Balls Food Stores Transfers Company Ownership to Associates
Balls Food Stores (BFS) has revealed that it will transfer ownership of its 25 grocery stores to the company’s employees, who are known as “teammates,” building on the founder’s history of creating an associate-centered culture. The decision to form an employee stock ownership plan (ESOP) comes as the Kansas City, Kan.-based independent grocer celebrates its 100th anniversary.
“My grandfather and father taught me that if you take care of your teammates, the teammate will then take care of the customer, and the customer will take care of the business,” noted David Ball, the third-generation president of BFS. “By making our teammates owners, we’re preserving the company’s culture and values – while creating a sustainable growth strategy for Balls Food Stores. Most importantly, we believe this will be a game-changer for everyone who works at BFS, something that will impact them for generations to come.”
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BFS owns Hen House Markets, SunFresh Markets, Payless Discount Foods and 13 of the Kansas City metro area’s 52 Price Chopper stores.
An ESOP is a qualified retirement plan established as a trust, enabling current and future teammates to receive beneficial ownership in the company over time. Eligible BFS teammates will receive allocations of company stock with no out-of-pocket contributions, helping them improve their financial security while allowing the company to invest in its most important asset: its people.
“It will be business as usual and everyone’s roles and responsibilities will remain the same,” explained Ball. “We’ll continue to be a teammate-centric, customer-focused company committed to the communities we serve.”
On June 25, BFS closed all of its stores at 5 p.m. to permit all 2,600 of its teammates to come together to mark the anniversary – and hear about the ESOP – at a party, which included giving away a car. The event took place at the Overland Park Convention Center.
David Ball’s grandparents, Sidney and Molly Ball opened their first grocery store in 1923 in Kansas City, Kan. In 1975, Fred Ball, David’s father, took the helm and led the company until 2000, when David became president. In addition to its grocery stores, BFS owns Tippin’s Pies.
