MNCEO offers 'lunch and learn' events to highlight employee ownership options
By Sue Crockett
March 31, 2022
As the “go to” and most trusted adviser for many business owners, what do you say when an owner asks “what do you know about employee ownership through an ESOP, employee ownership trust or worker cooperative? Do you know what they are referring to? Can you share any details with them about the different types of employee ownership?
It is common for CPA’s to not have all the answers regarding employee ownership, but if you do, you will be a valued resource for your clients. But how do you find the time to keep informed on transition options when you are so busy? That is where the Minnesota Center for Employee Ownership (MNCEO) can help. The MNCEO offers “lunch and learn” events for CPA firms to gather staff during the lunch hour to learn about all forms of employee ownership and how they may offer owners a better option than selling to a third party. (Note: time of day for presentation is open to the needs of firm.)
Did you know there are 52,000 business owners in Minnesota over the age of 55 who will be transitioning out of their businesses in the next 3–5 years? Many of these owners care about their legacy, their employees and the communities where they live and do business. However, in selling to a third party, they run the risk of the new owner just buying their assets and closing the door, moving the business out of their community or their employees losing their jobs. Or, if they can’t find a buyer for the business, they close the doors.
Employee ownership can be a tool to solve all these issues when business owners are approaching retirement. It is a way for the owner to sell at fair market value, leave their legacy intact, reward the employees that helped build the business, and keep their community’s economy strong. Not to mention, client retention may be more likely with an ESOP sale than a third-party sale.
If you feel this presentation would be helpful to your team, contact Sue Crockett at scrockett@mnceo.org to schedule a “lunch and learn” and let the journey begin!
The Minnesota Center for Employee Ownership serves as a free, unbiased source for education and resources around all forms of employee ownership. Contact us for more information on how we can be a resource for you at www.mnceo.org or Sue Crockett, executive director at scrockett@mnceo.org.
