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SEATTLE--(BUSINESS WIRE)--Apr 2, 2014--Point B Inc., a management consulting and venture investment firm, is excited to announce their employees now own 100% of the company’s stock. In a move that extends a long legacy of an employee-ownership culture within the firm, Point B Inc. recently redeemed the remaining stock held by its founders, Tim Jenkins, Darran Littlefield and Jim Hodge, leaving the Point B Employees’ Stock Ownership Plan (ESOP) the sole owner of the firm’s outstanding shares.
Point B Employees Celebrate 100% Ownership (Photo: Business Wire)
“The Consulting industry is a competitive place where the most talented workers are in the enviable position of having plenty of choices about where they deploy their talent,” said Point B Chief Executive Officer Mike Pongon. “Point B is known for the ongoing, dedicated investments we make in our people, our clients and our communities, and the move to 100% employee ownership gives our current and future highly-talented employees a share in the growth and development of this firm. It really solidifies our commitment to growth and the mission, culture and values that make Point B the place to be.”
The deal was completed on March 1, 2014, with a companywide announcement made on March 24 th during a seven-city video conference with the firm’s 500 employees. Prior to this deal, Point B’s employees held 20% of the company’s shares.
“This transaction is a four-way win,” said Point B co-founder Tim Jenkins. “Our clients benefit from an employee-owned Point B where the consultants they partner with have an owners’ perspective on service delivery. Our firm benefits from continuing its tradition of attracting and retaining the best people and increasing our ability to invest in what we offer clients. Our employees are rewarded with a 100% investment in the game. And we, as founders, get to continue an active role assisting in the development of Point B’s leadership and building upon our award-winning culture.”
Jenkins, Hodge and Littlefield will continue to serve on Point B’s Board of Directors, which will be expanded to include both inside and outside directors.
The transaction will be funded through significant tax and other savings associated with the change in ownership structure, and Point B Inc. will benefit from a substantial increase in cash flow as a result. Some of the increased cash flow will be used to rapidly retire debt and some will be directed to additional investments in the growth of both Point B’s consulting and venture investment business units.
100% ownership amplifies Point B’s mission, culture and values, and gives employees the opportunity to enjoy the financial benefits of owning the company they’ve helped to grow. “Now, more than ever, when a client talks with a Point B consultant, they are talking with an owner – someone who takes an owner’s pride and responsibility in serving and delivering to the best of their abilities,” said Point B Chicago Senior Associate Danielle Vaughan.
About Point B
Point B, Inc. helps organizations form, execute, and thrive. With capabilities including Management Consulting and Venture Investment and Advisory, our integrated businesses provide value to the organizations and communities we serve. Our consulting group helps clients develop strategic insights and translate them into impact. Our clients look to us for industry and functional expertise combined with our ability to execute. Our capital group provides deep venture advisory expertise, leveraging Point B’s broad network and the horsepower to drive portfolio companies’ growth and success. The firm, which is 100% employee-owned, is regularly honored as an exceptional place to work by publications, including The Wall Street Journal, Consulting magazine, and local business journals in the markets we serve.
Photos/Multimedia Gallery Available:http://www.businesswire.com/multimedia/home/20140402005346/en/
CONTACT: Point B
Jennette Seward, 206-931-3441
jseward@pointb.com
KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON
INDUSTRY KEYWORD: PROFESSIONAL SERVICES CONSULTING FINANCE HUMAN RESOURCES
SOURCE: Point B Inc.
Copyright Business Wire 2014
PUB: 04/02/2014 09:00 AM/DISC: 04/02/2014 09:00 AM
http://www.businesswire.com/news/home/20140402005346/en
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