FRONT ROYAL, VA--(Marketwire - Feb 12, 2013) - Able Forces Professional Services (AFPS), Inc., a veteran-owned business providing career-oriented employment to veterans and wounded warriors, announced the implementation of an Employee Stock Ownership Plan (ESOP). The ESOP is a first-of-a-kind effort specifically targeted to increase employment for people with significant disabilities, while giving them a "piece of the action" through the benefits of ESOP-owned stock. This ESOP gives AFPS employees 49% ownership in the Virginia-based government contracting firm.
"The ESOP is truly a win-win program," says Joe Cunningham, co-founder of AFPS and former president of Dyncorp's IT Division. "We expect our employees to greatly benefit from the plan, and, as an ESOP company, the increased growth potential will allow us to hire even more employees from the veteran community." In addition to other professional services, AFPS will provide educational services to the college students enrolled in military training programs while creating employment for veterans, veterans with disabilities, and caregivers.
"We're very excited to be a part of this ground-breaking effort," adds co-founder Skip Rogers, former CEO of Capture Planning Solutions. "Our objective is that at least 50% of our workforce will be comprised of veterans with significant disabilities. The ESOP is now an integral part of achieving that goal." AFPS is currently employing 58 veteran military officers and enlisted personnel supporting a military education contract, in addition to providing consulting support to major system integrators in the Federal market.
An ESOP is a qualified-defined contribution employee benefit plan that invests primarily in the stock of the employer company. According to Ron Gilbert, president of ESOP Services, Inc., which structured the AFPS ESOP, "ESOP companies outperform their non-ESOP competitors, create more jobs in good economic times, and have far fewer layoffs in an economic downturn. We hope this is the first of many ESOPs that are specifically targeted to increase employment for disabled persons."
About Able Forces Professional Services, Inc.:
AFPS (www.ableforces-ps.com) is a veteran-owned corporation whose Mission is to provide employment for Wounded Warriors, Disabled Veterans, Spouses, and Care-Givers. In conjunction with its nonprofit sister-company Able Forces (www.ableforces.org), AFPS provides both employment and community-based job preparation training to all veterans including those with significant disabilities. For further information email Skip Rogers at email@example.com.
About ESOP Services, Inc.:
Founded in 1984, ESOP Services, Inc. responds to the needs of business owners to understand and analyze the ESOP's impact on the company, shareholders, and employees, focusing on the financial aspects of cash flow, tax savings, shareholder liquidity, and employee benefits, while coordinating the many diverse elements necessary to successfully establish an ESOP. For more information, visit www.esopservices.com.
- Employment & Career
- Employee Stock Ownership Plan