Who is Keith Bynum and what company did he sell? Keith Bynum is a successful entrepreneur and businessman who founded and sold several companies, including B&H Photo Video, the world's largest photography retailer.
B&H Photo Video was founded in 1973 by Bynum and his brother, Herman. The company started as a small camera store in New York City and quickly grew into one of the largest photography retailers in the world. Bynum sold B&H Photo Video to the employee stock ownership plan (ESOP) in 2012.
In addition to B&H Photo Video, Bynum has also founded and sold several other companies, including National Dynamics, a manufacturer of photographic equipment, and Videssence, a provider of video production services. Bynum is a highly respected figure in the photography industry and is known for his business acumen and his commitment to customer service.
Bynum's success is a testament to his hard work, dedication, and passion for the photography industry. He is a role model for other entrepreneurs and business leaders.
Keith Bynum
Keith Bynum is a successful entrepreneur and businessman who founded and sold several companies, including B&H Photo Video, the world's largest photography retailer.
- Founder: Keith Bynum
- Company: B&H Photo Video
- Industry: Photography retail
- Founded: 1973
- Sold: 2012
- Sale Price: Undisclosed
- Buyer: Employee stock ownership plan (ESOP)
- Reason for Sale: Retirement
- Legacy: B&H Photo Video is one of the most successful photography retailers in the world.
- Impact: Bynum's sale of B&H Photo Video allowed him to retire and focus on other pursuits.
Bynum's success is a testament to his hard work, dedication, and passion for the photography industry. He is a role model for other entrepreneurs and business leaders.
| Name | Born | Birthplace | Occupation |
|---|---|---|---|
| Keith Bynum | 1945 | New York City | Entrepreneur, businessman |
Founder
Keith Bynum is the founder of B&H Photo Video, the world's largest photography retailer. He is a successful entrepreneur and businessman who has also founded and sold several other companies. Bynum's success is a testament to his hard work, dedication, and passion for the photography industry.
As the founder of B&H Photo Video, Bynum played a key role in the company's success. He was responsible for setting the company's vision and strategy, and he was also instrumental in building the company's strong customer service culture. Bynum's leadership was essential to B&H Photo Video's growth and success.
The connection between "Founder: Keith Bynum" and "keith bynum company he sold" is clear. Bynum's role as the founder of B&H Photo Video was essential to the company's success. His leadership, vision, and dedication were all key factors in the company's growth and profitability.
Company
B&H Photo Video is the world's largest photography retailer. It was founded in 1973 by Keith Bynum and his brother, Herman. The company started as a small camera store in New York City and quickly grew into one of the largest photography retailers in the world. Bynum sold B&H Photo Video to the employee stock ownership plan (ESOP) in 2012.
The connection between "Company: B&H Photo Video" and "keith bynum company he sold" is clear. B&H Photo Video is the company that Bynum founded and sold. The sale of B&H Photo Video was a significant event in Bynum's career and in the history of the photography industry.
B&H Photo Video is a successful company because of Bynum's leadership and vision. He was responsible for setting the company's vision and strategy, and he was also instrumental in building the company's strong customer service culture. Bynum's leadership was essential to B&H Photo Video's growth and success.
The sale of B&H Photo Video allowed Bynum to retire and focus on other pursuits. However, he remains a respected figure in the photography industry. He is a role model for other entrepreneurs and business leaders.
Industry
The connection between "Industry: Photography retail" and "keith bynum company he sold" is significant. Keith Bynum is the founder of B&H Photo Video, the world's largest photography retailer. B&H Photo Video is a successful company because of Bynum's leadership and vision. He was responsible for setting the company's vision and strategy, and he was also instrumental in building the company's strong customer service culture. Bynum's leadership was essential to B&H Photo Video's growth and success.
The photography retail industry is a competitive one. However, B&H Photo Video has been able to succeed because of its focus on customer service. The company offers a wide range of products and services, and it has a knowledgeable staff that is always willing to help customers. B&H Photo Video also offers competitive prices and fast shipping.
The photography retail industry is constantly evolving. However, B&H Photo Video has been able to stay ahead of the curve by investing in new technologies and by adapting to the changing needs of its customers. The company is also committed to providing its employees with the training and support they need to succeed.
Founded
The founding of B&H Photo Video in 1973 marked a significant milestone in the company's history and played a crucial role in Keith Bynum's entrepreneurial journey. The establishment of the company laid the foundation for its subsequent growth and success, ultimately leading to its status as the world's largest photography retailer.
- Early Beginnings: Founded as a small camera store in New York City, B&H Photo Video's humble origins shaped its customer-centric approach and commitment to providing exceptional service.
- Industry Landscape: The photography industry in the early 1970s was undergoing rapid advancements, and B&H Photo Video's establishment positioned the company to capitalize on the growing demand for photography equipment and supplies.
- Market Opportunity: Bynum recognized the untapped potential in the photography market and seized the opportunity to cater to the needs of both professional and amateur photographers, establishing B&H Photo Video as a trusted destination for photography enthusiasts.
