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...
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?...
I stood on the side of a hill in the Andes at 3,700 meters altitude. A gentle rain was falling, thunder rumbled in the distance. Nearby, small homes stood—homes without running water or electricity, without the comforts I take for granted in my Ottawa home. I was standing in a field of recently planted organic quinoa, the dark, fertile soil...
As I walked through the forest this morning, the brightly colored falling leaves reminded me that all of nature transforms—and that we, too, are part of nature. For business owners, this reality can be both liberating and unsettling. You have spent years—maybe decades—building something meaningful. But at some point, every owner must ask: What...
Mid-September, kids are all back in school, parent teacher meetings are happening, hockey season has started, work is ramping back up. As the mother of 4 children, between the ages of 3 and 13, September is crazy. Last night was the perfect example. Hockey for my 7 year old at 5:30, two parent teacher meetings at 5:30 and 6:30. Dinner, baths, oh...