Jim and Joyce Raley Teel have announced they will transfer majority ownership of Raley's Family of Fine Stores to their son, Michael Teel, the company's President & CEO.
The Teel's four daughters will continue to hold minority ownership. Transitioning to a third generation of family ownership is an important step in keeping Raley's a family-owned company and Northern California business leader.
In a letter to Raley's employees, Jim and Joyce Teel stated, "This is a significant accomplishment, as fewer than twelve percent of family businesses transition to a third generation. With Mike's passion and vision, we have great faith he will guide and grow the business for future generations."
The Teel family is committed to continuing family ownership of the company for generations to come. This transition ensures the continued presence of a strong family-owned business, one of the largest privately held companies in the Sacramento area, that contributes positively to the region's economy and community.
"My grandfather saw the potential in this area 80 years ago," Mike Teel said, "I want to continue that legacy, and continue to invest in the Sacramento region. It's poised for growth and so are we. This is our home, and we're here to stay."
Mike Teel will own 92 percent of the company and become majority owner, with his sisters equally sharing the remaining eight percent. Other details of the deal are a private family matter.
Over the last decade, Raley's has focused on expanding products that customers want more of, including organic and natural food offerings. Under Mike Teel's direction, Raley's will continue to expand delicious and healthy offerings for customers with a focus on quality customer service.
"I am honored to take Raley's into the third generation of family leadership. This is an exciting time for the company, our team members and for me," said Mike Teel. "I'm very proud, as my parents were, when they took on the responsibility of leading this company. I look forward to working with my sisters and the entire Raley's team to honor our parents' and our grandfather's legacy."