Employee Ownership Welcomes TextbookRush

A closer look at TextbookRush's ESOP transition

TextbookRush.com is an online retailer that rents, sells, and buys college textbooks. They also rent and buy movie titles and games. The business began in 1994 at Ohio State University and in 2001, they expanded their operations and began online book retailing.

Photo by Avery Evans on Unsplash

Earlier this month, TextbookRush transitioned to an employee-owned structure. As mentioned in their announcement, they hope their employee stock ownership plan (ESOP) model will only contribute to their ongoing success and growth, all while ensuring a bright and secure future for both employees and their valued customers.

• ESOPs are retirement plans set up by the company that give employees an ownership stake in the company. They also allow employees to invest directly into the company they work for. Numerous studies indicate that having a vested interest in the business is correlated with an increased productivity and various other positive outcomes.

In the same announcement, TextbookRush founder and CEO Phil Smyres expressed confidence that the transition will fortify their foundation. He also acknowledged his team members as integral parts in the business’s success.