In 1997 Sam Stern and Brenton Eisenreich co-founded Future Care Consultants in Edison, NJ with one employee and a goal of helping health care groups manage their revenue (RCM) and back-office services. By 2021, Future Care grew to four offices including Lakewood and Ramsey as well as offices in Brooklyn, NY and Scranton, PA, with a staff of more than 300.
Today, thanks to an Employee Stock Ownership Plan called MyFuture, their employees are now the proud owners of Future Care Consultants. “Brenton and I are thrilled to announce that we recently sold our ownership in the company, and FutureCare is now 100% owned by the employees,” stated Stern in a recent interview.
Creating My Future
Stern and Eisenreich worked with Chartwell Financial Advisory to create MyFuture, an ESOP for Future Care employees. Stern went on to say, “We’ve all worked very hard to get to this point and Brenton and I decided to sell the company in a way that allowed us to preserve the culture, reward our employees for their hard work, and share the wealth of the company going forward”.
An ESOP is an employee benefit plan that gives employees ownership interest in the company they work for by allocating them shares of stock. The most common reason for successful, privately held companies to offer an ESOP is to provide owners with a market for their shares while motivating and rewarding employees and preserving company culture.
Establishing A Future For Our Employees
MyFuture was designed specifically for the employees of Future Care. Brenton Eisenreich added, “This is an extraordinary moment for us all. We did this so that as our employees continue to work hard to make Future Care successful, they’ll reap the benefits of that success.
“It took the hard work of many to get to where we are today, and we decided it was our time to give back, so we chose to give back in a way that sets our employees up with a meaningful financial opportunity”
By the close of 2021, Future Care sold 100% of the company’s shares to the ESOP, making the employees owners of the entire company. Eisenreich went on to explain that the MyFuture ESOP works by holding the stock in individual accounts set up for all eligible participants. Shares are vested based on years of service and are allocated annually, based on compensation. Upon exit from Future Care, vested employees receive the value of their account according to ESOP rules.
When Hard Work Pays Off
It was important to Eisenreich and Stern that employees understand exactly what was happening and how they were going to benefit. They wanted them to know that MyFuture was like purchasing stock in the company with commitment and hard work as currency as opposed to money. The more they put in, the more they will get out.
Employees are ecstatic.
“I joined as an employee but now I am an owner of the company. I always knew I made a difference here, but now I can make a real difference in my financial future as well” claims Leah Fleischer, HR Director at the Lakewood, NJ location. She went on to say, “The success of the company is in our hands now”.
Future Care Is Expanding
According to Fleischer, the company is growing and in search of talented, committed individuals looking to make a difference and secure a financial future.
“I encourage anyone seeking a job that is both personally and financially rewarding to apply. It is truly a great place to work and as an owner, the satisfaction of seeing the company do well is amazing.”
Future Care’s continued success has always come from its employees and now that they are at the helm, the future’s looking brighter than ever for everyone.
To calculate your future visit https://www.fcc-corp.com/esop/