In today's #PoisedforExit episode we interviewed Sue Crockett, who is the Executive Director of the Minnesota Center for Employee Ownership (MNCEO.org).
If you thought ESOP was the only form of employee ownership, think again. Sue talked about two other forms, that depending on the company size and goals of the owners and employees, can be great alternatives. The focus is on helping the owners achieve a lasting legacy while retaining and rewarding the company's employees.
MNCEO is education focused. Unlike other membership based organizations, MNCEO seeks to educate owners and employees on what the options are to help them determine whether they are a candidate, how to get started and who needs to be involved. Employee Ownership is one of many exit strategy options!
MNCEO did a Data Study, which was released in 2021 that showed MN having 53,000 business owners who need to transition, yet 60% have no plan and 40% don't know what their options are. This is not good news, and it's a prevalent situation across the country.
Leaving a Legacy stands at the top of the list for many entrepreneurs, yet how should they go about doing that? ESOP, ESOP Trust and Worker Owned Coop are the three ways that Sue Crockett highlighted in our show today.
For information on these options, listen to the podcast here.
To obtain a copy of the Data Study that Sue talked about, go to https://www.mnceo.org/employee-ownership-101#crises
Find Sue here and find Julie here.
Thank you to our Sponsors! Baker Tilly and Sunbelt Business Advisors.
Are you ready for your best exit? There is no time like the present to prepare.
Check out these resources offered by KeyeStrategies:
- Business Readiness Transition online course
- Free Ebook download here
- Purchase Poised for Exit book here
