Outtech Forms Employee Stock Ownership Plan
Aurora, OH – After over a year of planning and preparation, Outtech Founders, Jay Scholes and Ron Rette were recently excited to announce to their team that the company has formed an Employee Stock Ownership Plan (ESOP) and, in doing so, has joined the growing list of companies whose employees are stakeholders. As a 100% ESOP owned company, all company stock is now held in trust by the ESOP exclusively for the Outtech employees in the form of qualified retirement benefits.
Founded in 1989, it was always a goal of Outtech to become an employee-owned business. "Outtech has always been all about our people. We are excited to provide ownership of the company to those that build the company. By transitioning to an ESOP we are able to share ownership with our team while still allowing Ron and I to lead the company with the Outtech culture that has made us what we are today." Explained company President, Jay Scholes.
Added Outtech Vice President, Ron Rette. "This new and exciting chapter is a continued part of Outtech's goal to be a leader in the outdoor industry. Our intent is to reward employees and foster an ownership mentality. We know that this will further drive our team members to contribute to the long-term success of our manufacturing and retail partners as well as Outtech. We have always believed that if we put our vendor and retail partners first our business would prosper. The ESOP will truly imbed this philosophy deeply into every Outtech team member as owners."
Over 20,000 companies have adopted ESOPs since they became legal in 1974. Established in 1989, Outtech Inc. is one of the outdoor industry's leaders in sales and marketing and maintains a portfolio of brand leaders across the categories they represent. Outtech already has a strong group of over 80 industry specialists spread across multiple divisions and continues to grow. As an employee-owned company Outtech will continue to operate under its existing business model and management structure.