What It Means to Be 100% Employee Owned
Midwest Equipment Company became 100% employee owned in the Fall of 2018. What does that mean—to the company, to our employees, and to our customers?
Employee-owned companies are companies in which the staff owns a majority of the stock shares, giving them a stronger voice in management decision-making. Most, including Midwest Equipment Company, are run according to an ESOP, or Employee Stock Ownership Plan, which works like an employee benefit plan that includes shares of stock.
We continuously work toward an organization comprised entirely of energized and empowered business owners and entrepreneurs.
Being 100% employee owned means that everyone has a vested interest in the success of the company. Every single employee cares about the health and success of the entire company, not just their job or the projects they are involved in. We all help each other to ensure success across the board.
Employee ownership also offers more stability, financial and otherwise. Instead of paying corporate taxes, the tax liability will be put back into the company, which strengthens its ability to serve clients, and employee-owned companies are less likely to be acquired, creating an environment focused on long-term relationships for both employees and clients.
Midwest Equipment Company’s employees work hard to delight customers—they always have and always will. Owning a stake in the company just makes it that much more fun and gratifying to be a part of a great team. We are Midwest Equipment Company…and we own our story.