Summit, NJ: Pilot Hill Advisors is pleased to announce its client, a family-owned sporting goods outfitter and retailer has recently completed a 100% ESOP buyout.
Founded by an avid outdoorsman, this successful retailer serves active hunters, fishermen and campers with five stores throughout its local market and on-line nationally. The company is led by an energetic founder who will remain CEO for the foreseeable future. "By completing this ownership transition, I will accomplish the goal of transitioning ownership internally, creating a company funded retirement benefit for my hard working employees and making certain the company will be led by knowledgeable sports enthusiasts," commented the tireless founder. "Knowing my employees will end up with a retirement benefit they could never have put aside themselves gives me a great deal of satisfaction, which I know will also benefit the company with their loyalty and dedication," he continued.
Pilot Hill Advisors worked closely with the company's attorney and CPA throughout all phases of the transaction, which planning began seven months ago. The CPA initially proposed the idea after attending a continuing education course which included a discussion of ESOP buyouts. Hearing the various attributes of this structure and knowing how well it fit the founder's goals, the CPA excitedly introduced the concept. "That was all she wrote," commented the CPA of the founder's reaction. After considerable due diligence, analysis and evaluation of different transaction structures, an offer was made, negotiated and closed. As a token of his appreciation, the founder invited several long term employees, advisors and friends to attend the closing.