Dow Smith Company, Middle Tennessee’s leading design-build firm, has announced its official transition to an Employee Stock Ownership Plan (ESOP). This landmark decision underscores the company's dedication to its most valuable asset, its employees, by granting them direct ownership and a vested interest in the company's continued success. The move is expected to further empower its long-standing workforce and solidify its reputation for delivering exceptional and unique client experiences.
Since 1992, Dow Smith Company has built more than just structures; it has built a legacy of trust, innovation, and unsurpassed craftsmanship. This transition to employee ownership is a natural evolution, reflecting the company's deep-rooted belief that its success is linked to the dedication and expertise of its team. By becoming employee-owned, the company has given every staff member a direct stake in its performance, fostering an even greater sense of responsibility, pride, and collective achievement.
"This is a momentous occasion for every individual who has contributed to our journey," said Dow Smith, who founded the company and now serves as Visionary. "This move is not just a business decision. It's a testament to our belief in our employees’ talent, hard work, and shared future. We are confident that this new structure will further empower our teams, encouraging even greater innovation and dedication to our clients."
Sharing the company with employees isn’t exactly new. Chief Executive Officer Joey Rhyne joined the company in 2004 and became a partner in 2012. Chief Financial Officer Shauna McConnell joined the company in 2012 and became a partner in 2019. Chief Operations Officer Trey King joined the company in 2017 and became a partner in 2021.
In a private announcement to employees last week, Dow Smith said that the transition to ESOP will come with no changes in terms of staff or structure. He will stay with the company and continue to lead.
This announcement comes on the heels of Dow Smith winning the Rutherford County Chamber of Commerce’s Business Person of the Year award in February.
“It is here where I’m called to serve,” he said. “That’s never been more alive in me than in this moment.”
The benefits of this transition extend far beyond internal morale. Clients of Dow Smith Company can continue to expect a high level of service and commitment, knowing that every employee on our job sites is also an owner of the company.
The employee-ownership model inherently aligns the interests of every team member with the company's long-term prosperity, directly translating into our Core Values of Passion, Caring, Hustle, and Detail. The experience clients have always received is now underpinned by a collective ownership mentality, ensuring that every project is handled with the utmost care and professionalism.
A significant factor in Dow Smith Company's enduring success has been its remarkably high employee retention rate. Many employees have dedicated decades of their careers to the company, bringing invaluable experience, institutional knowledge, and a deep understanding of client expectations to every project. The ESOP ensures that this rich pool of talent remains intact and continues to grow. By offering a tangible stake in the company, Dow Smith Company is reinforcing its commitment to its long-term employees and attracting new talent who seek a workplace where their contributions are directly rewarded and their future is secure. This stability and continuity within the workforce directly translates into consistent, high-quality outcomes for clients, project after project.
"Our clients have always relied on our consistent quality and the expertise of our seasoned professionals," added Joey Rhyne. "With employee ownership, that foundation is stronger than ever. Our teams are more invested, more collaborative, and more driven to exceed expectations. This means clients will continue to benefit from the unparalleled experience and dedication they've come to expect from us, now with the added assurance that every person on their project team is a direct owner in our collective success."
Dow Smith Company's transition to employee ownership marks a pivotal moment in its history, reinforcing its commitment to its people and its promise to clients. This strategic move positions the company for sustained growth, innovation, and continued excellence.
