One of Houchens Industries Inc.’s
employees worked her way from a
cashier in one of the grocery stores to a store manager. After 40 years working for
the company, she retired with more than
$480,000 in her retirement fund. While this
may seem ordinary, it
wouldn’t have been
possible without the
efforts of Jimmie
Gipson.
Back in the mid-1980s, Gipson was
working as the chief financial officer of
Houchens, and he had a vision — he
wanted to have an employee stock ownership plan (ESOP) for the company.
The idea took years of research and
financial planning, and he had to prove
his calculations to bankers, but in late
1988, the company’s employees became
its owners.
Now as chairman and CEO, Gipson’s
efforts haven’t stopped with ESOP. Over
the last decade he has worked to diversify the company, because he doesn’t
believe in having all of one’s eggs in one
basket. He has purchased regional recycling companies, insurance agencies, a
highway paving and trucking company,
new grocery store chains and suntan
lotion distributors. He recently sold off a
tobacco company and hopes to use the
money from the sale to fund further
diversifications, possibly in either banks
or the beer industry.
No matter what market Gipson enters,
though, the most important aspect he
looks for are the people in place, and he
wants them to commit to staying with
the company for five to seven years.
When he goes where the good people
are, he’s sure to keep Houchens
Industries growing.
HOW TO REACH: Houchens Industries Inc., (270) 843-3252