For three generations, J&R Schugel Trucking has been a family-owned carrier, but as of the new year, it will be owned entirely by its employees.
Current President Rick Schugel announced that on January 1st, an Employee Stock Ownership Plan (ESOP) would be the “owner” of the company – an increasingly common way to transfer ownership to the employees.
According to Schugel, the company has had many offers to be bought by larger carriers, but because since the beginning back in 1954 it has been the employees who developed and maintained excellent relationships with shippers, he felt it was right to pass the company on to them.
“The success of the company depends, in large part, upon the efforts of its employees,” he said in an interview with The Trucker. “J&R Schugel, along with the previous vested owners are delighted the employees will be afforded the opportunity to share in the new ownership and the fourth generation.”
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Source: thetrucker
Image Source: esoppartners
While the concept that an employer is actually crediting the employees for part of a companies success is refreshing I guess I remain a cynic as to the motives of the ESOP because of the ruthless employers I have worked for.
Of course I don’t know the details to this particular ESOP so I don’t know if it’s a good thing or not…..
I work for Schugel and would like to say Thank You Rick! As an employee I can honestly say this is a great company to work for. They try their best to keep their drivers happy, which ain’t always, but at least they try, which is better than most OTR companies.
Rick is very good at what he does. I used to work for them, and my dad works for them now. It was the best driving job I have had based and pay and fair treatment. Might even return some day soon. Can’t think of any other company that deserves the recognition like they do.