By Tim Chadwick
MMC Corp’s journey to employee ownership is like many others, it involved a lot of hard work and took some time, but in the end we found ourselves with a true team-first culture that fosters a collaborative environment and contributes to sustained success.
A family-owned company since 1932, MMC Corp, a national construction services holding company, began the process of purchasing shares and transitioning to an S-Corp ESOP in 2000. By 2002, the company was 100 percent employee-owned.
The transition to employee ownership drove more than just MMC Corp stock appreciation, it led directly to an increase in individual retirement savings. Our ESOP also helped to accelerate the top-line growth of our company, in turn providing additional job and employee ownership opportunities for our people. Over time, our employee ownership structure enabled MMC Corp to acquire three more organizations to the MMC Corp family of companies.
Thanks to the dedication and focus of our employee owners, revenue has more than doubled since we became an S-Corp ESOP in 2000. We’ve grown from $272 million in 2000 to forecasted revenues of more than $630 million in 2016. This growth has resulted in steady increases to our share price, and, in turn, larger account balances for our retiring employees.
We have one employee owner who credits the ESOP for his family’s financial wherewithal to adopt two special needs children – the true epitome of giving back.
I love having the ability to offer prospective employees a piece of ownership, and it allows us to recruit and retain the best talent available in the industry. Our employee count has grown from 780 employees in 2000 to 1,241 today – and with four companies and nine office locations, that number will continue to grow in the years to come.
The value of the ESOP goes well beyond the numbers – it has completely transformed the culture of our company, where today I get to witness collaboration, pride of ownership, and a willingness to pitch in wherever needed on a daily basis.
Over time every employee has begun to work for each other, instead of an owner, and that selfless work environment leads to a high retention rate and happier employees. When everyone has a stake in the game, we become laser focused on company success, and that can only lead to sustained success well into the future.
I fully credit our ESOP for providing MMC Corp employees with unprecedented retirement security and continued job growth, all while making our company a great place work.
Tim Chadwick began his career with MMC Corp subsidiary MW Builders in 1991 and worked his way up through the company in many roles, including project manager, operations, and president. He is currently the president and CEO of its parent company, MMC Corp, and has seen the family of companies expand during his tenure. He has witnessed firsthand the cultural and financial benefits of working for an employee-owned company.