At JE Dunn, the Employee Stock Ownership Plan (ESOP) is a core part of our culture. However, it wasn’t always this way.
In 2010, the Dunn family and Gordon Lansford introduced the ESOP as a new way to further empower their employees. This allowed the company to contribute shares to its workers through a qualified plan. In 2014, Terry Dunn retired as CEO, and Lansford became the first President and CEO outside the Dunn family to the lead the company. Beth Soukup then joined as CFO to continue championing the ESOP and help grow the business. For both the Dunn family and the company’s new leadership, the ESOP marked the culmination of all our guiding principles, says Soukup.
“It’s part of our culture. It’s part of who we are,” Soukup said. “We’re all employee owners from the person who greets you at the door all the way to the top.”
Since its inception, the ESOP has become a celebrated cornerstone of the company at every level. Eligible employees receive a certificate once participation in the ESOP begins. Soukup proudly displays her certificate in her Kansas City office. Every October, which is ESOP Month, both the national headquarters and regional offices host egg, sausage, orange juice, and pancake (ESOP) breakfasts as part of the festivities. Throughout the month, webinars are also held to help celebrate and educate employees about the value of the JE Dunn ESOP.
Every participating employee owner receives an allocation of the company’s annual contributions, which is based on their compensation for the year. Unlike a typical 401(k) retirement plan or profit-sharing plan, the funds in the ESOP are invested primarily in JE Dunn stock. After two years of qualified service, employees become 20% vested in these shares and are fully vested after six years. While the value of JE Dunn stock can go up or down like any other investment, having both a direct stake and a direct reward in company performance can be a driving force for all employees, no matter the economic or industry conditions they face.
Employees will learn the 2024 updated stock value in January 2025 when JE Dunn marks 15 years of sharing this valuable benefit.
