Inland Truck Parts & Service Touts Employee-Ownership as Key to American Dream
WASHINGTON – “The American Dream” TV show which airs on Bloomberg TV recently featured 100 percent employee-owned business and ESCA board member Inland Truck Parts & Service. Host Eric Roberts tells the story of several entrepreneurs from the Greatest Generation who decided like so many others to pursue the American dream after years of hardship and war.
When the original owners decided to retire after nearly four decades of work, they could “think of no better people to sell the company to than the people who had built the company up,” said Greg Klein, President and CEO, Inland Truck Parts & Service. They believed that it was important for employees to have a retirement they “could live a comfortable life with,” said Klein.
“ESOPs are important because you’re actually part owner of the company…you have skin in the game, and you’re working towards your benefits of your retirement,” said Paul Kelly, an Inland employee-owner.
Klein also noted that the employee-ownership model has helped with acquisitions, as many independent businesses like the idea of selling to an employee-owned business. This ensures “their employees have a future place to work” and when it’s time to sell “they’ll call me,” said Klein.
When new employees come on board, Klein lets them know that they’re “going to share in the profits” which he noted has a big impact on employee morale.
“My favorite thing about working here is the people,” added Kelly. Kelly said he’s worked at other companies that just don’t “have the culture” employee-ownership creates.
“It’s a lot less like a job and more like coming to work for a family,” said Michael Freeze, an Inland employee-owner. “Everybody is more than happy to help,” he added.
“They want younger people” to pass on knowledge to, said Andrew Lynn, an Inland employee-owner. “It makes you feel good” that they’re putting trust in you, Lynn added.
In conclusion, Roberts noted that “it’s companies like Inland that prove that the most successful companies are not those that invest merely on the profits of their investors, but those who invest in increasing profits for their employees.”
To view the full video, CLICK HERE.
To learn more about Inland Truck Parts & Service, CLICK HERE.
To learn more about the Employee-Owned S Corporations of America (ESCA), CLICK HERE.