CAMDEN — Mystic Stamp Company, America’s largest postage stamp dealer, has completed its transition from company ownership to an employee stock ownership plan.
Prior owners Donald and Chacea Sundman sold all their stock to the ESOP. They have continued in their current roles with the company. Donald is president of Mystic Stamp and Chacea is director of human resources.
“The only changes are in ownership,” Donald Sundman said. “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.”
Chacea added, “The ESOP will be wonderful for our colleagues, the greater Camden community, and our customers. It fits our guiding principles. This is an added benefit as we are keeping our 401K retirement plan and our twice yearly profit sharing bonuses.”
Mystic’s core purpose is to bring the fun of stamp collecting to a wide audience. Its guiding principles are:
- Customers. Mystic Stamp provides products and service to its customers.
- Colleagues. The company respects its fellow colleagues.
- Ethics. Mystic acts in an ethical manner.
- Growth and Profits. It strives to increase sales and profits.
- Citizenship. Mystic strives to make contributions to greater Camden and the stamp world.
- The plan became effective in January 2016.
Mystic employees about 150 at its headquarters on Mill Street. Camden native Lawrence Shaver founded Mystic in 1923 and in 1974, sold the business to the Sundman family.
Mystic has grown to become the largest postage stamp dealer in the U.S. and one of the largest in the world.