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LBS_TalkShop Video Transcript

(SPEECH)
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Workers in a factory. Text, Rob Mauritz, President and C.E.O. of L.B.S., U.S. Bank Customer. U.S. Bank logo.

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We treat suppliers, customers, and employees the same. Each employee feels empowered in that they know that their voice is heard and that it counts, that it matters.

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Factory workers in conversation.

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I'm Rob Mauritz, the President and CEO of LBS, and we are a U.S. Bank customer.

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Text, U.S. Bank presents Talk Shop.

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LBS has three divisions and they all use products that house paper.

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Paper pieces move on a machine. A worker watches and collects the pieces.

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LBS is an ESOP, which is an employee stock ownership program.

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A worker measures a paper sheet.

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The benefit of becoming an ESOP is nobody's role changes, but now they're owners of the company.

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A machine cuts paper products. A worker moves products with a forklift.

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They are receiving shares of stock and they have a vested interest in the success of the company.

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A worker inspects a product.

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Not every company can become an ESOP. There's a very strong vetting process, and U.S. Bank was a very important part of that.

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Text, Structure your business with help from your bank.

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They said, yes, you do have a strong plan. We're going to support you.

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A worker operates a machine.

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When we're considering a large purchase, be it of equipment, a possible acquisition, one of the first things that we do is we talk to U.S. Bank because we get good advice from them on do you use your own cash, do you borrow, do you use a little bit of both?

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Text, Get advice before making large purchases. Workers operate the machines.

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And this way, it's not a surprise when you show up and say, we're going to buy this new piece of equipment.

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A worker operates moving machinery

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Treat every business transaction the same, be it one item or 10,000, because you don't know if that one item is going to turn into 10,000.

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A worker adjusts equipment

Workers lifting stacks of paper

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If you genuinely care about people, that will come through.

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Rob Mauritz in conversation with a worker.

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That's how we've been so successful.

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U.S. Bank logo. Text, The power of possible. Equal Housing Lender. Credit Products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member F.D.I.C.

Structuring your business as an ESOP

LBS is structured as an employee stock ownership program, giving employees a vested interest in the company’s success.

Tags: Cash flow, Employees, Business loans, Equipment finance
Published: November 28, 2018

When evaluating large purchases and acquisitions or navigating the process of starting an employee stock ownership program, Rob Mauritz, president and CEO of LBS, wasn’t afraid to turn to others for advice. Learn why he values treating every business transaction the same, and makes sure every employee feels empowered and they know their voice is heard.

 

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