Business View Magazine - Nov 2023

125 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 11 LUMBER TRADERS , INC . and future benefit projections, the result has been strong employee retention. This mixture of information presents a perfect explanation for their amazing growth, as doing this allows them to refine their employee quality while increasing their employee quantity over time. It’s a major win-win because, within the challenging ESOP space, it’s quite easy to lose track of expenses. However, ensuring that employees know the full extent of the financial security and retirement benefits provided to them is certainly a worthwhile expense. “If anyone thinks they can just set up an ESOP and go about their merry way, they’ll quickly realize that it’s expensive… if [employees] aren’t given information [it] can be dangerous,” Steiger says, throwing in the fact that the company even goes as far as to give employees the hourly equivalent of their projected ESOP value to help them gain perspective on what their hard work translates into. A Community of Contributing Partnerships Lumber Traders goes so far for its employees because, as a concept, employee ownership goes hand-in-hand with its goal of building up its surrounding community. By building up its employees, the relatively small town of Port Angeles benefits overall, as it will have a more financially secure population that can put more into the town’s overall economy. Lumber Traders also actively participates within its community, which is why, in 2020, it was recognized as the Business of the Year by the Port Angeles Chamber of Commerce for its role in supplying local non-profits with Personal Protective Equipment to aid the healthcare industry during the pandemic. “Most people want to be a part of something… to feel that their contribution is valuable, and that’s really the culture we work hard to create,” Since 1995, Randall + Hurley has been your trusted partner. We provide comprehensive services for corporate retirement plans including 401(k), 401(a), 403(b), 457, Cash Balance, Defined Benefit and ESOPs. No matter your plan type, we've got you covered. Contact us today for your complimentary quote!