Pike Nurseries Implements Employee Stock Ownership Plan
Independent garden retailer Pike Nurseries has announced it will become an employee-owned company. Pike Nurseries management has combined with its sister corporation in California, Armstrong Garden Centers, to operate under an established Employee Stock Ownership Plan (ESOP).
The plan will transer ownership To Pike Nurseries and Armstrong Garden Centers employees through a defined contribution benefit program.
“The ESOP program allows us to reward our employees for their hard work and longevity with the company,” says Mike Kunce, CEO and chairman of the board at Pike Nurseries and Armstrong Garden Centers. “This structure not only enables management continuity, but also ensures the employees who have built and sustained Pike Nurseries and Armstrong Garden Centers play an integral part in the future success of the business.”
In the United States, approximately 4 percent of companies are employee-owned. This rare corporate structure is designed to reward long-term associates and help them build sweat equity without any out-of-pocket expense. The ESOP program is governed by multiple entities to ensure it is well-managed and decisions are made in the best interest of the associates.
All other employee programs and benefits will remain constant under the new structure. Employee benefits with Pike Nurseries include opportunities with Armstrong Garden Centers in California, structured training and career development programs, sales incentives, employee discounts, paid vacation and holiday time, a comprehensive insurance program and more.
For more information, visit the Pike Nurseries website.