THE BENEFITS OF EMPLOYEE OWNERSHIP THANK YOU FOR 10 YEARS
This year marks Big G’s 10th year as an employee-owned company, and we are reminded of how fortunate we are that the previous ownership group sold the company back to the employees instead of to a larger carrier or investment firm. Instead of undergoing job losses and layoffs, Big G has grown in size and profitability, all while employees earn shares and see increases in their retirement accounts without any money out of their pocket. News of Falcon Transport’s abrupt closing hit social media and trucking sources on April 27, when the 116-year-old company reportedly sent email and Qualcomm messages announcing the closing of all locations and directing employees to stop working. According to news reports, this came as a shock to the estimated 550 employees who lost their jobs due to the closing. Falcon had been family-owned until September 2017, when they sold to CounterPoint Capital Partners, a private equity firm in Los Angeles.
“AS AN EMPLOYEE-OWNED COMPANY, WE OFFER STABILITY AND SECURITY KNOWING WE ARE NOT JUST NUMBERS TO A GROUP OF INVESTORS OR SHAREHOLDERS.”
owners and the employees. The legacy created by the owners continues, and the employees are given the opportunity to share in the success of the company. When employees participated in an employee benefit meeting in December 2009 and heard the news that Big G Express was 100% employee-owned, there were many questions and some skepticism about the future of the company and what this would mean for them. No one could have predicted the magnitude of that announcement or how different things could have been if Big G were sold to someone else. As an employee-owned company, we offer stability and security, knowing we are not just numbers to a group of investors or shareholders. The employees are our shareholders, and we all benefit from the success of our company! Our leadership team makes decisions based on the long-term sustainability of Big G and not for a short-term profit.
As owners of a family- owned business reach a certain age, they must think about the succession plan for their business and how it will move forward, not to mention how they will eventually retire from the business. Creating an employee stock ownership plan (ESOP) and selling the company’s shares to the employees is a win- win situation for both the
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