Alternative Exit

What happens when a founder realizes they're no longer the most passionate person in the room about their business's future? In this episode, I sit down with Chris Maslin, who made the bold decision to transition his accounting firm Maslin to an Employee Ownership Trust (EOT) in 2021. Chris opens up about the personal moment when he recognized his team's excitement for growth had surpassed his own, and how this realization sparked a journey toward employee ownership that would transform both his business and his life.

We explore the messy realities of transitioning ownership and leadership simultaneously—something Chris admits they "did a fairly bad job of" initially. From navigating the 30-30-40 rule of employee engagement to creating a hybrid ownership model that combines EOT benefits with direct share ownership, Chris shares hard-won insights about what really works in employee ownership. Now helping other small businesses through GO EO, he brings both founder and advisor perspectives to the challenges of making employee ownership accessible and affordable.

Timestamps:

00:50 Introduction and Chris's EOT Journey
03:21 What Sparked the Transition to Employee Ownership 
05:05 The Challenge of Transitioning Ownership and Leadership
08:23 Employee Engagement and the 30-30-40 Rule 
12:25 The Reality of Employee Mindset in Ownership Models 
17:45 Creating a Hybrid EOT Model with Direct Share Ownership 
23:46 Advising Others: Common Questions from Business Owners 
29:46 EOT Sales vs Traditional Trade Sales 
32:33 Preparing for Employee Ownership Transition 
35:06 Advice for Business Owners on the Fence

Key Takeaways:

• Why losing passion for growth can be a signal it's time to transition ownership
• The importance of clearly defining roles and responsibilities during leadership transitions
• The 30-30-40 rule: 30% of employees will embrace ownership, 30% can be engaged with effort, 40% view it as just a job
• How a hybrid EOT model can balance collective ownership with individual stake and accountability
• Why direct share ownership creates both upside potential and downside risk for key employees
• The advantages of EOT sales: control over process, minimal haggling, and tax benefits
• Common valuation challenges when owners have unrealistic expectations about business worth
• The importance of having a clear post-sale purpose and role definition
• Why EOT works best for founders who genuinely care about staff and long-term business future

About Chris Maslin:

Chris Maslin transitioned his accounting firm Maslin to an Employee Ownership Trust in 2021, serving as both founder and employee trustee during the transition. Now working with GO EO, he helps small businesses (5-50 employees) navigate affordable EOT transitions. Chris brings a unique perspective having experienced employee ownership from both sides—as a business owner making the transition and as an advisor helping others through the process.

Connect with Chris Maslin:

LinkedIn: https://linkedin.com/in/chris--maslin/
Website: go-eo.uk 

Connect with Andy Farquharson:

LinkedIn - https://linkedin.com/in/andyfarquharson/   
Instagram - https://instagram.com/andyfarq   
Website - https://abettermonday.me/ 
Email - [email protected] 

Alternative Exit #031 | How to Exit Without Leaving: Tim Rettig’s Playbook for Purposeful Ownership

What happens when you witness the worst possible exit scenario and vow never to repeat it? In this episode, I sit down with Tim Rettig, CEO of Intrust IT, to explore his deliberate 8-year journey from sole ownership to employee ownership. Tim shares the pivotal moment in a Texas manufacturing plant that changed everything—watching employees discover their company had been sold without warning, their owner vanished overnight, and their futures thrown into uncertainty. This traumatic experience sparked Tim's commitment to creating a radically different legacy through employee ownership.

We dive deep into Tim's methodical approach to ESOP transition, starting with his father's successful employee ownership story and evolving into his own strategic implementation. From introducing open-book management and the Great Game of Business to building a culture where 70 employees understand financials and forecast P&L line items weekly, Tim reveals how transparency and education became the foundation for shared ownership. This conversation is packed with practical insights on financial literacy training, daily huddles, quarterly bonuses, and the governance structures that make employee ownership thrive.

