IT firm turns over ownership to the employees as founders leave
- The employees of an Arlington, VA, government IT firm are now the owners, the Washington Business Journal reports. In late December. Phacil Inc.’s co-founders, Rafael Collado and Sascha Mornell, set up an employee stock ownership plan to turn over the firm to its 850 workers. Collado and Mornell founded the company in 2001.
- Mehdi Cherqaoui, Phacil’s CFO told the Business Journal that the firm’s inclusive, diverse family-oriented culture made the turnover in ownership a natural next step. The founders are serial entrepreneurs who were ready to move on.
- Last year, Phacil generated $140 million in revenue. About 50% of its business comes from the Pentagon. The other half comes from civilian entities, including the National Science Foundation, Department of Homeland Security, and Patent and Trademark Office.
Phacil’s co-founders had enough foresight to turn over their company to the people they once managed. Perhaps as entrepreneurs, they understood the value of growth and innovation in the workplace. Employee ownership isn’t a new idea, but it’s still innovative.
Phacil’s CFO described the firm’s culture as inclusive and family-oriented. Supportive work environments like this enhance employee engagement.
- Washington Business Journal Arlington government IT firm goes employee-owned