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Bicycle Sport Shop Becomes an Employee Stock Owned Company!

April 25, 2012

Last Wednesday evening Bicycle Sport Shop’s employees got together for a special meeting. Read the press release below for the exciting news!

———————————-

Joyce Nugent

Marketing Director

512-477-1551, ext.

joyce_n@bicyclesportshop.com

Bicycle Sport Shop Becomes an Employee Stock Owned Company

AUSTIN, Texas.   Bicycle Sport Shop, Austin’s leading bicycle retailer, is pleased to announce the creation of an Employee Stock Ownership Plan that will enable the staff of Bicycle Sport Shop to acquire the stock of the privately held company from its current owners, husband and wife partners Hill Abell and Laura Agnew.   The transaction will take place in stages, with the initial sale of 30% of the company’s stock, and subsequent sales occurring over the course of the next several years.

“Laura and I have worked hard to create a business culture in which the staff feels a strong sense of ownership and takes responsibility for our mutual success,” said Abell, Bicycle Sport Shop’s Chief Executive Officer.  “After operating the business for 28 years, Laura and I were searching for a way to reward our incredible staff and give them greater incentive to continue fulfilling our mission of enabling more people to ride bicycles more often, and the ESOP is the right tool to do that. “

“The Plan has two objectives,” according to Agnew.  “First, our plan is to sell stock held by the Company’s owners without selling to outside interests.  Secondly, we want to enable our employees to share in the success of the company they have helped to build.  The result should be to increase employee engagement in our workplace and to provide our staff with enhanced long-term retirement benefits.”

There will be no change in management structure, and Abell will remain CEO.

About Bicycle Sport Shop

Bicycle Sport Shop, founded in 1983, has 3 Austin locations and currently employs 150 passionate advocates for cycling.  Providing the best quality bicycles and cycling equipment to anyone who wants to ride a bike, the company is committed to demonstrating how bicycles are a key component to vitalizing people’s health and the vitality of our communities.  (bicyclesportshop.com)

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2 Comments leave one →
  1. Shawn McAfee permalink
    April 26, 2012 6:28 pm

    That is an excellent deal for dedicated employees. Way to keep it classy guys, keep up the great culture!

  2. Dave " Tree " Danz permalink
    July 16, 2012 5:50 pm

    ESOP is the way to go . To bad our President see that way.

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