Cornerstone was instrumental in pulling together our ESOP. It was a complicated process but they listened to our needs, worked with our lawyer, and took our business plan to a whole new level.
LB Water
Selinsgrove, Pennsylvania
LB Water Service, Inc.
Selinsgrove, PA
Making water, wastewater and stormwater work by delivering the right products, service, training and solutions since 1970
9 distribution locations across Pennsylvania and Maryland
Provider of smart city solutions including water system leak detection in more than 25 states
Tens of thousands of products sold
250 Employees
Cornerstone Client Since 2000
Cornerstone transitioned our company’s ownership from three shareholders to an entirely ESOP owned company. They still do continuous work with our board, trustees and management and have established and funded a program to assure the ESOP will continue to flourish.
Cornerstone also revamped the entire management structure of our company. They attend our senior management and board meetings, and have helped us all achieve our intentions when it comes to charitable giving.
We’re somewhat disadvantaged for not being located in a major market, but working with the people at Cornerstone means having access to expertise and resources that otherwise would not have been available.
Shawn Pulford, William Everly, Jim App, and Walt VanNuys - LB Water Service, Inc. - Selinsgrove, PA
Services performed:
- Design and implementation of the ESOP
- Revamping of management structure
- Ongoing consultation on the strategic development of the business
- Creation and implementation of charitable vehicles
- Individual passing of net worth with limited taxation
- Executive coaching and development
- Human capital development
- Forecasting and funding of ESOP repurchase liability obligation
- Protection against key employee losses through sophisticated life insurance program
- Attend senior management and board meetings as needed