Benchmark Group, a Rogers-based architecture and engineering company, has become 100% employee-owned, according to a Wednesday (Jan. 29) news release.
The company's transition to an Employee Stock Ownership Plan (ESOP) provides a long-term strategy for succession planning by transferring ownership to the next generation, according to the release. As a member of an ESOP Trust, the company allows its employees to share in its growth and value.
"We are excited for this new chapter in our history," President David Kimball said. "It's important to ensure the continued growth and success of Benchmark Group, which was founded in 1978 and built by Paul C. Parks. This benefits not only the future of the company but also every team member."
The ESOP will provide retirement benefits for employees by allowing them to benefit from the company's profits. ESOPs are "shown to provide increased job satisfaction and security, increased productivity and increased employee retention," the release shows.
Benchmark Group is licensed in all 50 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands. The company has more than 250 employees and additional offices in Dallas and Houston.