MTI Sold—To Employees
Less than two hours ago, MTI vice president Taylor Scism reached out via mobile phone. “I have a big story for you,” she said. “But Randy wants to tell you.”
Randy Scism, the founder of the Wentzville, Mo., company and Taylor’s father, took the line.
High-performance catamaran and center console builder MTI is now an employee-owned company with a succession plan. Photo by Tom Leigh copyright Tommy Gun Images
“I sold MTI today,” Scism said with no small amount of joy in his voice. Then he paused long enough to let me take an incorrect guess at new ownership.
“No, I sold it to my employees,” he said, then chuckled. “This is great news.”
Though an Employee Stock Ownership Plan, the high-performance catamaran and V-bottom company is now a 100-percent employee-owned business. The deal closed 15 minutes before Taylor Scism reached out.
MTI employees also enjoy a 401(k) retirement program. But unlike the 401(k), the ESOP requires no employee contribution. It simply comes with employment.
Said Scism, “This gives our employees a retirement plan with some true wealth.” Photo by Brad Gildewell/Brad Glidewell Photography
Scism said that he has been working on the ESOP development for the better part of a year.
“The best thing is, nothing day-to-day changes,” he explained. “I have to stay and run the company. We don’t get ‘top dollar’ with an ESOP, but if someone else came in and bought MTI the company culture would change. They might start running it as a profit center instead of a passion.
“This gives our employees a retirement plan with some true wealth,” he added. “It’s really cool.”
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