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Rustin Mayse, owner of KMP Plumbing Heating and Air, a family-run HVAC and plumbing business outside Fort Worth, Texas, had known about phantom stock for years. What he didn't have was a way to actually do it.
I knew what phantom stock was, but I didn't have any idea how to enroll, set it up, anything like that.
The people were never the question. KMP has key players who have dedicated their careers to the company, including one who has been with the business for 20 years. Rustin wanted to reward that kind of loyalty with something that felt like ownership, even though giving out actual ownership stock wasn't an option.
Then the risk became real. A director of business development on the commercial construction side, someone central to his department, left the company while KMP was still figuring out a plan.
That catapulted us to say: if we have generational-type talent we want to keep in our business, we need something that really rewards them and incentivizes them to stay.
Even with the decision made, committing was intimidating. Rustin saw granting phantom stock in his company as a promise he'll have to fulfill one day, and Rustin's biggest hesitation was signing up for something KMP might not be able to deliver on.
It's a little frightening when you're thinking about the value of your company and granting a percentage of stock. That can be a little scary.
Reins replaced that fear with a clear path. The plans were already structured, the platform walked him through every step, and nothing required a legal background to understand.
Reins made it super easy. The way the plans are built, it's all there. It's basically self-explanatory. It helps you walk all the way through it. It was awesome.
KMP launched its first award with a 20-year veteran the plan was built around. He's not the type to show a lot of emotion, but the impact was unmistakable.
You can tell a deep sense of appreciation. When you go above and beyond to reward people who are dedicating their entire careers to what you're trying to build, you can definitely see it.
And the fear of "giving away ownership" turned out to be a misconception.
You're not really giving away ownership. You're rewarding people that hit certain metrics, or that stay a long time and have a lot of dedication to the company.
One award was just the start. KMP plans to roll the program out to all of its middle management, and potentially the entire company over time, as a way to buy the whole team into one common vision.
For owners still on the fence, Rustin has some advice:
You should have already done it. Phantom stock seems really complicated, and it is. But Reins can help you simplify that.
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