Jim McFarlane, founder of Livingston-based Endura, said some of the work done on the company's West Lothian site would most likely relocate to the Czech Republic if there was a Yes vote.
He has also put warehouse expansion plans on hold until after the referendum.
Endura, which was set up in the 1990s, sponsors and provides racing kit for two of the top road racing teams, Movistar and Net App Endura. The firm, which employs almost 200 people in total, also kits out cycling clubs across the UK.
Mr McFarlane said: "We've been building jobs up in this area for nearly 20 years and it's galling to have to consider exporting jobs."
With Endura selling much of the cycling equipment it produces overseas, his key concern is Scotland's continuing membership of the European Union.
Mr McFarlane said: "We wouldn't relocate to England because if Scotland was independent it would almost certainly have a Conservative government and that then triggers a referendum on EU membership."
He continued: "I wouldn't say it's going to destroy the company, the company would continue to trade because it would adapt.
"But I would rather keep the jobs in Scotland and we would probably lose about 25 to 30 jobs out of Scotland to the Czech Republic."
A Scottish Government spokesman said: "An independent Scotland will continue in European Union membership.
"The only threat to that status - and Scottish businesses' access to a single market of more than half a billion people - is Westminster's proposed in-out referendum on EU membership, which threatens to take Scotland out of Europe against our wishes."