Baltimore, Md. - Design Collective, Inc., a nationally-recognized urban design, architecture, landscape architecture and interior design firm based in Baltimore, Md., announced that the firm is now 100% owned by its Employee Stock Ownership Plan (ESOP) Trust, sharing beneficial ownership with employees. This announcement marks the next step in the firm's evolution and ownership since it first initiated the ESOP in 2008.
An ESOP is an employee benefit plan, which provides company stock to employees as part of their retirement benefits, allowing current and future employees to gain an ownership interest in the Company without any monetary investment. As a 100% employee-owned company, all of Design Collective’s stock is now held in trust by the ESOP exclusively for the benefit of its employees. Based on company performance, the ESOP is expected to generate significant retirement benefits for the firm’s employee owners.
Design Collective will continue to operate under the same business model and management structure. “We are excited to become a wholly employee-owned company,” said Fred Marino, AIA, President of Design Collective. “Our employees are our most important asset and we want to reward them for their passion and steadfast dedication, while also retaining our unique design and service-oriented culture. We believe providing ownership as a company benefit will lead to greater employee satisfaction, reduced turnover and a more rewarding work experience.”
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