It serves our associates but it's also good for Point B as a whole and, most importantly, our clients and communities. With each associate now serving as an owner in the firm, we are able to deepen our relationships and have every single associate vested in the long-term success of our partnership with each client and each community organization.
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Seattle (PRWEB) February 24, 2009
In a rare move among the management consulting industry, Point B (http://pointb.com ) announced today its plans to convert its privately held firm with approximately 400 associates into an employee-owned company through an Employee Stock Ownership Plan (ESOP). The initial transaction was completed in late December 2008 with the goal of majority employee ownership taking place over the next several years.
Founded in 1995, Point B is a management consulting firm entirely dedicated to helping clients execute business strategies. Today, the firm provides clients ranging from startups to Fortune 100 corporations in Chicago, Denver, Los Angeles, Phoenix, Portland, San Francisco and Seattle with locally based associates who specialize in the leadership skills needed to transform strategy into reality.
"This ESOP is the start of an exciting evolution for Point B -- and the culmination of a long-standing discussion about the future of the firm," says Tim Jenkins, Point B co-founder and co-CEO. "Employee ownership provides a natural succession plan for our founders while keeping Point B true to its mission. Our business model was built upon asking every associate to 'think and act like an owner.' Making our associates true owners is the natural step in our business maturity."
"In fact, we view employee ownership as a four-way win," Jenkins explains. "It serves our associates but it's also good for Point B as a whole and, most importantly, our clients and communities. With each associate now serving as an owner in the firm, we are able to deepen our relationships and have every single associate vested in the long-term success of our partnership with each client and each community organization."
An ESOP is a vehicle that provides company stock to employees through a trust. The U.S. Congress created the framework for ESOPs in 1974 to encourage companies to allow employees to take a financial stake in their employer. According to the National Center for Employee Ownership, there are approximately 11,500 ESOPs in the United States today that cover about 11 million employees. Research suggests that employee ownership increases productivity and profitability, and helps companies attract and retain top talent.
Jenkins, Darran Littlefield and Jim Hodge co-founded Point B and have since grown the firm into a $90 million business that completed more than 800 projects for clients in 2008 alone. The firm's current management team will remain in place under the new plan and Jenkins and Littlefield will continue to serve as Point B's co-CEOs.
The transition will result in a slight name change: The firm will no longer conduct business as a limited liability partnership, but rather as a corporation listed as "Point B Inc."
About Point B Inc.
Point B is an employee-owned management consulting firm that specializes in helping clients execute their strategic initiatives and deliver business results that create transformational change and competitive advantage. Hundreds of companies, including Microsoft, Alaska Airlines, Kaiser Permanente and Charles Schwab, have sought out Point B for its objective leadership, deep expertise and ability to transform strategies into reality. Founded in 1995, Point B has since grown into a $90 million business with more than 400 associates that completed more than 800 projects for clients in 2008 alone. Point B has been honored by many publications as an exceptional place to work, including being named a "Top Small Workplace" by The Wall Street Journal. In 2008, Consulting Magazine recognized Point B with its "Best Firms to Work For" award and ranked the firm #1 in its Leadership category among 205 consulting firms worldwide.
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