Destinations by Design (DBD), a provider of high-quality destination management and event services to the incentive and corporate markets in Las Vegas for 28 years, has announced that effective November 5, 2018, the company’s stock has been sold to its employees through an Employee Stock Ownership Plan (ESOP).
Representing a tangible way to reward those who have played a critical role in the success of the company, this transaction is expected to give the employees of DBD an increased financial interest in its long-term success along with a significant sense of ownership over the tasks they execute daily for the company’s clientèle.
“After 28 years of work, we are so proud of what this company has become. Being consistently recognized as one of the top DMC and Event companies in the country was just the beginning,” said Joyce Sherman Nelson, Founder of Destinations by Design. “We are confident that the implementation of the ESOP with 100% employee ownership is not only the perfect way to reward DBD employees for their contribution to this company but also ensures continuity in our quality of service and a smooth long-term leadership transition.”
Founders, Joyce Sherman Nelson, and Jim Nelson will continue as board members of Destinations by Design. The executive management team will be continuing in its current form with Joshua Ford as CEO.
“I am confident the ESOP will make us an even stronger company than ever before,” said Ford. “ESOPs have a proven track record and enables us to ensure we effectively preserve the legacy of DBD’s founders. The amount of passion DBD puts into our clients’ dreams is our secret sauce, and now as owners, we are all responsible for the recipe.”
According to Ford, recent data shows that ESOP’s outperform their non-employee owned peers and that company growth accelerates.
“This structure will not only provide our staff with additional financial security and incentives but guarantees our clients will experience continuity with our brand,” said Ford. “This is truly a long-term investment in the future of Destinations by Design, and we look forward to continuing our award-winning event management and creative services.”