Vermeer Great Plains Becomes 100% ESOP Owned
The employees at Vermeer Great Plains, which has locations in Kansas, Oklahoma and Missouri, now fully own the dealership through an employee stock ownership plan (ESOP).
The company believes an employee ownership structure offers a more productive environment because employees are working toward common goals and feel more of a direct impact from business success. It cites the ESOP Association, which reports 84 percent of companies who participate in an ESOP report improved motivation and productivity.
"The combination of determined employees, excellent leadership and a fresh employee-owned plan is sure to be a recipe for success and outstanding customer satisfaction at Vermeer Great Plains," the company states.
"The transition to the ESOP means the employees will receive an added future benefit based on how well we all grow the company," says Scott Ryals. As part of the ESOP structure, Ryals, who previously served as general manager, will become CEO of the company.
"Since Vermeer Great Plains was founded, we have placed a high emphasis on serving our customers," Ryals says." "The new ESOP plan will only reinforce this culture as the dealership's success will directly benefit our employees who work every day to take care of our customers. We're all working toward the same goal."