Employee ownership keeps Home-Tech strong

At a time when many businesses are struggling to keep their doors open, Home-Tech — the Fort Myers-based company that specializes in the sales and service of major appliances, as well as electrical and plumbing service — is more than holding its own. And Steve Marino, Home- Tech's energetic founder and president, says the secret is quite simple: Employees own the business.

Steve Marino COURTESY PHOTO "Home-Tech has tripled in sized since we instituted employee ownership," says Mr. Marino, who founded the company in 1981. "We started working on employee ownership in 1995, and it kicked in on January 1, 1996."

Mr. Marino says Home-Tech is the only employee-owned company of its type in the state. Given the success Home-Tech has enjoyed, one might expect that others would follow suit, but Mr. Marino says he thinks he knows the reason they do not.

"It can be hard for the owner of a business to give up control," he explains. "The idea that (the owner) can be outvoted by a board that employees help select is not something that appeals to everyone."

Mr. Marino is quick to point out, however, that not all of Home-Tech's eligible employees choose to become owners.

"Not everyone cares to be an owner," he says. "Some employees are happy to be just that, an employee. About half of our employees are involved as owners."

Clearly, though, the concept of ownership has made Home-Tech an appealing place to work. The average seniority of its 110 member workforce is 10 years, says Mr. Marino, who adds that ownership has been instrumental in retaining talented employees.

Home-Tech's stock is privately held, and shareholders — including employee owners — vote every two years to select the seven members of the board of directors, which is chaired by Mr. Marino.

Employees are eligible to earn stock after three years of employment. Stock awards are then tied to performance, position and length of service and quarterly dividend payments serve as a bonus.

"What I can offer (employees) is a piece of their business," he says. "When someone is vested, when they own a stake in something, they are more likely to stay. They have the same stake in this that I do. In fact, we don't call them 'stockholders,' we call them 'partners.' Another benefit is transparency. They know exactly what the health of the company is at all times. There are no surprises. And I'm proud to say that we've never missed a quarterly dividend payment."

Home-Tech is the area's leading provider of home-service agreements for major appliances and air conditioning. It also maintains a service fleet of 80 vehicles and operates a large appliance showroom at its 54,000-square-foot headquarters on Techster Boulevard in Fort Myers. Seventy of its 110 employees are field-service personnel. It operates in Lee, Collier, Charlotte, Sarasota and Manatee counties.

To say that Home-Tech's beginnings were "humble" is understatement in the extreme.

A native of Akron, Ohio, the 55-year-old Mr. Marino didn't hold much interest in studies and books, and never went to college, but the idea of entrepreneurship absolutely possessed him.

Mr. Marino came to Southwest Florida in 1980 from Cleveland and began a job with GE Factory Service. He and his former wife, Sharon, had vacationed here and believed it to be the ideal location to start a new life. Working out of their San Carlos Park home, the Marinos began Home-Tech in 1981. Mrs. Marino worked from a spare bedroom office, while Mr. Marino made service calls. To bring in extra cash, Mrs. Marino delivered newspapers on the side.

In 1983, Mr. Marino brought other employees on board and soon expanded into surrounding counties. The catalyst for Home- Tech's ultimate expansion and success was the switch to employee ownership in 1996.

Mr. Marino is an intriguing and multifaceted character. Trim and fit, he skis, pilots his own airplane, plays tennis, is accomplished in martial arts and has made a name for himself in competitive ballroom dancing by winning the 2007 StarStruck competition sponsored by the Lee County Red Cross. It is through dancing that he met his fiancée, Tamara Surratt, a financial planner who specializes in working with high net-worth clients. Mr. Marino has two daughters from his former marriage: Sonya, a CPA who is Home-Tech's CFO, and Melanie, who lives in Tampa.

Home-Tech is active in community affairs in the Fort Myers and Naples area. In 2008 and 2009, Home-Tech was the Title Sponsor of the Ronald McDonald House Story Book Ball and currently maintains all of the House's major appliances and air conditioning systems. The company is also a major supporter of the Lee County Red Cross, CROW, American Heart Association and Habitat for Humanity.

At some point, Mr. Marino says he will contemplate retirement. But that day appears distant.

"I still have a passion for this," he says. "And I really enjoy the people I work with."

Notice that Mr. Marino refers to "the people I work with." Other bosses might say "the people who work for me."

The difference: At Home-Tech, the founder, president and guiding light is just one of many owners, and that suits Steve Marino just fine.