AIT Laboratories Transfers Ownership to Employees

AIT Laboratories Founder, President, and CEO Michael A. Evans, Ph.D. has transferred ownership of the company to employees through an Employee Stock Ownership Plan (ESOP).  Headquartered in Indianapolis, Ind., AIT Laboratories is an independent reference laboratory that specializes in pain management, forensics, clinical and pharmaceutical testing.

“Our employees are our biggest asset, and they have earned the right to own the company that they work so hard for every day,” said Evans. “When I founded AIT in 1990, I never wanted to sell the company to an outside party or go public. What I wanted was to create a legacy company for my employees. This plan allows me to make sure our employees will have long and prosperous careers at AIT.”

The ESOP is a retirement plan that allows employees to share in the growth and success of the company. The assets of the ESOP are held by a designated trustee in a trust fund. The assets are then distributed when an employee reaches retirement age.

AIT has experienced tremendous growth over the past two years. Since the beginning of 2009, AIT has added more than 80 new employees and revenue has increased 93 percent. In 2008, the company ended the year with an increase in revenues of 106 percent and an increase in net profits of more than 400 percent. AIT has more than 320 employees nationwide.

“I attribute our success to our employees,” said Evans. “We have professionals who provide our clients with superior customer service and quality that is unmatched in our industry.” 

AIT partnered with several entities on the ESOP project including Barnes & Thornburg, LLP; BKD, LLP; M&I Bank; Moss Adams, LLP; PBI Bank; Stoll Keenon Ogden, PLLC; and the State of Indiana.

On June 25, AIT also shared $2 million in a net profit sharing bonus with employees for the first half of the year. “Our employees helped us to have record months from January through June and they deserve to share in some of the company’s profits,” said Evans.  If the company continues to be profitable, employees will receive another net profit sharing bonus at the end of the year.

Updated to add: Read the letter from Governor Mitch Daniels praising Evans for transfering ownership of AIT to his employees and thanking him for planting the company's roots deeper into Hoosier soil.

“Choosing to sell AIT Labs to your 320 employees is a tremendous statement about the gratitude you have for them and the quality of the business you have all established,” wrote Daniels.

AIT recently ranked in the top ten for “Best Places to Work in Indiana” and was also named “Small Business of the Year” by the Indiana Chamber of Commerce. “We believe that having a great culture for our employees is as important as growing the company,” said Evans. “We are always looking for new ways to do things to improve the work/life balance of our employees.”

This year alone, AIT has implemented more than 30 new cultural initiatives for its employees.

About AIT Laboratories: 
AIT Laboratories, headquartered in Indianapolis, Ind., is an independent reference laboratory that is a premiere testing and research institution recognized nationwide for superior customer service and quality in testing. AIT specializes in pain management, forensics, clinical, and pharmaceutical testing. In 2008 and 2009, AIT was named one of the “Best Places to Work in Indiana” by the Indiana Chamber of Commerce. In 2007 and 2008, AIT was recognized by Inc. magazine as one of the top 5,000 fastest-growing, private companies in the nation. AIT was recently named the “Small Business of The Year” by the Indiana Chamber of Commerce.