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 Stock 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...