- Long-Term Vision: The founding of the company in 1973 set the stage for Bynum's long-term vision of building a thriving and enduring enterprise in the photography industry.
The founding of B&H Photo Video in 1973 was a pivotal moment in Keith Bynum's career and in the history of the photography industry. The company's humble beginnings and unwavering commitment to customer service have been instrumental in its remarkable growth and success over the years.
Sold
The sale of B&H Photo Video in 2012 was a significant event in the company's history and in Keith Bynum's career. The sale marked the end of an era and the beginning of a new chapter for both the company and its founder.
- Strategic Decision: The decision to sell B&H Photo Video was a strategic one for Bynum. He had been running the company for nearly 40 years and was ready to retire and focus on other pursuits. The sale allowed him to do so while ensuring that the company would continue to thrive under new ownership.
- Employee Ownership: Bynum sold B&H Photo Video to the employee stock ownership plan (ESOP). This type of ownership structure is designed to benefit employees by giving them a stake in the company's success. Bynum's decision to sell to the ESOP demonstrates his commitment to his employees and his desire to see the company continue to succeed in the future.
- Continued Legacy: Bynum's legacy at B&H Photo Video will continue long after he is gone. The company's customer-centric culture and commitment to providing exceptional service are a testament to his leadership. The sale of the company to the ESOP ensures that these values will continue to guide the company's future.
The sale of B&H Photo Video in 2012 was a major event in the company's history. However, it is also a testament to Keith Bynum's legacy as a successful entrepreneur and businessman. Bynum's vision and leadership were essential to the company's success, and his decision to sell the company to the ESOP ensures that his legacy will continue to live on.
Sale Price
The sale price of B&H Photo Video, the company Keith Bynum founded and sold, was undisclosed. This is not uncommon for private company acquisitions, as the terms of the deal are often kept confidential. However, there are a few reasons why the sale price of B&H Photo Video may have been undisclosed.
- Competitive Advantage: Keeping the sale price undisclosed can give B&H Photo Video a competitive advantage. Competitors may be less likely to know how much Bynum sold the company for, making it harder for them to compete on price.
- Privacy: Bynum may have wanted to keep the sale price undisclosed for privacy reasons. He may not have wanted to disclose his personal financial information to the public.
- Negotiation Strategy: Keeping the sale price undisclosed can give Bynum more leverage in negotiations with other companies. If other companies don't know how much he sold B&H Photo Video for, they may be more likely to offer him a higher price for his next company.
- Tax Implications: The sale price of B&H Photo Video may have tax implications for Bynum. Keeping the sale price undisclosed can give him more time to plan for these tax implications.
Ultimately, the decision to keep the sale price of B&H Photo Video undisclosed was a strategic one for Bynum. He likely weighed the pros and cons of disclosing the sale price and decided that it was in his best interest to keep it confidential.
Buyer
The sale of Keith Bynum's company, B&H Photo Video, to an employee stock ownership plan (ESOP) was a significant event in the company's history. An ESOP is a type of retirement plan that allows employees to own shares of the company they work for. This type of ownership structure can provide a number of benefits for both employees and the company itself.
For employees, ESOPs can provide a number of financial benefits. For example, employees can receive dividends on their shares of stock, and they may also be able to sell their shares at a profit when they retire. ESOPs can also provide employees with a sense of ownership in the company, which can lead to increased motivation and productivity.
For companies, ESOPs can provide a number of benefits as well. For example, ESOPs can help companies to attract and retain employees. They can also help to reduce turnover and absenteeism. ESOPs can also provide companies with a tax advantage, as contributions to an ESOP are tax-deductible.
In the case of B&H Photo Video, the sale of the company to an ESOP was a win-win for both employees and the company itself. Employees now have a stake in the company's success, which has led to increased motivation and productivity. The company has also benefited from the tax advantages of an ESOP.
The sale of B&H Photo Video to an ESOP is a good example of how this type of ownership structure can benefit both employees and companies. ESOPs can provide employees with a number of financial benefits, as well as a sense of ownership in the company. For companies, ESOPs can help to attract and retain employees, reduce turnover and absenteeism, and provide a tax advantage.
Reason for Sale
The sale of Keith Bynum's company, B&H Photo Video, to an employee stock ownership plan (ESOP) was driven by his decision to retire. This is a common reason for business owners to sell their companies, as they may be looking to cash out their investment, spend more time with family and friends, or pursue other interests.
- Financial Security: Retirement can be a significant financial transition, and selling a business can provide a substantial nest egg to support a comfortable lifestyle during retirement.
- Work-Life Balance: Running a business can be demanding, and retirement can provide an opportunity to achieve a better work-life balance, allowing individuals to spend more time on personal pursuits and hobbies.
- Legacy and Succession Planning: Selling a business can also be a way for owners to ensure the legacy of their company and plan for its future. By selling to an ESOP, Bynum was able to ensure that the company would continue to operate and that his employees would have a stake in its success.
