The owner of a successful mid-size trucking company has done something extraordinary. After growing his company over the course of a 53-year career into a force to be reckoned with that had mega-carriers drooling over the idea of buying the company up, he did something almost unheard of in trucking. He instead handed over his company to the people who built it – his employees.
KKW Trucking was started in 1962 with just a handful of trucks. In 1967, Dennis Firestone took over the fledgling company as President and then as CEO. Over the next almost 63 years, Firestone grew KKW into a regional trucking company with 120 local trucks, 265 OTR trucks, and over 1,300 trailers doing business in 12 Western states.
After such a long career, it was time for Firestone to step down.
“I’ve had a saying over the years, and I think it’s pretty accurate: Either lead or get the hell out of the way,” Firestone told employees at a company party earlier this month. “So I’ve been looking the last year and a half, two years, for a transition for myself and for this company that makes the most sense for everybody.”
When their owners want to retire, carriers like KKW have a way of being swallowed up by larger companies or sold off to private equity firms. But that’s not what Firestone did.
“And I won’t lie. Yes, I looked at other options. And yes, they were tempting,” said Firestone. “And there’s a whole lot of folks that were interested in taking our team aboard. But I tried to visualize: What’s this look like when I ask everybody to board a bus that says ‘Knight and Swift’ on the side of it and wave goodbye to everybody and say ‘hey, good luck.’ I just couldn’t digest it.”
Instead, Firestone told employees that the company will become a 100% employee-owned company through it’s newly-created Employee Stock Ownership Plan (ESOP). It’s a complex process, but essentially, the ESOP owns the company and employees get shares of the ESOP. As they work for the company, they’ll continue to get paid as normal, but in addition, they’ll also earn stock in the company.
“Big picture is that only a few things really change. The big one is that rather than me owning the company, YOU will own the company,” Firestone told the gathered employees. “There’s no signup needed. There’s no investment coming out of your check to finance this transition. The bottom line is: If this company continues to be as successful as it has been over the last 53 years, you will – many of you will – be successful. Much more so than you’ve ever probably imagined.”
In a press release put out by the company, Firestone gave credit for the success of the company to his employees.
“The reality is that KKW Trucking was built by a team of hard-working committed men and women, and if I was to get any credit for our successful journey, then it would only be that I was able to recruit and train most of these amazing individuals,” Firestone said. “The time has come for me to step aside, and the thought of turning our company over to the very people that helped me build it is a dream come true. I truly believe that when the notion sinks in that each of our team members are truly owners and they realize that they will directly benefit from their extra efforts, then the sky becomes our only limit. I couldn’t come up with a better way to say ‘thank you’.”
You can watch Firestone’s heartfelt address to his employees below.
How truly remarkable that someone would put his company into the hands of those who made it a success. God bless him and his courageous comittment to his employees. Wish more companies would to follow his lead.
A rare type of owner. He should get a medal.
If only the rest of the industry could be like him.
Now they get a bigger voice and say so on how it runs! I hope they can keep it and that a few managers at the top don’t screw it up or get greedy! But what a great person who understand the work of a great group or Drivers and everyone who made it the company it is. Just being in business after 53 in California is a great accomplishment!! I wish them all great success and to still be trucking for the next 100 plus years!!
A place to work for asap
That is so awesome!!!
Pretty good deal. I’d say.
Awesome, just Awesome, drivers made this company a success, those from the beginning to the present, might be a place to hang your hat and be successful at the same time
Lawrence Transportation in Roanoke VA does the same for years now
Excellent, Super Proud of This Great Man, Standing Up to The Big Slavery Companies in The Trucking Business. Wishing Nothing But SUCCESS TO ALL THE NEW OWNERS. Keep On Trucking
That’s last of dying breed.I would have to say your a special person.I wished other companies would use this business model.Thank you
Now this is what the American Dream is supposed to be like… These mega carriers & investment firms are ruining everything, not just trucking! This is the way to go!
whatever is happening in this industry, is our own fault. Im an O/O 100% independent for over 5 years already . I had bad and good times just like anybody would when take the risk to build a business. But let me tell you something, my hurdles in my business will never compare with the exploitation and abuse the company drivers take every day.
and wishing for other companies to do what KKW did is CRAZY! drivers are the ones making the owners unbelievable rich, therefore drivers must push for fair wages and better treatment, don’t you think?
Umm… Why is what he did crazy? He gave back to those who worked hard & sacrificed.
He said wishing for OTHER companies to do what KKW did was crazy, not what KKW did.
