was worth it when the idea to create an ESOP surfaced in 2018. “It was a great opportunity to keep the culture the way it was,” says Jason. “I give Jerry and Mike a lot of credit for doing that because if they had let either one of those other companies take over, I don’t think the culture and vision that built Bandit would be the same as it is today.” To make the ESOP transaction work, Bandit's owners had to provide some financing, which Jerry notes amount- ed to “a fairly substantial portion of the purchase price.” Excellent growth and resulting profits allowed Mike and Jerry to be paid out in four years, a year earlier than they had anticipated. “It’s been a good deal, and it’ll be a great deal for our employees going for- ward,” says Jerry. Not only do the em- ployees get to keep their company cul- ture intact, but “the value of the stock’s
been going up substantially, and their portfolios are fairly significant.” The move to give employees a stake in the company has paid off, resulting in their continued dedication to mak- ing top-quality products and serving customers extremely well. “Our employees are very dedicat- ed to each other because they know that if we all work together, we’re going to succeed,” says Jerry. “They take extreme pride in the products they manufacture. And those on the service and support side are really focused on taking care of our custom- ers and our dealers.” Partners (from left) Mike, Dennis, Dianne, and Jerry take a moment to celebrate during a company event.
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