Bane-Welker Equipment, one of the Midwest region’s largest Case IH dealers, recently announced that it’s now a 100 percent employee-owned company through an Employee Stock Ownership Plan (ESOP) Trust.
As an employee-owned company, Bane-Welker Equipment will continue to operate under the same business model and management structure.
Over more than five decades, Bane-Welker has grown from one location in Wingate, Indiana, to 10 locations in Indiana and three in Ohio — including in Wilmington on Progress Way.
“While growing from four employees in 1967 to more than 230 today, our promise remains the same; to bring Bane-Welker customers the very best our brands have to offer,” said CEO Phil Bane. “We bring decades of knowledge and experience right to the farm, and we are deeply rooted in the communities we serve. We offer a broader base of parts, service and farm equipment, and our main goal is to achieve 100% customer satisfaction every day.
Both the Bane and Welker families are committed to keeping the legacy alive while looking forward to the future.
“Our current family ownership was concerned about how we would maintain our legacy, while being cognizant of our succession planning as we move into the fourth generation of family ownership,” explained Bane. “By making the transition to an employee-owned organization, we are grateful to be rewarding our employees for their countless contributions to customers’ successes, while empowering them to play an integral role in our shared future and making sure the Bane-Welker brand continues for generations to come.”
An ESOP is an employee benefit plan, which provides company stock to employees as part of their retirement benefit plan. By becoming 100 percent ESOP-owned, all company stock is now held in trust by the ESOP.
“This is an exciting time for Bane-Welker Equipment, a milestone that ensures our unmatched culture and business model will be upheld by the next generation,” said Jason Bane, Owner and Sales Manager. “For our valued customers, it means we will continue our commitment to serving our customers with quality products and superior service; today, tomorrow and into the future. We hereby pledge to go beyond what is normally expected of us, so that this mission is not merely a statement, but a way of life.”
Bane-Welker Equipment is a 51-year-old agriculture equipment company representing Case IH and other complementary brands. Bane-Welker offers new and used equipment, parts, sales, service, precision farming, online parts sales and customer support.
The company operates 10 stores in Indiana including Crawfordsville, La Crosse, Lebanon, Remington, Terre Haute, Pendleton, Plymouth, Winamac, and Wingate, and three stores in Ohio, including Eaton, Wilmington and Georgetown.