Randy Owen, president and CEO of Owen Tree Service, Inc., an accredited, 31-year TCIA member company based in Attica, Michigan, in December formed an Employee Stock Ownership Plan (ESOP) for the company.
“The plan has several objectives,” Owen says. “First, to provide ownership of the company to those who built, and will continue to build, the company; second, to provide a significant retirement benefit to the employees and a reason to want to make the company more successful; and third, to provide a tool to motivate, retain and attract employees.
“The plan should result in increased employee incentives and provide them with long-term retirement benefits. We also expect that the ESOP will encourage employees to create opportunities for the company, including but not limited to ways to improve quality and productivity.”
Owen Tree Service, founded in 1985, was the first company in Michigan, and one of the first two in the country, to achieve TCIA Accreditation, which it did in 2004. Randy Owen will remain at the company helm as CEO and work on company advancements, coaching and mentoring staff and commercial sales.
Establishment of an ESOP, Owen says, is an important step toward realizing his goal of creating a sustainable future for Owen Tree Service that would benefit both employees and clients. Owen says transitioning to an ESOP now reflects his confidence in his current management team and enhances Owen Tree Service’s reputation as an employee-focused company at a time when many organizations are challenged with employee retention.
“Our performance has always depended on employees who believe their work has greater purpose, and who knew they could rely on each other,” says Owen. “Now, with a shared future, that commitment will only become stronger.”