Fin, Feather, Fur Outfitters are now employee ownedPublished: 7/20/17 @ 12:00
Mike Goschinski, the owner of Fin Feather Fur Outfitters, didn’t have to look for long before finding a buyer for his business: he sold the outdoor retailer to his employees.
Goschinski sold the business off bit by bit as stock options to be added to his employees’ retirement benefits.
As a result, on May 31, Fin Feather Fur Outfitters changed ownership to an Employee Stock Ownership Plan, where the employees own 100 percent of the company.
Under the new plan, Goschinski will remain the CEO and will work alongside an executive team and a board of directors.
Though ownership is dispersed throughout the company, day-to-day business still will be managed through Goschinski and his executive team.
The company’s chief financial controller, Lana Bell, will become the company’s secretary/treasurer, and Tom Krebs, Goschinski’s first employee, will continue in his role as vice president.
ESOPs frequently are used by owners of tightly controlled companies to create a market for selling their ownership shares.
The store first opened in 1985 in Ashland and has since expanded to three other Northeast Ohio locations: Middleburg Heights, Canton and Boardman. All the stores will remain open.