PHOENIX — Employee retention is tough, especially in the hospitality industry, which is why the Valley’s largest catering firm has decided to change its whole ownership structure.
M Culinary Concepts, which saw $14.12 million in gross sales in 2023, announced this month that it is now 100% employee owned after switching to an employee stock ownership plan.
Employee stock ownership plans, or ESOPs, are pretty rare across businesses in general, and they are not common at all in the hospitality industry, which is one of the reasons the company’s founders wanted to make the switch. The move is meant to help foster and maintain talent at the catering firm.
“It does set us apart to be more attractive for new employees as well as increases our retention,” said Brandon Maxwell, who co-founded M Culinary with Michael DeMaria in 1999.
