforce the remarkable benefits that employee ownership has for hardworking Americans across our country.

Latest News