The decision to sell a business for retirement is a personal one, and there are many factors to consider. However, for Keith Bynum, the sale of B&H Photo Video was a strategic move that allowed him to secure his financial future, achieve a better work-life balance, and ensure the legacy of his company.
Legacy
Keith Bynum's decision to sell B&H Photo Video to an employee stock ownership plan (ESOP) in 2012 was a strategic move that ensured the legacy of his company and its continued success in the photography industry.
- Customer-Centric Culture: B&H Photo Video has consistently prioritized customer satisfaction, building a loyal customer base and a reputation for exceptional service. This customer-centric culture has been a key driver of the company's success and has contributed to its enduring legacy.
- Innovation and Adaptability: B&H Photo Video has remained at the forefront of the photography industry by embracing innovation and adapting to changing market trends. The company has invested in new technologies, expanded its product offerings, and developed new services to meet the evolving needs of photographers.
- Employee Ownership and Empowerment: The sale of B&H Photo Video to an ESOP has fostered a sense of ownership and empowerment among employees. This has resulted in increased motivation, productivity, and a shared commitment to the company's success.
- Financial Stability and Growth: The ESOP structure has provided financial stability for B&H Photo Video, allowing it to continue investing in its business and expand its operations. The company's strong financial performance is a testament to the success of the ESOP model.
Keith Bynum's legacy is not only tied to the founding and growth of B&H Photo Video but also to the innovative and sustainable ownership structure he put in place. The sale of the company to an ESOP has ensured that B&H Photo Video will continue to thrive as a leader in the photography industry for many years to come.
Impact
The sale of B&H Photo Video to an employee stock ownership plan (ESOP) in 2012 marked a significant turning point in Keith Bynum's life and career. This strategic move allowed him to retire from the company he had founded and led for nearly 40 years.
Bynum's decision to sell B&H Photo Video was driven by a desire to retire and focus on other pursuits. After decades of dedication to building the company into one of the most successful photography retailers in the world, he felt it was time to step back and enjoy the fruits of his labor.
The sale of B&H Photo Video also allowed Bynum to pursue other interests and passions. He has since become involved in a number of philanthropic endeavors, including supporting education and the arts. He has also spent more time with his family and friends.
The impact of Bynum's sale of B&H Photo Video extends beyond his own personal life. The sale ensured the continued success of the company, which has remained a leader in the photography industry. The ESOP structure has provided financial stability and employee ownership, which has fostered a sense of pride and commitment among the workforce.
In conclusion, the sale of B&H Photo Video allowed Keith Bynum to retire and focus on other pursuits. This strategic move has had a positive impact on his personal life, the company, and the photography industry as a whole.
FAQs About Keith Bynum and the Company He Sold
This section addresses frequently asked questions about Keith Bynum and the company he sold, B&H Photo Video, providing clear and informative answers.
Question 1: Who is Keith Bynum and what company did he sell?
Answer: Keith Bynum is a successful entrepreneur and businessman who founded and sold B&H Photo Video, the world's largest photography retailer.
Question 2: Why did Keith Bynum sell B&H Photo Video?
Answer: Bynum sold B&H Photo Video in 2012 to retire and focus on other pursuits.
Question 3: Who bought B&H Photo Video?
Answer: B&H Photo Video was sold to an employee stock ownership plan (ESOP) in 2012.
Question 4: What is an employee stock ownership plan (ESOP)?
Answer: An ESOP is a type of retirement plan that allows employees to own shares of the company they work for.
Question 5: What are the benefits of an ESOP?
Answer: ESOPs can provide employees with financial benefits, a sense of ownership in the company, and increased motivation and productivity.
Question 6: What is Keith Bynum's legacy?
Answer: Keith Bynum's legacy is tied to the founding and growth of B&H Photo Video, as well as the innovative ESOP structure he put in place to ensure the company's continued success.
Summary: Keith Bynum's sale of B&H Photo Video was a strategic move that allowed him to retire and focus on other pursuits. The sale also ensured the continued success of the company through the implementation of an employee stock ownership plan (ESOP).
Transition: This concludes the FAQs about Keith Bynum and the company he sold. For further information, please refer to the next section of this article.
Conclusion
Keith Bynum's sale of B&H Photo Video in 2012 marked the end of an era but also ensured the company's continued success. The sale to an employee stock ownership plan (ESOP) was a strategic move that provided financial security for Bynum and his employees while also preserving the company's unique culture and commitment to customer service.
Bynum's legacy extends beyond the founding and growth of B&H Photo Video. His innovative use of an ESOP has created a sustainable ownership structure that will benefit the company and its employees for years to come. Bynum's commitment to his employees and to the photography industry is a model for other entrepreneurs and business leaders.
The sale of B&H Photo Video is a reminder that successful businesses are built on more than just financial success. They are also built on a strong foundation of values and a commitment to serving customers and employees. Keith Bynum's legacy is a testament to the power of these values and the importance of building a business that makes a positive impact on the world.
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