Berry-Brown chairman Bob Berry has sold his majority interest in the Dallas agency to three of the shop’s executives, putting in place a succession plan that will keep the company an independent entity.
Berry will remain at the agency as chairman, while president and chief operating officer Jim Hradecky becomes majority shareholder. Hradecky is joined by senior vice president Sharon Griesing and vice president and chief financial officer Phil Schieber as partners in Berry-Brown.
Berry, who founded the agency in 1977, said the sale was made in order to initiate an in-house succession plan.
“I’m going to continue in my position for the next five years,” under terms of the sale, Berry said. “I’m not even thinking about [retirement].”
Hradecky, 46, said the long-term plan is to also include other partners in the $50 million agency, although no agreements are in the works. Hradecky moved to the agency six years ago, after heading N.W. Ayer & Partners’ Dallas office.
“[Ownership] was a hope that I had early on,” said Hradecky. “About a year ago, we really began pursuing the idea of people within the agency ultimately acquiring the agency, instead of an outside buyer.”
No operational changes are planned for the agency nor its minority-managed Hispanic marketing division, Grupo Cuatro Publicidad.
Griesing has been with the agency for 15 years–the longest employment tenure of any Berry-Brown staff member–while Schieber has worked there for eight years, according to Berry.
Berry Sells Majority Stake In Dallas Shop To Staffers
