Mercer Capital Now an ESOP Company
"There was never any question that the right partner was the employees of Mercer Capital, with whom we have built this firm together"
Mercer Capital announces the formation of an Employee Stock Ownership Plan (ESOP) effective January 1, 2006. Under the terms of the plan, approximately half of Mercer Capital's stock has been acquired and will be apportioned to employees at no cost to the recipients.
In a joint statement, CEO Z. Christopher Mercer and President Kenneth W. Patton explain this historic change in structure as a long-term commitment to a fundamentally new operating vision. "Mercer Capital has been owned by myself and Ken Patton for over twenty years now. I'm pleased to say that the firm has grown over that time to become one of the largest and most prestigious business valuation and investment banking firms in the country. As we both looked to the future, we realized that for the firm's continuing success, we had to expand the ownership," commented Chris Mercer.
"We came to recognize many benefits of entering into a new partnership. We also recognized that those benefits would only be realized by making the right choice of whom to partner with. Chris and I could have entertained offers from buyers of niche financial services companies, but we were just not interested in that option. It has been our intention all along to reward the people here who make the firm's success possible," Ken Patton remarked on the analysis leading to the ESOP decision.
Chris Mercer added, "The ESOP provides our people with an ownership stake in the company and a vested interest in its continuing success. There was never any question that the right partner was the employees of Mercer Capital, with whom we have built this firm together."
Ken Patton has been pleased at how well the news of the ESOP has been received by both business colleagues and clients. "Our current and prospective clients have reacted very positively to the news of the ESOP. Not many professional service firms, especially in our profession, are employee-owned. People want to know more about it and more about Mercer Capital as a result."