Timestamps:

00:00 Introduction and Guest Overview
 02:48 The Flexibility and Complexity of ESOP Structures
 08:28 The Catalyst: Witnessing a Traumatic Business Sale
 16:23 Setting the 8-Year ESOP Goal and Employee Involvement
 20:51 The Accounting Game: Teaching Financial Literacy
 25:42 Cultural Changes Moving to 100% Employee Ownership
 32:05 Innovation from Employee Ownership: The AI Security Solution
 34:07 Quick Fire Questions and Final Advice

Key Takeaways:

• How witnessing a traumatic business sale in Texas became the catalyst for Tim's ESOP commitment
• Why announcing ESOP goals 8 years in advance gets employees invested in the journey
• The power of the "Accounting Game" workbook to teach financial literacy in just 8 hours
• How 35 of 70 employees forecasting P&L line items gives real-time financial visibility
• Why the 30% ESOP threshold enables 1042 tax-deferred exchanges for business owners
• How employee-driven innovation led to an AI-powered cybersecurity solution becoming a new product
• The governance shift from advisory board to external board with firing power at majority ownership

About Tim Rettig:

Tim Rettig is the CEO of Intrust IT, a technology services company he founded in 1992 and transitioned to 30% employee ownership in 2019. Currently in due diligence to become 100% employee-owned, Tim has set an ambitious goal to create 10,000 employee owners in his lifetime. He's also the interim owner of Staff Nation, which he plans to transition to employee ownership as well, continuing the family legacy started by his father's successful ESOP transition in the early 2000s.

Connect with Tim Rettig:

Linkedin: https://linkedin.com/in/timrettig/
Website: intrust-it.com/

Connect with Andy Farquharson:

LinkedIn - https://linkedin.com/in/andyfarquharson/
Instagram - https://instagram.com/andyfarq
Website - https://abettermonday.me/
Email - [email protected] 

What happens when a traditional exit strategy feels like value destruction rather than creation? In this episode, I sit down with Barry Horner, co-founder and executive chair of Paradigm North, one of the UK's leading financial planning firms. Barry shares his transformative journey from exploring trade sales to pioneering employee ownership in 2019, and how he recently completed the leadership transition piece of the puzzle by stepping back as CEO while remaining as executive chair.

We dive deep into the practical realities of building an employee-owned business over six years. From managing deferred consideration payments to restructuring governance models, Barry unpacks the lessons learned, challenges faced, and unexpected benefits of choosing employee ownership. This conversation is packed with honest insights about leadership transition, stakeholder management, and why protecting culture and client relationships ultimately trumped financial maximization.

Key Takeaways:

• Why Barry's exploration of trade sales felt like "value destruction" rather than creation
• How wide share ownership (20 employees) complicated but ultimately enhanced the EO transition
• The strategic decision to communicate EO plans 18 months early to build trust and excitement
• Why a nine-person trust board was too big and how they streamlined to five with independent chairs
• The critical importance of aligning meeting cadences between main board and trust board decisions
• How "partner voice" groups separate operational input from trust board governance responsibilities
• Why deferred consideration payments create healthy tension around growth vs. payout priorities
• The unexpected client acquisition benefits of being publicly employee-owned
• How leadership transition and ownership transition are two distinct processes requiring separate focus

About Barry Horner:

Barry is the co-founder and executive chair of Paradigm North, a 93-person financial planning firm that transitioned to employee ownership in 2019. With over two decades of building values-driven businesses, Barry recently completed his leadership transition by stepping back as CEO while maintaining his role as board chair. He's an active champion of the employee ownership community and advocates for sustainable, purpose-led business models that prioritize long-term stakeholder value.

Connect with Barry:

LinkedIn: https://linkedin.com/in/barry-horner
Website: https://paradigmnorth.co.uk 

Connect with Andy Farquharson:

LinkedIn - https://linkedin.com/in/andyfarquharson/
Instagram - https://instagram.com/andyfarq
Website - https://abettermonday.me/
Email - [email protected] 

What happens when a strategy consultant turns social entrepreneur and then becomes a champion for employee ownership? In this episode, I sit down with Mike Brady, co-founder of 40 Million Owners, to explore his fascinating journey from PWC strategy work to pioneering open hiring at Greyston Bakery, and now to scaling employee ownership across America's lower middle market. Mike shares how his experience creating inclusive cultures taught him that providing access to jobs isn't enough—we need to create pathways to wealth building and true ownership.

We dive deep into the practical challenges facing the "silver tsunami" of retiring business owners and why employee ownership offers solutions that go far beyond traditional succession planning. From the capital structures needed to make deals competitive, to the cultural shifts required for successful ownership transitions, Mike unpacks the real work happening on the ground. This conversation is packed with insights for anyone curious about how employee ownership can scale beyond aligned sellers to become a mainstream business solution.

