Friday, March 29, 2024

Butcher shop owners pass business on to employees

“Meat the new boss.”

After many years behind the counter, Shawn and Sharon Knowles are hanging up their aprons at Old Town Market in Double Oak.

Usually when a longtime business is sold, some employees go on the chopping block. The Knowles didn’t want to see that happen.

The couple sold the business to Teamshares, a venture capital-backed platform that acquires small businesses from owners nearing retirement age and assists them with transitioning the business to employee ownership.

“We are pleased to announce our staff has been gifted shares in the business, with plans to grow their stake in the future,” the Knowles announced in a Facebook post on Friday.

“Passing the business onto our employees is our way of honoring their hard work and preserving the company’s legacy for generations to come.”

Lucinda Ochwat from Teamshares

The Knowles said that Old Town’s new President, Lucinda Ochwat from Teamshares, will be working alongside them until taking over the day-to-day business operations.

Old Town Market has been family-owned since 1977. It was started by Shawn’s father, Bob Knowles, and fellow businessman Dickie Grant. Sharon and Shawn Knowles have owned the market since October 2009.

“While we are retiring, we’re doing so with the confidence of knowing Old Town’s legacy is in the best possible hands: Our employees,” said the Knowles.

Terms of the transaction were not disclosed.

CTG Staff
CTG Staff
The Cross Timbers Gazette News Department

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