Firm Celebrates Transition to 100 Percent Ownership by the Company’s Employee Stock Ownership Plan (ESOP)
AUSTIN, TX – STG Design, an award-winning architecture, interior design, and planning firm celebrates a transition to 100 percent ownership by the company’s Employee Stock Ownership Plan (“ESOP”). At an “All-Hands Meeting,” this week, the announcement was made that ownership of the company has been transferred from the firm’s principal shareholders to STG Design employees. With the primary goals of continuity in leadership, autonomy, culture, and design services, the company elected to establish an ESOP to recognize and reward the commitment, passion, and talent of its employees, both present, and future. Based on STG Design’s strong performance over the last several years and a comprehensive review of the firm’s financial data, the shareholders concluded that this was an opportune time to sell and that the employees, through the ESOP, were the right buyer to whom to sell.
“Our employees are our most valuable resource and closest partners in the practice of design,” said Jim Susman, CEO. “We firmly believe that our people should control their own destiny and have the opportunity to experience the fulfillment of ownership.” Susman will continue as CEO, the firm’s management team remains in place, and STG seamlessly maintains its focus on world-class professional service and innovative business strategies.
MB Financial’s ESOP Finance Group with $20B in assets, BDO USA, LLP’s ESOP Advisory Group and McDermott Will & Emory LLP’s Corporate Transactions Practice structured the transaction and the plan for the firm. All assets are held, managed and controlled by the ESOP Trustee, GreatBanc Trust Company. GreatBanc will lead the ESOP consistent with its fiduciary responsibilities to act solely in the interests of the participants.
STG Design’s founder Jack Tisdale said “We are truly excited about transitioning STG Design to an employee-owned company. At the same time, we are extremely grateful for the many terrific clients and business partners that have been part of our success over the last 42 years.”
Jim Susman, FAIA