Phil and Lynn Chapman, President and Executive Vice-President of Imagination Technologies/FRS, proudly informed employees on January 30, 2015 that the Company has formed an Employee Stock Ownership Plan (ESOP). In doing so, the company has joined the growing list of businesses whose employees are stakeholders.
“The Plan has several objectives,” Mr. Chapman indicated. “First, to provide ownership of the company and a significant retirement benefit to those who have helped to build the company; second, to ensure a stable and solid future for the technology, services, support and relationships that we provide to our valued clients and business partners; third, to create a market for stock held by the original owners without a sale to any outside interests, further protecting the relationships we have with clients and business partners; and finally, to live out our mission statement by honoring God with all of the plans and decisions made at our company. We hope that this new ESOP will encourage each of our team members, as new employee-owners, to create opportunities for the company that improve quality, innovation and productivity which is beneficial for our clients and business partners as well as for them.”
Phil Chapman announced that he will remain in his role as President of the corporation and continue to steer the direction and growth of the company. Sam McLamb, Vice-President of Business Operations, who has successfully managed operations for the past several years, has entered into a long-term agreement with the company and will continue in that role. All clients and business partners can expect business as usual, although they now will always be working directly with a company owner in all of their interactions with everyone here at FRS.
The establishment of an ESOP was important to the Chapmans in order to create meaningful employee ownership opportunities for those who contribute to the Company’s success and to retain the same organization in which the clients of FRS have confidence through their daily interactions. Of equal importance is their motivation to maintain the FRS technology and services at the highest level for those clients and to continue to operate the business with strong core values. Phil and Lynn are especially grateful to Shane Snively of Abiding Wealth Advisors for spearheading this project in his advisory role and to Phillip DeDominicis, Managing Director of Menke & Associates, Inc., the nation’s largest advisor specializing in Employee Stock Ownership Plans, for guiding them through the process in making the ESOP a reality.
About FRS
As the background screening industry’s most widely used technology, FRS offers our B2B clients with a foundation of rock solid background screening solutions that allow them to attract and maintain top customers who demand accuracy and speed when screening individuals. The FRS suite of technology solutions has been expertly crafted over two decades to assist the users of FRS as they cater to their clients whether they are screening prospective employees, current employees, contractors, students, volunteers or potential tenants. FRS offers a comprehensive suite of flexible products and services for consumer reporting agencies (CRA), criminal research specialists (CRS) and provides the proven network that pulls all of the pieces together for their clients, the HR professionals. FRS is Powerful, is Proven and is the Preferred technology solution of the background screening industry. For more information, visit our website at www.frssoftware.com.
