A nearly 40-year-old Indianapolis engineering business is now owned by its employees. Frakes Engineering has transferred all shares to an employee stock ownership plan. President Jim Frakes founded the company with his brother Bill in the late 1970s.
Frakes Engineering, which works with municipal water and wastewater clients and with manufacturers in the automotive, pharmaceutical, plastics and food and beverage industries, says the plan gives the company a succession pathway and way for the Frakes family to preserve its company legacy.
The company says it will keep its current management, services and business objectives, as well as "promote participation and leadership on every level and from every employee." It has more than 40 workers.
General Manager Cliff Campbell says "Jim Frakes has always felt the future of the company belonged in the hands of those that made it what it is today, the employees. We have such a family feel to the place because most of us have been here for a very long time and already view it as our firm. What we have done here today will ensure that Frakes Engineering continues for the benefit of our clients and employees for many generations into the future."