Key Takeaways:

• Why workforce development alone isn't enough—quality jobs with wealth-building opportunities are essential for systemic change
• How the "silver tsunami" creates dual challenges: business succession and labor shortages that employee ownership uniquely addresses
• The competitive advantage of employee ownership in attracting talent as labor markets tighten
• Why successful EO transitions require both adequate capital and strong operators, not just aligned sellers
• How existing ESOPs can become powerful acquirers, creating an ecosystem for scaling employee ownership
• The importance of transparency and "loving action" in building authentic ownership cultures
• Why market-based solutions are crucial for employee ownership to compete with private equity and search funds
• How the lower middle market ($3-50M enterprise value) represents the biggest opportunity for employee ownership growth

About Mike Brady:

Mike Brady is co-founder of 40 Million Owners, an organization dedicated to scaling employee ownership across America's lower middle market. Previously, he served as CEO of Greyston Bakery, where he pioneered award-winning open hiring practices and delivered a TED talk on inclusive employment. Mike began his career in strategy at PwC, had a tech exit with Fast, and currently serves as an operating partner at Southeast Acquisition Capital. He's recognized as a leader in impact entrepreneurship and workforce development innovation.

Connect with Mike Brady:

LinkedIn:https://linkedin.com/in/mikebrady40million/
40 Million Owners: https://40millionowners.com/

Connect with Andy Farquharson:

LinkedIn - https://linkedin.com/in/andyfarquharson/
Instagram - https://instagram.com/andyfarq
Website -https://abettermonday.me/
Email - [email protected] 

Episode Summary:

In this episode of The Alternative Exit Podcast, Andy Farquharson is joined by Dr. Ellen Frank-Miller, a seasoned expert in workforce research and organizational development. Ellen, the founder and CEO of the Workforce and Organizational Research Center (Work), shares her expertise on the role of employee ownership in creating better workplaces. With a focus on the link between quality jobs and employee engagement, she discusses the pivotal role of leadership in shaping a culture of ownership within companies. Ellen explains how operational practices, such as giving employees more autonomy and fostering collaborative management, can ignite an ownership mindset, leading to better business outcomes. She also provides a deep dive into the scientific tools and research methods her organization uses to help businesses track progress and make informed decisions about cultivating an ownership culture.

Ellen challenges the traditional view of ownership, emphasizing that the culture around ownership is as important as the financial incentives tied to it. She outlines practical strategies that businesses can use to integrate ownership principles into their daily operations, fostering an environment where employees feel both responsible and invested in the company's success. This episode is a must-listen for leaders and business owners who want to build more engaged, loyal, and high-performing teams.

Key Takeaways:

• Ellen’s journey from HR consulting to founding WORK
• How academic research can be applied to improve business outcomes
• The connection between employee ownership and job quality
• Social exchange theory and its impact on ownership mindsets
• How to create an ownership mindset through management and autonomy
• The importance of measuring ownership behaviors with the Ownership Impact Index
• The role of leadership and communication in fostering ownership cultures
• Steps to implement an ownership culture through incremental changes
• The role of employee ownership in preserving a company’s legacy
• The various structures of employee ownership and their benefits

About Dr. Ellen Frank-Miller:

Dr. Ellen Frank-Miller is a thought leader in the field of workforce and organizational research. As the founder and CEO of the Workforce and Organizational Research Center (Work), she is committed to advancing research that links employee ownership with job quality and organizational success. Ellen’s work combines over three decades of experience in human capital strategy, research, and business transformation. She focuses on the intersection of academic research and practical application, using evidence-based methodologies to help organizations foster ownership cultures that drive business outcomes. Ellen’s insights are invaluable for companies looking to implement meaningful organizational change and create lasting improvements in employee engagement and performance.

Connect with Dr. Ellen Frank-Miller
Website: https://www.worcimpact.com/
LinkedIn: https://www.linkedin.com/in/ellenfrankmiller/

Connect with Andy Farquharson:
LinkedIn - https://www.linkedin.com/in/andyfarquharson/  
Instagram - https://www.instagram.com/andyfarq   
Website - https://abettermonday.me/   
Email - [email protected]   

Episode Summary:
What if small business owners could explore employee ownership with clarity, confidence, and tools built just for them? In this episode, I’m joined by Sonali Kothari, Co-founder, Chief Product Officer, and Chief Operating Officer of Zolidar—a platform dedicated to unlocking employee ownership transitions for small and medium-sized businesses.

