Below you will find a list of frequently asked questions, to help you get the answers you need about employee ownership. Question not answered? Reach out, we would be happy to help! Employee Ownership What does the ideal company for employee ownership look like? No two employee owned companies are the same, so there is not an ‘ideal’...
Imagine your home. Whether you’ve lived there for two years or twenty, it’s more than just a structure—it’s a reflection of your journey. The outlet by the kitchen stove is a reminder of the time you learned you’re not an electrician. The basement doorway bears the pencil marks of your kids’ growing years. And the paint color on the wall? You...
In recent years, the construction industry has faced increasing challenges in recruiting and retaining skilled employees. According to a 2023 survey by the Canadian Construction Association, 38.4% of construction companies nationwide identified recruiting skilled employees as a critical obstacle, with retention cited as a significant challenge by...
Before I started in the role of Program Manager, I had a few assumptions about employee ownership—myths I held without even realizing it. Now, two months into this journey, I am learning what it means to think like an owner, not just an employee. Working closely with Jennifer has been pivotal in this shift. Seeing employee ownership through the...
When the Firefly Insights team hit the road, we weren’t just headed to another conference. This was a 13-hour journey from Ottawa to Indianapolis—crossing borders, counting rest stops, and curating the perfect playlist as we made our way to the 2024 Fall Forum hosted by the NCEO. With snacks in hand, passports ready, and a thirst for knowledge,...
As the winds of change sweep through Canada's business landscape, a monumental shift has just been codified into law. On June 21, 2024, the passage of bills C-59 and C-69 marked a historic moment for employee ownership for Canada. The establishment of Employee Ownership Trusts (EOTs) within the Income Tax Act not only opens new avenues for...
In a landmark move, Canada has introduced new legislation that enables the creation of Employee Ownership Trusts (EOTs). This innovative framework is designed to facilitate a transition for business owners looking to sell their companies, ensuring a sustainable and inclusive approach to succession planning. In addition, the government is...
As millennials now dominate the workforce, there's a noticeable shift towards valuing collaboration and innovation in the workplace. To set your business apart and attract/retain top talent, consider offering ownership opportunities through an ESOP, worker co-operative, or Employee Ownership Trust. These legal structures enable your employees to...
ESOP (Employee Share Ownership Plan), EOT (Employee Ownership Trust), and Worker-Owned Cooperative are three different models for transferring ownership of a business to its employees. Each model has its own advantages and considerations, so the choice depends on the specific goals and circumstances of the business. Let's explore each option: 1....
And not your kids.... HBO's Succession depicted the complex dynamics of passing down a family business, painfully reminding the viewer of the potential challenges and pitfalls of transitioning leadership to the next generation. Having worked with many family businesses, these dynamics can be all too real and can not only wreck family holidays but...
In times of economic uncertainty, when businesses face financial pressures and the future feels unpredictable, employee-owned companies tend to outperform their counterparts. And as the potential for a Canada-US tariff battle looms, employee-owned businesses could be the key to weathering the storm. Employee-Owned Companies: A Resilient Business...
Client Overview The Red Apron is a beloved local food shop in Ottawa, known for offering high-quality, locally sourced artisanal foods, including baked goods and ready-to-eat meals. The business is celebrated for its dedication to sustainability and community support, with many products coming from small-scale regional producers. As a cornerstone...
Client Overview Cathexis Consulting Inc. is a Toronto-based consulting firm that specializes in program evaluation. As a values driven BCorp, the Cathexis team is committed to operating a socially responsible, progressive business. As Cathexis was coming up on 23 years in business, the owners knew it was time to start succession planning, but...
It's been just over six months since Canada introduced Employee Ownership Trust Legislation. This video provides a brief overview of EOTs and a glimpse into what we have learned so far! Looking for more information on EOTs? Click here.
Mergers and Acquisitions (M&A) are complex, high-stakes endeavors that typically involve two main parties: the buyer and the seller. In traditional M&A transactions, these two sides are represented by separate advisory teams, often referred to as the Sell Side and Buy Side advisors. This structure, by its very nature, can create an...
The Canadian Economic landscape is changing with 76% of small businesses due to retire in the next decade, leaving over $2 trillion dollars of business assets at stake (CFIB). With this ‘Silver Tsunami’ rapidly approaching, Founders may be left scrambling for options to sell their business. The Problem A third party sale only offers Founders one...
The Canadian Federation for Independent Business reported in January 2023 indicating that 76% of small business owners are planning to exit their business in the coming 10-years. Of these only 9% have a succession plan in place. Given this, what are you doing to facilitate selling your business? Planning the sale of your business can be...
Life’s lessons are all around us if we are open to them. With 4 kids in hockey, I spend a lot of time in hockey rinks these days, so for me, life lessons show up in hockey rinks. ☺ This past weekend, my eldest two kids, were playing a minor hockey game AGAINST one another. Normally siblings would be in the same hockey association, and would...
I have a four-year-old daughter. She is lovely—and bossy. I recently read that by the age of five, girls are taught that it is not "ladylike" to be bossy. As the mother of a strong-willed four-year-old, I catch myself thinking, “Do not be so bossy.” And then I stop. I do not remember ever saying this to my sons. Is this bias ingrained in me, too?...