For Immediate Release
March 29th, 2006
For more information:
Good Vibrations Public Relations
Good Vibrations Restructures Into a First-of-its-Kind Business Model
SAN FRANCISCO (March 29th, 2006): Good Vibrations, legendary destination for sex positive products, service and education, and multi-million dollar consumer cooperative today completed a legal restructuring into a new breed of a general business corporation, marking the first of its kind in the history of California corporate business. The new organization changes the capital structure of Good Vibrations while embedding the original values that have driven the historical success of the company and positions Good Vibrations for rapid national expansion.
"What makes the conversion unique by any standards is that we have ensured through institutionalizing our value statement and code of conduct into our new bylaws, that a future board of directors cannot change the fundamental progressive values of the company - only the shareowners can do this, if they choose," says Theresa Sparks, Chief Financial Officer and acting General Manager. "The decision to restructure will give us the opportunity to take our vision to more people, have access to growth capital and respond to the market more quickly," Sparks summarizes.
No stranger to pioneering unique business practices, Good Vibrations is the original women-owned and operated '"clean well-lighted place" to buy sex toys, books and videos. In 1992, founder Joani Blank sold the company to fifteen workers converting it from a sole proprietorship to a worker-owned cooperative. Business thrived as a faithful clientele and word of mouth referrals built sales and name recognition. For the next seven years, Good Vibrations' profitability grew by double-digits. Using company capital, Good Vibrations expanded into several business enterprises including retail, publishing, video/audio production and wholesale. Every new Good Vibrations retail venture was profitable within 30 days, including its e-commerce website www.goodvibes.com.
"For almost fifteen years Good Vibrations has used its owners cash to grow and compete in the marketplace. As industry competition increases, so does the requirement to have access to outside capital to fund that growth. The fact that they have been self-funding for so long is testimony to their business strengths," states Mike Sullivan, of Howard Rice Nemerovski Canady Falk & Rabkin. "The change in legal status to a general business corporation should improve Good Vibrations' access to outside investors."
In 2003, Good Vibrations began assembling a professional management team experienced in expanding retail companies with over 65 years of accumulative experience. Since that time, the management team has opened two new stores and launched a wholesale division. By concentrating on efficiencies, they closed down all unprofitable enterprises and focused on their core competencies, that being retail.
In 2005, Theresa Sparks, Chief Financial Officer stepped up as acting General Manager, to rebuild a new board and to capitalize on the strengths of the management team. New sales and marketing strategies were instituted to appeal to mainstream demographics including store remodels and branding. Customer service and education, the cornerstone of the company's business philosophy, was restructured to encompass a wider national audience.
In February of 2006, Good Vibrations opened its first east Coast store in the greater Boston area, which was profitable within the first month of operation. "The restructure will allow the company to move as fast as the public-at-large is moving in a growing comfort of owning sex toys," concludes Sparks.
Good Vibrations' Company Milestones
1977 - The first Good Vibrations store was opened in San Francisco
1985 - The Good Vibrations mail order catalog was produced
1992 - Good Vibrations converts from a sole proprietorship to a worker owned cooperative
1994 - Good Vibrations opened its second retail store, in Berkeley
1996 - The goodvibes.com website went live
2003 - Good Vibrations opened its third store, the second in San Francisco
2004 - The Good Vibrations wholesale division was launched
2006 - The opening of our first East Coast retail store in Brookline, MA
2006 - Good Vibrations converts from a consumer cooperative to a general business corporation
For more information, professional bios or photos or to request an interview with company executives, kindly contact Karin Tobiason at 415-332-4207 or firstname.lastname@example.org.
About Good Vibrations
Established in 1977, Good Vibrations is the San Francisco-based retailer trusted for nearly three decades to provide a comfortable, safe environment for finding sex-positive products and educational materials to enhance ones sex life. Good Vibrations offers its products through its retail stores,mail order catalog and on their ecommerce website at www.goodvibes.com.