Sonali brings together deep experience from organizations like Kiva and Jobs for the Future, along with a passion for scaling systems that work for people. We explore how Zolidar is tackling the "leaky bucket" problem of awareness and adoption in EO, what it looks like to support both business owners and advisors through the early stages of transition, and why technology might finally be the key to helping employee ownership reach its full potential.

Key Takeaways:

• How Sonali's work with Kiva and small business consulting led her to discover employee ownership
• The founding story of Zolidar and its mission to scale EO through smart tech tools
• A breakdown of Zolidar’s tools: Day Zero Guide, AHA Planner, and ZolidAI support bot
• How Zolidar helps owners navigate valuations, exit scenarios, and financing options
• Why advisors benefit from owners who arrive EO-ready with clear questions and data
• The importance of storytelling, decision support, and community building in EO adoption
• What’s next: supporting post-transaction businesses and building advisor/owner matching tools

About Sonali Kothari:
Sonali is the co-founder and CPO/COO of Zolidar. She previously served as COO of Kiva and held leadership roles at Jobs for the Future. With a career focused on equitable economic solutions, Sonali is committed to using technology to unlock inclusive, employee-owned futures.

Connect with Sonali & Zolidar: 
Website: www.zolidar.com
LinkedIn: Sonali Kothari
Email: [email protected]

Connect with Andy Farquharson:
LinkedIn - https://www.linkedin.com/in/andyfarquharson/  
Instagram - https://www.instagram.com/andyfarq   
Website - https://abettermonday.me/   
Email - [email protected]

What does it take to let go of your business—and hand it over to your team? In this episode, I sit down with Arabella Lewis-Smith, founder and managing director of the creative agency Salad, to explore her journey from sole owner to 100% employee-owned company. Bella shares what sparked her pivot away from a traditional exit and into a future shaped by trust, transparency, and shared ownership.

We dive into the mindset shifts, practical steps, and candid lessons she encountered along the way. From pizza on the beach to quarterly vision days, Bella unpacks how leadership evolved, how her team responded, and how intentional communication turned doubt into advocacy. This one is packed with honest insights for any founder curious about what an alternative exit really looks like in action.

Key Takeaways:

• Why Bella initially planned to sell Salad, and what changed her mind
• How a single question reframed the company’s growth narrative
• What Chris Budd advised her not to do after learning about EO
• The emotional and operational impact of telling her team
• Setting up the employee council, trust board, and operational board
• How employee voice helped shape company policies and culture
• Why a strong leadership model still matters in EO businesses
• The surprising benefits of staying small and running lean

About Arabella Lewis-Smith:

Arabella is the founder and MD of Salad, a UK-based creative design agency. With over two decades at the helm, she transitioned the business to 100% employee ownership in 2021. Bella is known for her transparent leadership style and active advocacy for people-first business models.

Connect with Arabella:

Website: www.saladcreative.com
LinkedIn: Arabella Lewis-Smith

Connect with Andy Farquharson:

LinkedIn - https://www.linkedin.com/in/andyfarquharson/  

Instagram - https://www.instagram.com/andyfarq   

Website - https://abettermonday.me/   

Email - [email protected]   

Episode Summary:

Ever wondered what it really takes to turn a grassroots composting hustle into a thriving, worker-owned enterprise? This conversation with Michael Robinson, co-founder of Rust Belt Riders, takes us inside that transformative journey.

Michael and I talk about how Rust Belt Riders evolved from an idea rooted in community gardens and philosophical values into a formal worker cooperative. We unpack how financial transparency, shared decision-making, and open dialogue have powered their growth, and how the team continues to navigate complex conversations around pay equity, governance, and scaling workplace democracy. This episode is full of practical wisdom for any founder considering a co-op model or looking to deepen employee engagement.

Key Takeaways:

• Why Rust Belt Riders started with a cooperative mindset from day one
• The long road from LLC to formal worker cooperative
• Lessons in financial transparency and open-book management
• Navigating pay structures and consensus-based decision-making
• The role of trust, compassion, and unlearning in cooperative success
• Using tech like Lumio to streamline collective decisions
• The cultural shift from "pretending to be a co-op" to truly being one

About Michael Robinson

Michael is the co-founder of Rust Belt Riders and serves as treasurer on the board of Cleveland Owns. With a background in philosophy and a passion for social and political equity, Michael brings a grounded, values-driven approach to cooperative leadership and community wealth building.

