Page 14 - Lighting Magazine December 2018

| intheNEws
CAPITAL LIGHTING FIXTURE CO. TRANSFERS OWNERSHIP
TO EMPLOYEES
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EVOLVE WORKSHOP SERIES EXPANDS SCHEDULE IN JANUARY
The Evolve series of interactive workshops, developed and presented by industry veteran
Jim Fleming, continues its momentum by adding new dates and locations on
its roster to coincide with January’s Lightovation show. What Fleming says
is di erent about his Evolve workshops versus more familiar programs for light- ing showrooms is the expertise he has gleaned from working in other industries.
“I’m trying to introduce to small businesses some of the practices done by larger corporations,” he explains. For example, SWOT analysis is used by every Fortune 500 company and private equity group out there,” he notes, refer- ring to the method that delves into the Strengths, Weaknesses, Opportunities, and Threats of a business.
There are some aspects of managing your showroom operations that aren’t covered in typical educational sessions, according to Fleming. “There’s an actual science behind pricing,” he reveals. “I advocate the 80/20 rule, where you can go ahead and use matrix pricing for 80 percent of your inventory, but for the re- maining 20 percent, you need to assess price thresholds. It’s all about ne-tuning your pricing and not being lazy. Don’t let IMAP run your showroom.”
Jim Fleming welcomed retailers to his Evolve seminar in Asheville.
Capital Lighting Fixture Company, headquartered in Flowery Branch, Ga., has
become the second lighting manu- facturer to empower its employees with an Employee Stock Ownership Plan (ESOP). Founders Mary Lou and John Lewis revealed their transition plan to employees during a company- wide breakfast meeting in late October.
The ESOP e ectively transfers 100-percent ownership to employees – in amounts based on their tenure – through a quali ed and de ned contribution bene t plan.
“We have come a long way in
the past 25 years, growing from a 15,000-sq.- . warehouse and a hand- ful of employees to a 170,000-sq.- . o ce and warehouse, over 60 employees, carefully cultivated overseas manufacturing partnerships, and a growing showroom customer base that we are commi ed to sup- porting. Our employees have always
been central to our growth and success, some of whom have been with us for several years, a few, from the very beginning,” says John Lewis. “As we explored ownership transition options, we were clear about our goal. Our top consideration was to do what’s best for our valued employees, loyal customers, reliable suppliers, and shareholders. ESOP was the only option that checked all the boxes.
“The be er we do, the more the stock is worth,” Lewis notes. “We need to continue to make great prod- ucts, o er our customers exceptional service, improve our business, and operate e ciently and pro tably,” he emphasizes. The plan serves as an additional retirement bene t, provid- ing employees an added incentive to contribute to the company’s success.”
The rst employee-owned lighting manufacturer is Kenroy Home, head- quartered in Florida, which provided its employees with stock ownership in 2008.
10 enLIGHTenment magazine | december 2018
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