LOS ANGELES: On the Scene Productions, a provider of SMTs, VNRs and electronic press kits, today announced that it has begun transferring 50% of company ownership to its 40 employees as part of an employee stock ownership plan (ESOP).
LOS ANGELES: On the Scene Productions, a provider of SMTs, VNRs and
electronic press kits, today announced that it has begun transferring
50% of company ownership to its 40 employees as part of an employee
stock ownership plan (ESOP).
Until now, the 16-year-old company was jointly owned by president Sally
Jewett and EVP Stacie Hunt. On the Scene generated more than dollars 10
million in revenue in 1999.
’The company has grown an average of 15% per year for the past eight,’
said Jewett. ’This was the best way for us to grow without jeopardizing
the company’s culture with a sale.’ Jewett also noted that the ESOP will
enable On the Scene to more effectively compete for talent with the
pre-IPO dot-coms offering stock options.
On the Scene claims to be the first company in the electronic
communications field, which includes such competitors as DWJ and Orbis,
to offer an ESOP plan. And while the idea may be gaining steam among
mid-sized businesses around the country, it’s still relatively uncommon
in the agency world.