Connect with Michael Robinson

Website: www.rustbeltriders.com
Tilth Soil: www.tilthsoil.com
Cleveland Owns: www.clevelandowns.coop
LinkedIn: Michael Robinson

Connect with Andy Farquharson:

LinkedIn - https://www.linkedin.com/in/andyfarquharson/ 

 Instagram - https://www.instagram.com/andyfarq   

Website - https://abettermonday.me/   

Email - [email protected]   

Episode Summary:

In today’s episode of The Alternative Exit, I’m joined by Erinch Sahan, Business and Enterprise Lead at the Donut Economics Action Lab. Erinch brings a bold new lens to our conversations on ownership, rooted in his work with the Donut Economics framework – a model that calls for businesses to operate within ecological limits while meeting social needs.

Erinch and I dive into how enterprise design and ownership models like employee ownership can transform businesses into vehicles for long-term sustainability, fairness, and resilience. We explore why now is the perfect moment for retiring business owners to reimagine the future of their companies, and how structures that give employees a real stake in decision-making and outcomes can help get us into the “donut” – a safe, just space for humanity.

Key Takeaways:

• What is Donut Economics and how it redefines the role of business
• Why ownership and governance models matter for sustainable transformation
• The connection between employee ownership and long-term ecological resilience
• How local ownership leads to more responsible decision-making
• Challenges owners face when transitioning to alternative ownership models
• Why fear of change – from employees or advisors – is often misplaced
• The role of enterprise design in unlocking innovation and employee engagement
• Why the transition to employee ownership isn’t binary and doesn’t mean giving up all control

About Erinch Sahan

Erinch Sahan is the Business and Enterprise Lead at the Donut Economics Action Lab. Prior to this, he served as the Chief Executive of the World Fair Trade Organization, worked at Oxfam, and taught at the Cambridge Institute for Sustainability Leadership. With over 900 businesses engaged in his work, Erinch brings deep insight into how to redesign businesses to serve both people and planet.

Connect with Erinch Sahan:

Website: https://doughnuteconomics.org

LinkedIn: Erinch Sahan

Connect with Andy Farquharson:

LinkedIn - https://www.linkedin.com/in/andyfarquharson/

Instagram - https://www.instagram.com/andyfarq   

Website - https://abettermonday.me/   

Email - [email protected]   

Episode Summary:

Today’s episode offers a fresh perspective—from the employee’s seat. I’m joined by the brilliant and energetic Sam Moles, who brings a front-line view into what employee ownership actually looks like day-to-day. As a Trustee Representative and marketing lead at Stephens Scown, Sam unpacks how ownership changes mindsets, motivates innovation, and transforms how people show up at work. We dive into practical systems, cultural shifts, and leadership traits that make employee ownership real.

We dive into what it really means to be an employee owner—from developing commercial awareness and mindset shifts, to creating structured systems for employee voice and innovation. Sam shares how Stephens Scown is empowering their people through initiatives like their "Ideas from Sconers" portal and parishes forum, and what leadership looks like in a democratically governed, employee-driven business. If you're wondering how to unlock engagement, transparency, and entrepreneurial thinking in your own business, this is an episode you’ll want to take notes on.

Key Takeaways:

• What it means to serve as an elected trustee in an employee-owned firm
• How Stephens Scown created employee voice at the strategy table
• The shift from employee to owner—and how it unlocks commercial thinking
• How the "Ideas from Sconers" system works and the business case behind it
• The role of trust boards, parishes, and peer-to-peer coaching in EO cultures
• Why great EO leaders coach, challenge, and encourage entrepreneurial risk-taking
• How employee ownership can drive better businesses and better societies
• Why open feedback loops and transparency build real trust
• How employees can grow their EO knowledge through community sharing

About Sam Moles
Sam Moles is the Digital Marketing Manager and Trustee Representative at Stephens Scown, a leading employee-owned law firm in the UK. Named the Employee Owner of the Year in 2023, Sam has played a key role in shaping how employee voice is embedded at a strategic level within the firm. Known for his boundless energy and passion for EO, Sam also leads peer-learning initiatives across employee-owned businesses and champions practical tools that help shift mindsets from employee to owner.


Connect with Sam Moles:
LinkedIn: Sam Moles – Stephens Scown
Website: https://www.stephens-scown.co.uk

Connect with Andy Farquharson:
LinkedIn - https://www.linkedin.com/in/andyfarquharson/  
Instagram - https://www.instagram.com/andyfarq   
Website - https://abettermonday.me/   
Email - [email protected]