Border States Celebrates 40 Years of Employee-Ownership

The company has grown from $40 million in sales to more than $4 billion during that span.

From left: Jason Seger, David White, Tammy Miller, Paul Madson.
From left: Jason Seger, David White, Tammy Miller, Paul Madson.
Border States

FARGO, N.D. β€” Border States is celebrating 40 years of employee-ownership in 2024. 

Originally established in 1984 by former CEO Paul Madson, Border States’ Employee Stock Ownership Plan gives all employee-owners a stake in the success of the company. Under Madson's leadership, the company transitioned to 100% employee-ownership by 2000, setting the stage for extraordinary growth in the following decades. 

β€œThe establishment of our ESOP provided opportunity for every employee-owner to contribute their talent, knowledge and hard work to serve our customers' needs, grow our company and enjoy the benefits our ESOP provides for a meaningful and prosperous retirement,” said Jason Seger, Border States president and CEO. β€œThe 40th anniversary of the ESOP is a testament to the growth a company can have through visionary leadership with a foundation built on employee ownership.” 

Since 1984, Border States has grown from $40 million in sales to more than $4 billion in their most recent fiscal year. This growth has included numerous acquisitions, and geographic expansion to 31 states. 

Border States kicked off their ESOP 40th Anniversary celebrations with a gathering at their Branch Support Center β€” corporate office β€” in Fargo, North Dakota on May 7. In attendance were three former CEOs β€” Madson, Tammy Miller and David White β€” along with leaders and employee-owners from across the country. Celebrations will continue throughout 2024 at Border States branch locations.

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