Intelesis Fact Sheet for Employees
Committed to the thoughtful use of every individual’s unique talents while safeguarding balance in life.As an employee owned company, we’re committed to offering our employees meaningful work that doesn’t consume all of life. Meaningful work produces neither stress-filled frantic activity nor the boredom of punching a clock. We believe work should energize and give significance to life. To that end, we’re committed to the thoughtful use of every individual’s unique talents while safeguarding balance in life. In simple terms, meaningful work is that energizing activity that causes time to melt away as the worker becomes absorbed in the task. There’s a sense of accomplishment, passion and purpose.
- Formal Name: Intelesis Technologies Corporation
- Duns No.: 11-085-5343
- Ownership: Employee owned/privately held
Full Time Employee Benefits
Compensation:High market wages as a result of relatively low labor multiplier. Downside: Very limited overhead coverage in between direct labor tasks.
Medical/Dental:
Company pays 100% of medical and dental insurance for employees and their immediate family members. Company also pays 100% of the premiums for employee short term disability, long term disability (up to 1 year) and $50,000 of life insurance. The company will reimburse employees for up to $1,500 each year for out-of-pocket copays and deductibles associated with medical and dental expenses covered by insurance. The company does not cover orthodontia, laser eye surgery, or other related items not normally covered by medical or dental insurance.
Compensated Time Off: (as earned by hours worked)
Up to 15 days of Personal Time Off (PTO) per year
10 Holidays (including one personal "holiday" of your choice):
- New Year's Day
- President’s Day
- Memorial Day
- 4th of July
- Labor Day
- Columbus Day
- Veteran’s Day
- Thanksgiving
- Day after Thanksgiving
- Christmas
Part Time Employee Benefits
Stock
Available to employees performing a minimum of 500 hours per year after the first 500 hours of service. Stock is also available to Directors performing a minimum of 10 hours per year. Prices are calculated monthly. Departing employees sell stock back to the company upon departure at the last calculated price; payment for stock will be made within 60 days.
Corporate Goals
Intelesis exists for two purposes:
(1) to provide meaningful, high paying, enjoyable employment(2) to maximize shareholder wealth
(1) Meaningful employment is defined as that which energizes and gives meaning and significance to work ... meaningful utilization of unique talents while maintaining balance in life. In simple terms, meaningful work is that energizing activity during which time melts away as the doer becomes absorbed in the doing. There is a sense of accomplishment, passion and purpose. It is what you want to do with your allotted work time.
(2) Shareholder wealth is a function of management’s achievement of a high earnings rate on capital, i.e., by a high return on equity (ROE) -- the ratio of operating earnings to shareholder equity.
Operating earnings are defined as net income from firm operations plus the growth in intrinsic value of marketable common stock plus any depreciation and amortization minus capital expenditures. The intrinsic value of marketable common stock, for each position held, is defined as [(annual net operating income + depreciation + amortization - capital expenditures) / (30 year government bond yield , e.g., .068] * [number of shares owned/number of shares outstanding]. Depreciation and amortization are considered when not reimbursable under cost plus fixed fee (CPFF) contract arrangements. Capital is defined as fee, retained earnings and initial shareholder capitalization.
Shareholder equity is defined as the liquidation value of Intelesis, i.e., the cash value generated by selling the assets of the business net of all liabilities (marketable securities will be valued at market price and all other assets will be based at quick sale (<30 day resale) prices, defined as 10% of original purchase price for all assets kept in inventory).
Terminal Economic Objective
(1) Return on Equity (ROE), year after year, of 36% (doubling of shareholder book value every 2 years)
(1) The business shall be kept simple and understandable.(2) Management will endeavor to build a consistent operating history coupled with favorable long term prospects.
- Management will seek consistent business with increasing profit margins.
- Management will not sell services below cost.
- Management will resist hyperactivity -- excess, marginally profitable and unprofitable activity, including unnecessary, uncompensated internal activity.
(3) Management will grow the business in such a way that it will generate capital in excess of its needs. Intelesis will not consume retained earnings, fee, or investor capital.
(4) Management will purchase, rent, or lease required assets at lowest possible cost, aggressively control costs, and pursue business requiring low fixed asset-to-profit requirements.
(5) Management will invest excess capital (cash not required for the next 6 months of operations) in a concentrated portfolio of marketable securities when conditions are favorable. Management will purchase only high quality securities -- those that could be held comfortably, if need be, for 10 years or more. These securities will be selected using the following criteria:
- The business selected is relatively simple and understandable.
- The business has a consistent history.
- The business has favorable long term prospects -- it is a market dominator, (e.g., Microsoft, Intel, Coca-Cola) not a low cost commodity business. This company has dominant market share, their product/service is experiencing increased long-term demand, and there is no close substitute for their product/service.
- Management is rational and candid.
- The business has high profit margins and a 12% or better return on equity (ROE).
- The business can be bought for less than 70% of it’s intrinsic value, where intrinsic value is defined as: (annual net operating income + depreciation + amortization - capital expenditures) / (30 year government bond yield).
(6) Management will sell selected portfolio holdings when one of the following occurs:
- A given stock no longer passes the selection criteria.
- A given stock is selling at a grossly inflated price relative to its intrinsic value and it has a history of price volatility sufficient to allow repurchase at 70% of intrinsic value.
- When a higher quality stock becomes available and turnover will result in a higher probability of increase in capital.
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