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BEMIDJI 鈥� The culmination of years of planning, JND Holdings, the parent company of Marketplace Foods, announced that its businesses are now 100% owned by their retail and real estate employees.

Founded by the Johanneson family in 1940 with their first small country grocery store, over 80 years later the company owns and operates businesses in Minnesota, North Dakota and Wisconsin, with the city of Bemidji serving as their center of operations.

鈥淥ur headquarters has always been in Bemidji,鈥� said Keith Johanneson, former president and CEO of JND Holdings, who initiated the transfer of ownership. 鈥淲e鈥檙e really proud of the things we contribute to the community.鈥�

Five years ago Johanneson started working toward an Employee Stock Ownership Plan, or ESOP, that would allow employees to own stock in the company, essentially making them its owners once Johanneson retired.

鈥淲ith the employees owning it, as they work through the company they鈥檒l get certificates every year that show what their stock is worth,鈥� Johanneson explained. 鈥淚t鈥檚 a tremendous advantage.鈥�

Johanneson was motivated to pursue ESOPs when none of his children were interested in taking over the business, as he had done from his parents. By going in this direction, Johanneson avoided having to sell the company to an outside buyer.

鈥淚f you sold it to an outside company, they鈥檇 probably tear down our signs, tear down our corporate office, and eliminate a bunch of jobs in Bemidji,鈥� Johanneson said. 鈥淪o instead of deciding to put it on the market, we鈥檝e basically decided to give it to the employees.鈥�

Following this announcement, Johanneson retired as head of the company, with Randy Jaeger taking over as the new president of JND Holdings.

Under the new system, employees at Marketplace Foods and other JND businesses, which includes other grocery stores, liquor stores and gas stations, own an interest in the company.

The value of this stock can grow, and by the time employees retire, they have the possibility to provide a comfortable financial cache they can draw from.

鈥淔or the employees, if they work there 20-25 years, they鈥檒l come out of this in really great shape for retirement,鈥� said Johanneson.

Johanneson hopes that the company鈥檚 move to employee ownership will give their workers a better sense of job security and involvement.

鈥淲hen employees go to work in the morning and they greet some lady in the store,鈥� said Johanneson, 鈥渢hey鈥檒l be greeting them as an owner in the store.鈥�

Another benefit Johanneson is hoping to see is a positive impact on the experiences customers have at the company鈥檚 businesses.

鈥淗opefully our customer service levels continue to improve, and the relationship we have with each of our communities,鈥� Johanneson said.

Marketplace Foods is one of two employee-owned grocery store chains in Bemidji, following Lueken鈥檚 Village Foods, which had both its locations become employee-owned in 2016.

鈥淲e鈥檙e hoping this is a really great incentive for us to attract new people,鈥� said Johanneson. 鈥淲e鈥檝e got a very successful company and a lot of talented people.鈥