Our Culture of Employee Ownership
We don’t have a staff, we have a team of owners.
People take care of what is theirs.
Because SRC of Lexington is owned by its employees, you can expect superior products and outstanding customer care. We take pride in what we do. And we’re pretty sure you’ll notice the difference.
- Our books are open to our employee owners. Every week we go through our financial statements with each employee. It’s not enough to just share that information, we also perform regularly scheduled financial training so our owners understand what they are reviewing.
- When our employee owners truly understand the financials of our business, they have a much clearer vision of how what they do impacts the entire company. For instance, an assembly technician can easily see if he makes a mistake that causes a warranty claim, exactly how that affects the bottom line. Or if he is able to improve his own efficiency, he can also see how that improves the bottom line for everybody.
- Ownership creates pride. That pride drives better workmanship. You can see it yourself when you visit our facility.
Perks of ownership:
We enjoy providing opportunities for our employees to give back to our communities, and be recognized and rewarded for achieving performance. As an owner of the company, each year you will receive stock in the company. As the stock price appreciates, so does your ESOP account. In addition to your 401(k), the ESOP provides even more for retirement.
We believe in giving our owners opportunities to support what they help create. We have active employee committees for community relations, safety, ownership culture and employee activities.
Our company culture reflects how we value our community. We believe in giving back, whether it is to our team or our community.
- Our core purpose is to make a better life for our employee owners
- All of our employees can earn a bonus based on the one weakness that we need to improve most: our critical number
- We offer an outstanding benefits package
- Visit our Facebook page for our community relations activities
SRC’s History: A dream, a recession and a failing company
In 1983, Jack Stack and his 12 business partners scraped together $100,000 and borrowed another $8.9 million to buy a failing division of International Harvester in Springfield, Missouri. With the country in the midst of a recession, the future looked bleak for the engine rebuilding plant they called SRC (Springfield Remanufacturing Corporation). The company’s debt-to-equity ratio was 89-to-1. With hundreds of jobs on the line and morale at an all time low, Stack knew something drastic had to be done to keep the business from folding.
The solution was as simple and sensible as they come: turn business into a game. This new approach to running a company was called Open Book Management and was later coined “The Great Game of Business”. Through using this approach, SRC has become a thriving company of approximately 1,700 engaged employees in 10 business units across a variety of industries. This once struggling company with a stock price of only ten cents per share in 1983 is worth over $420 per share today.
SRC of Lexington’s story:
In Lexington, we have a similar story. We were part of a much larger company that decided to close our factory that had been here since the 1960s. To save our jobs, we approached SRC about purchasing our company and keeping us open at a smaller scale as a large portion of our work moved overseas. Once the details were worked out, we closed on a Friday and reopened as SRC of Lexington, Inc on the following Monday, saving 65 jobs. Since then we have grown from 65 to 140 employee owners while adding several new product lines and customers to our portfolio.