60 Seconds with an ESOP Company CEO

Mike Vidra, President of Tech Met, Inc.

An ESOP since 2015, located in Glassport, PA

Since transitioning to an ESOP:
-The number of employees has almost doubled, from 23 to 42 employees
-The value of the company has more than tripled
-Only one employee has left the company
“The tax advantage, the ESOP corporate structure, has allowed us to put large amounts of money back into the company, mostly in the areas of research and development. We average now between 2 and 4 new patents a year.”
“Our people have always been very customer focused, but another advantage of the ESOP is after that occurred they became much more engaged, even than they were, they became sort of all in…having this deep engagement, this full engagement of the employees allows us to stand out among our competitors.”
“For anyone who’s been there since (before the ESOP started), the lowest account balance for any of our employees is $66,000. And it’s without them putting a penny in themselves.”