Congratulations to stakeholders Eric Kee, Debbie Cavanaugh, Steve Woodward, and Kayla Carduner Sachs. They were awarded 50 percent stake in Atlantic Communications Team by Owner & President, Steve Carduner.
from l. to r. Steve Woodward,
Debbie Cavanaugh, Steve Carduner (standing) Kayla Carduner-Sachs and
Eric Kee
This is from the Daytona Beach News Journal:
This is from the Daytona Beach News Journal:
One local business executive is rewarding some loyal employees with more than just a year-end bonus — he's giving them a 50 percent stake in the company.
Steve Carduner, owner/president of Atlantic Communications Team, has made four employees stakeholders of his 29 year-old Ormond Beach telecommunications company.
The privately owned company specializes in business telephone, communications systems and IP solutions.
"Coming to the point of considering retirement, I needed to figure out what to do with the future of the company," said Carduner, 55, "Either I can sell the company outright, or work until I die," Carduner said.
He said neither option was realistic, so the award of stock was his way to ensure Atlantic's survival — while enjoying the prospect of an impending retirement.
"They (employees) have been here since the beginning, and it seems wrong, when I retire, to just sell the company and leave everyone high and dry," Carduner said, "It's just the right thing to do."
The four employees, out of 18 total, are Eric Kee, an installation manager with 25 years of service; Debbie Cavanaugh, a general manager with 24 years; Steve Woodward an operations manager with 15 years; and Kayla Carduner-Sachs, Steve Garduner's daughter with three years of service, who manages the company's only other location, in Altamonte Springs.
Steve Carduner announced the decision at the company's Christmas party last December, where the four employees would collectively hold a 50 percent stock in the company.
"It was a shock — a wonderful shock," said Cavanaugh. "I feel so honored."
When asked if the award compels her to stay at Atlantic, she responded, "I was planning to retire with this company, anyway."
While the employees hold a large stake in the company, Carduner said he will maintain ultimate decision-making power, "But we generally make all of our decisions as a company together, anyway."
Carduner declined to disclose the value of the award.
Garduner, a former Bell South worker, purchased Atlantic Communications in 1993 from Judi Boone, the company's founder.
From its office at 403 S. Yonge St., the company services more than 1,000 clients in Volusia and Flagler counties. Clients include Root Organization, Flagler Animal Hospital, Rice & Rose law firm, Daytona Toyota, and the cities of Ormond Beach and South Daytona.
Carduner said the company's competitors include Black Box Network Services and AT&T.
He said his locally owned company successfully competes with larger companies by providing more personal service and developing strong relationships with local customers.
Ned Harper, director of the Small Business Development Center at Daytona State College, said employers giving shares to employees is uncommon, however, it can have positive tax effects.
Referring to an employee stock ownership plan, Harper said, "There are a lot of tax benefits to allotting stock to employees — it depends on how the arrangement is set and how the company's bylaws operate."
Carduner said he would not seek tax benefits for the award.
Harper commended Carduner on the award of stock.
"It's a way of rewarding the people who have been loyal to you," Harper said. "I wish we would see more companies do that."
