By LaneReport.com Staff
Luckett & Farley, one of the state’s oldest architecture and engineering firms, is now a 100 percent employee-owned company.
“By providing a way for Luckett & Farley’s employee-owners to create real wealth for themselves and their families, we’re confident that all of our folks will continue to provide the best service and technical solutions to our clients, ensuring the continued long-term success of what is now their company too,” Luckett & Farley President and CEO Ed Jerdonek said. Luckett & Farley originally started its employee stock ownership plan (ESOP) in January 2000, when the previous owners of the firm each sold equal shares of their stock to total just over 26 percent of the company’s equity. Over the years, the ESOP has continued to grow as a result of employee retirements and redemptions to a high of just over 61 percent of the company’s total equity. As a result, the ESOP became the largest shareholder at Luckett & Farley. According to company officials, planning for the transition to a 100 percent employee-owned company has been in motion since early last year.
According to the company, the transaction is being funded internally with no external debt capital.
Luckett & Farley has practiced in Louisville since 1853 and was recently named as one of the best places to work in Kentucky for the fourth consecutive year as part of the Best Places to Work awards program.
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