Bandit Industries in Isabella County, MI, has been looking for a buyer for nearly five years. After all that time, they settled on a solution, turn the company over to their employees.
The wood chipper manufacturer is shifting to an Employee Stock Ownership Plan, giving every employee shares in the company that can be paid out when they retire or leave the company.
They say they started thinking of this plan when several suppliers and customers did the same thing to restructure and all results were positive.
Instead of selling off the family owned company, the business will stay with the Bandit family. “This ensures that what he started at the beginning gets to be carried on,” says parts manager Jamie Lopez, “We’re going to take care of our customers and the employees. If you go with an investment company or anything else it’s their values and what they see fit to function and we know what makes Bandit function.”
The management will stay the same, continuing to make decisions for the company going forward.