McGinnis Better Homes and Gardens real estate services formed an Employee Stock Ownership Plan and joined a growing list of progressive businesses whose employees are stockholders.
When the transaction is complete, the employees of McGinnis and Associates will own a significant percent of the company. The buy out of this portion of stock will take place over a period of years, said Chief Executive Officer Mark McGinnis.
“As our company continues to grow, it seemed only right that a portion of it should be sold to the employees,” he said.
The plan’s two objectives are to enable employees to share in company ownership and create a future market for stock held by present owners without a sale to outside interests.
McGinnis said the plan should increase employee incentives and provide them with long-term retirement benefits. He said he hopes the plan will encourage employees to suggest ways to improve productivity since the company’s fortunes will be reflected in the value its stock.