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A local contractor is now 100% employee-owned.
Zealand-based Town & Country Group last week announced it transitioned to 100% employee ownership following the retirement of its founder, Ken Bing. Bing started the company in 1983 from his basement and has grown the electrical, technologies, security and controls company significantly during the past 40 years.
Bing said he started the company with a truck with a door that would fly open every corner, but that did not last long as his clientele grew. Now, Town & Country Group has three locations with 100 employees.
“At the end of a career, a person asks themselves what kind of difference they made. What’s their legacy?” Bing said. “When I reflected on 40 years of running Town & Country Group, it was clear to me that success came from the dedication and perseverance of each employee. They are Town & Country Group’s legacy.”
Town & Country Group paid for the transition with no changes in wages or benefits.
The internal structure will remain the same, with Jeff Jipping, Casey Veersma and Mark Beekman in leadership roles.
Family- and partner-owned construction and engineering companies are, at least in part, leading the growing trend of employee-owned companies, according to Forbes.
Approximately 20% of the top 100 contractors and top 100 design firms in Engineering News-Record in 2021 used an employee stock ownership plan as part of their captain structure and employee benefit plan, according to Forbes.
Grand Rapids is among the cities with the most employee-owned companies in the country. In October 2022, the city ranked No. 12 nationwide for employee-owned companies.
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