MURRAY, Ky. (AP) — The president and CEO of a trucking company in southwestern Kentucky plans to sell 100 percent of his company stock to his employees.
Paschall Truck Lines Inc. boss Randall A. Waller said the sale solves several issues, including giving him an exit plan from the leadership of the company he purchased 40 years ago.
Waller told the Murray Ledger & Times (http://bit.ly/17A6Hhe ) he's now an employee with a long-term contract and thoughts on how to build and grow the company.
Paschall Truck Lines?currently has 1,384 employees between its facilities in Murray, Ky., Franklin, Tenn., West Memphis, Ark., Indianapolis, El Paso, Texas, Brownsville, Texas and Laredo, Texas.
Waller's stock sale is made possible through what is known as an Employment Stock Ownership Plan, a method several companies have undertaken the past several years.
Waller said he's spoken with other companies in recent months and each one wanted to move the headquarters out of Murray.
"That was not an option," Waller said.
Alex Moss, an ESOP?communication consultant from Philadelphia, Pa., said the stock sale puts employees in position to at least have a better opportunity at achieving a worthwhile retirement fund.
Steve Smith, an Indianapolis attorney who handles ESOP cased, said employees can now have the most effect on a company.
"It takes a special man, though, to want the employees to own it," Smith said. "The majority of owners want to sell their companies and that leads to lots of uncertainty and problems.
Information from: Murray Ledger & Times, http://www.murrayledger.com