Amen, And yes I agree 😀
I agree. The way to do it is by not working for the bad companies to start with. When they can’t Get any drivers no matter what they pay…maybe they will get their heads out of their…..
The other thing is this…this problem as to why companies can’t get drivers is their own fault…for all the crap they lobbied Gor back in the 70s and 80s. Go back to relay and drivers go home at the end of the day. If companies really need to get freight moved across the country fast…just fly it. It’s much faster anyway.
I got tired of be out for 3 to 4 weeks and then only have 3 or 4 days at home. Not enough home time for the number of days gone. 3 or 4 weeks out..3 or 4 weeks at home.
That was a great thing to do for his employees, heck of a lot better than selling it off to a mega company, I worked for two small companies over the years that was family owned and you couldn’t buy a job there, the people were so happy, no one left, but then they sold out to a mega company, once they took over the drivers, dispatchers, office help, were running out of there cause of the changes, the door didn’t even close behind one person before the next person was running out, it got that bad, kudos to him!
Mr.Firestone not playing nice with NWO agenda. That’s ballsy. Leftist commie pinko Satan worshiping scum be directing attack on the folks left holding this outfits stock. Expect infiltration in the form of corporate espionage down the road,here,folks. All those big players don’t like to lose. Be very aware of what and who is lurking in the shadows.
AAAHAHAHAHA, time to buy another share of Reynolds wrap.
KKW was totally outlaw years ago. I worked with a guy who drove for them, and he said it was nothing for them to do 3 Seattle- LA turns in a week…..
That’s over 6800 miles, kiddies
It all came to a screeching halt when one of their sleep driving guys plowed into stopped traffic in a work zone
I was going to say this but you handled it so well LOL. Are even still around? Or has this not gone to court yet? 🤔hmmmmm
Wow, new found respect for kkw. I thought they were another douchebag mega carrier, but apparently not. Congratulations to the drivers and hope they appreciate it!
I think TMC out of Iowa has done this for a few years now. Could be wrong tho.
Doesn’t sound like a union shop
Esops are a good thing..I worked for Acme trucklines in Texas…it’s like getting a pension…most companies do screw drivers…he may be too old to spend the money…whether or not…it’ll change the lives for the better for the drivers…bless him for that..
Hopefully they do a better job of it than Paschal! Don’t EVER go there!
Big G Express & a few other companies also do this. Its beneficial to both the company & the drivers.
Tmc did this years ago. What little I have from when I worked there has grown to a rather large number. And if it keeps up I’ll have a nice retirement fund
3 attaboys Dennis
I totally understand that no everyone is cut out to be 100% independent O/O, however if you prefer to drive for someone or for a mega carrier, be professional and don’t let them treat you like a piece of garbage, please.
do yourself a favor and have some pride of your persona and your professionalism.
I said this because I encountered so many drivers and every one complains, either of their wages , home time , pressure to run, down time without pay and so on.
specially for those guys who are leasing. how can someone justify hauling -10 /750miles /42000 lbs for $1200? come on!!! my O/O friends and I, are hauling the same load, same location for $ 2200/ 2500.
so, the point I want to make here is that we are the one doing the job here, don you guys get it? if there are exploitation and abuses in this industry, who’s to be blame for? yes! you are right. we are the one to be blame for it.
My advise for anyone will be, educate yourself if you want to be an O/O. ask questions, listen and make your decisions based on facts. Listen, if you get screwed today, by a broker, tomorrow I’ll be screwed by them. can you see?
😆 o/o. Not everyone is cut out for it , what ??? You mean not everyone has a person to help them get a truck of their own. O\o are not any better than other drivers they just think they are and probably a high percentage is actually lease ops. Anyone who can drive a truck even one whos only driven a few months like to throw , I’m an O/O out there is like a 3 mth experienced driver bragging they’re a trainer.
what are you talking about ? can you read and understand? no wonder why drivers don’t get respect.
any one can drive, however no everyone can run a successful business. owning a truck doesn’t make you a business owner 100% independent.
Most all businesses require employees, the trick is to get good help! Employees may not own any of the company however, good employees are more valuable to the business than not so good employees,which ,should be better pay for the employees that make more profit for the business. It’s simple, more you help me make , the more valuable you are to me .in a sense, you’re working for yourself as far as pay goes. Sadly, not all employers have that frame of mind and not all employees will do their best effort to make the company profitable! I know that KKW can be a great outfit if everyone will pitch in ! He’s helped you get started,regardless what may have happened in the past, maybe he had no control over it. quite whinnying and be thankful that there’s good hearted people still out there!