Pike Nurseries Becomes an Employee-owned Company | Business
Pike Nurseries management is pleased to announce the company has combined with Armstrong Garden Centers, its sister corporation in California, to operate under an established Employee Stock Ownership Plan (ESOP). The plan transfers 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,” said 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, beautiful company facilities, a comprehensive insurance program and more.