STOCK PRICE GOING UP! Big G’s ESOP pays big for the future
Posted: July 30, 2020
Recently, Big G CEO Randy Vernon addressed the Big G family in a video message to discuss the successes of the year and unveil the company’s 2019 stock price. As a 100% employee-owned company, Big G contributes into retirement accounts for employees based on years of service and compensation. The company’s stock value has increased every year since the ESOP was formed in 2009, and ten years later, we’re still showing amazing growth and success.
While the company usually plans an exciting event for employee-owners and family to reveal the new stock price and account balances, this year had to be treated differently with Mr. Vernon calling the annual ESOP reveal via video “first of its kind - and hopefully the last of its kind.”
He went on to explain the reason for the change saying, “As many of you know, this year’s event was planned for July 25 and was supposed to be a dual-purpose event,” he said. “The event was scheduled to take place on BBQ Hill on the property of Jack Daniels Distillery in Lynchburg as a celebration of the announcement of our new ESOP stock price and our recognition of the 25th anniversary of the founding of Big G Express. Unfortunately, with limitations that have been placed on gathering size, there was just no way we could get together and stay within the guidelines.”
The change to a video format did not dampen the excitement around the ESOP stock price reveal. Before sharing the number, Mr. Vernon took time to recap some of the milestones of the company and past successes.
“Our family of companies has come a long way since the Marsh brothers, Pat and Jack, founded Big G Express as a spinoff of a local LTL carrier. Over the first few years, the truckload business grew steadily and in time, Pat and Jack welcomed David Nolan and Patty Corley to the Big G ownership group. But as the first decade of the 2000s began to wind down, the ownership group began discussions on how they would eventually exit the business. There were options to sell Big G to larger companies or private investment groups. The desire of the ownership group was to do something different. The decision was made to sell the company to the people that had been so instrumental in building it over the years, and that was to the employees of the company. To that end, they developed our Employee Stock Ownership Plan – our ESOP.”
Mr. Vernon noted that the company has been very successful in growing for the past ten years saying some of the growth has been from buying and adding trucks to our fleet as well as through acquisitions such as our purchase of Ike Transportation, our flatbed services company.
Throughout this growth, Big G has focused on tending to EVERY DOLLAR EVERY DAY. Mr. Vernon explains it saying, “We are in great financial position today because for the past 11 years, we have done things right. We have tended to every dollar, every day. We have focused on service, on safety and on security.”
Looking at Big G’s past stock trends that have continually increased, Mr. Vernon stated, “It’s good to be us!” before listing some of the initiatives that led to the 2019’s great performance:
- Maintaining our rate per mile -- We were able to hold the line through strong customer relationships and improved operational efficiencies.
- Insurance savings -- Our overall safe performance limited our cost increases in the area of insurance.
- Financial responsibility -- During uncertain times, it’s very comforting to know our finances are in such a healthy position.
Finishing his video address, Mr. Version revealed the stock price had gone up a whopping 21% over 2018 to $59.81! We know every one of our employee-owners was excited to see that amazing number knowing that it means a more secure future for each of them.
As Mr. Vernon said: THANK YOU ALL for everything you do to make the Big G Family of Companies GREAT!
Are you working for a carrier that saves for YOUR FUTURE? If not, it’s time to connect with employee-owned Big G Express!