Edvance Research to become employee-owned

US-- The founders of education research agency Edvance Research have launched an employee stock ownership scheme to sell the firm to its staff.

Edvance executive vice president and co-founder Gail Ribalta said: “As the founders begin thinking about retirement in the future, it seemed only right to us that it should be sold to the employees.”

The buy-out period is expected to last a decade, said Ribalta.

CEO Dean Nafziger said: “The plan has two objectives. First, to sell ownership held by the company founders without a sale to outside interests; and secondly, to enable employees to share in ownership of the company they helped to build.”

The Texas-based firm was set up in 2005 by Nafziger, Ribalta, president Donald Barfield, chief information officer Kathleen Barfield, vice president Kristin Mitchell and vice president of programme operations Mark McNiel.

Author: James Verrinder