World Stamps

Mystic Stamp Co. transitions to employee ownership

Apr 29, 2021, 4 AM
On April 2, Mystic Stamp Co. announced the formation of an employee stock ownership plan that gives ownership of one of the biggest stamp dealers in the United States to its employees. Owners Donald and Chacea Sundman have sold all their Mystic stock to t

Mystic Stamp Co., based in Camden, N.Y., became an employee-owned company effective April 1 via the formation of an Employee Stock Ownership Plan (ESOP).

Owners Donald and Chacea Sundman announced April 2 that they have sold all their Mystic stock to the ESOP. They will continue in their current roles with the company.

Donald Sundman is president of Mystic Stamp Co., and Chacea Sundman is director of human resources. They will stay at Mystic and continue to manage the business.

“The only change is ownership,” said Donald Sundman. “There are no changes operationally or with our staff.

“We’ve got a great team, a very successful business, and don’t want to change that. I’m very excited about the ESOP because it will help our employees save for retirement.”

He added, “We made this change to position Mystic for the future. This rewards our hard-working colleagues and promises to keep Mystic a positive force in the stamp world and central New York for many years.”

“The ESOP will be wonderful for our colleagues, the greater Camden community, and our customers,” Chacea Sundman said. “It fits our guiding principles.

“The ESOP is an added benefit as we are keeping our 401K retirement plan and our twice-yearly profit sharing bonuses.”