Branco transitions to employee ownership

Neosho-based Branco Enterprises Inc. announced today that it has transitioned ownership of the company to an employee stock ownership plan.

The ESOP transition was effective Jan. 1, according to a news release. The value of stock ownership held by employees under the new plan was undisclosed, a Branco spokesperson told SBJ. Prior to the ESOP’s creation, the Branham family of founder Price Branham and some long-term executives were the shareholders, the spokesperson confirmed.

“Our team has always been the driving force behind what we do,” said Justin Branham, Branco president. “This transition gives our employees a direct stake in the company’s future while strengthening the culture we’ve worked hard to build.”

Branco has 144 staffers, a company spokesperson said today.

The transition to employee ownership is a natural next step, officials said in the release. They said the ESOP structure is designed to reward tenure, foster an ownership mindset and keep the team aligned.

According to Springfield Business Journal list research, roughly 62 of Branco’s employees work within 50 miles of Springfield. The company’s local billings stood at over $101 million last year, with a backlog of $152 million.

The company was founded by Branham in 1933, according to past reporting, and in 1976, it incorporated, according to secretary of state records posted online.