Born out of the idea to make greener, affordable transportation, Stefan Schlesinger opened Seattle Electric Bike (SEB) in 2009, selling bikes out of his garage. Over the next decade, the business expanded. He sold a range of high quality bikes and accessories with a knowledgeable and attentive staff that provided in-house bike maintenance. With the recent addition of the Bellingham store in 2020, SEB became the largest volume independent electric bike retailer in the region, spanning three neighborhoods across Washington State. The three locations in Washington State serve a mix of commuters and recreational cyclists. They have a receptive local customer base thanks to a combination of the Pacific Northwest’s cultural affinity for outdoor recreation and the hilly terrain suitable for these bikes.
Since 2019, Stefan had planned to transition out and sell his business to his knowledgeable eight-person team. They had been working closely together with Northwest Cooperative Development Center to carry out the transition. This conversion to a worker-owned cooperative will help ensure the business’s longevity after its original owners’ retirement, while empowering its employees to share in its profits.
Together with Shared Capital, we closed a loan to the new cooperative to pay for the transition of ownership to the workers and allowing Stefan to retire. Stepping into their new role, the cooperative has been brainstorming a number of different ideas, including establishing a rental program, reselling refurbished bikes, and implementing online ordering. We are excited to see the new directions these owners plan to take SEB and proud to be part of their conversion to worker ownership!
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