Business View Magazine - Nov 2023

140 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 11 The Employee-Led Future of Business The allure of being an employee-owned company is undeniable. With clear-cut advantages like S-Corp exemption from federal income tax, enabled reinvestment in the company, and a more engaged, dedicated workforce, employee ownership is looking to be the business world’s hidden gem. Upon closer inspection of the success of other companies that have already adopted this structure, it becomes clear that the ESOP model is the secret weapon that businesses have sought without realizing its existence. While there are hurdles to overcome, they are already being addressed by more than one entity. From a moralistic perspective, switching to a model that honors and handsomely rewards the hard work of individual employees resonates as “the right thing to do,” as Garbinsky so aptly puts it. In conclusion, the landscape of employee ownership in America is brimming with promise. It’s a journey that has transformed workplaces, empowered individuals, and secured legacies. It embodies the essence of shared prosperity and collective achievement, offering companies an opportunity to thrive, not just survive, in the fiercely competitive arena of modern business. In musical terms, you could call Employee ownership a symphony of dreams, where the chorus sings in unison: “We own our destiny together.” PREFERRED VENDOR/PARTNER n Key Stone Search www.keystonesearch.com KeyStone has over 20 years of experience identifying and securing leaders for employee- owned companies. We have successfully worked with ESOPs all over the country to identify and hire the right executive level talent or Board Director. Our process is built specifically for ESOP companies. n SCJ Fiduciary Services www.scjesop.com