Grand Rapids-based construction company Rockford has transitioned to full employee ownership through a new Employee Stock Ownership Plan or ESOP, making all 330 of its employees part-owners.
Company leaders call the shift a long-term growth strategy to attract top talent, boost client success and invest directly in the workforce.
President and CEO Shane Napper calls it “the most people-first thing we have ever done."
“We decided to do 100% ESOP to make sure we gave 100% of the company to the employees. This was a big driver for us, Not only does it support community, but now the company as a whole is owned by the whole of the company. That was very important for us and a big distinction of how we move forward.”
Unlike typical buyouts, there will not be a change in company leadership as the current team will remain.
Financial advisors say this continuity keeps the plan’s creators directly accountable for the long-term success of the employee-owned structure.
Over its 40-year history, Rockford has built nearly $10 billion in projects nationwide.
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