DALLAS — Fast Cuts’ (www.fastcuts.tv) founder Richard Gillespie recently announced that the studio is now 100 percent employee owned through the creation of an Employee Stock Ownership Plan (ESOP).
The studio is home to six creative editing suites, outfitted with Avid, Adobe and Apple software. Two Autodesk finishing suites feature Smoke, Flame and color grading via Lustre. Graphics design is also offered through multiple workstations running with the latest in 3D and 2D software. Fast Cuts’ audio capabilities include mixing, music scoring and sound design. The studio has two Russ Berger-designed surround sound suites, both equipped with Avid’s Pro Tools software, and theatrical projection.
“As I moved towards being a more ‘senior’ editor, I began to look for a means to pass the legacy of Fast Cuts along to my second family, our terrific employees,” says Gillespie. “The ESOP became a perfect vehicle to transfer that ownership, so on January 1, 2014, all of the stock was transferred into the ESOP, which is owned by the employees. It is a very exciting transition.”
Because of the ESOP creation, current and future employees of Fast Cuts will own shares of the company. Gillespie and executive producers Julie Koellner and Lisa Hill will continue to oversee and manage day-to-day operations. Koellner, who is currently general manager and executive producer, will also assume the role of president. EP Hill, will continue as director of operations and will also serve on the newly-formed Board of Directors with Gillespie, Koellner, audio producer/corporate secretary PK Jones and effects artist, Nick Mueth.
Hill was the first employee hired in 1991 when Fast Cuts was founded. She returned to work with Gillespie in 2012.