Was Mick “Crocodile” Dundee a fan of EOTs? Watch the below, see what you think.
“Aborigines don’t own the land. They belong to it. It’s like their mother.
See those rocks? Been standing there for 600 million years. Still be there when you and I are gone. So arguing over who owns them is like fleas arguing over who owns the dog they live on.” Mick Dundee
How about for company ownership?
Does it make sense that one mortal person owns a company when multiple people work there?
By having the company’s shares owned by an employee ownership trust, the company can last forever, like the huge Australian rocks.
Staff, like farmers, will reap what they sow. They work hard for the company, and it provides for them. A symbiotic relationship.
The employees are stewards of the company.
People change, the company doesn’t
People’s circumstances change. Staff come and go. That’s ok. If no individuals own shares, nobody’s tied to the company.
The company lives on after employees leave. It continues to provide for whoever continues to work there.
When staff approach retirement, they can be proud and smile. Happy the company that looked after them for years is left in great shape to look after the generations that follow.
What a great legacy!
Want to do this for your own company?
Transferring a privately owned company to employee ownership doesn’t need to be altruistic. If you’re the founder, you can enjoy a decent (tax free!) pay out for your shares.
You can continue to lead, or step down over a time period to suit you.
Senior employees gradually step up. It therefore really can be win-win.
You get a fair reward for initial risk taken/innovation. Then hand the stable business to staff to run into the future.
If you’re interested in how you might benefit from going Employee Owned, read our FAQs page or get in touch.