As a small business owner, you’ve worked hard to build your business and now you are looking toward the next chapter. Maybe retirement is on the horizon or, perhaps, you are just ready for something new. Selling your business to your employees ensures you get a competitive value for your life’s work.
Selling your business, or even passing it along to a family member, isn’t always easy or guaranteed, though. In fact, 80% of businesses never sell, and only a small percentage of businesses are passed down from generation to generation.
After three decades in business, Optimax CEO Rick Plympton was ready to turn an eye to succession. In this EO Equals webinar, Rick explains why transitioning to an employee ownership, or EO, model was best for Optimax. Today, EO guarantees financial stability and growth for Optimax, while preserving their employee-focused legacy.
Alison Lingane, Co-founder and Chief Strategy & Innovation Officer, Project Equity; Founding Partner EO Equals
Rick Plympton, CEO, Optimax
Project Equity is a founding partner of the EO Equals campaign, which aims to expand the employee ownership movement, helping more small businesses thrive, empowering workers with higher quality jobs, and building more equitable communities. Optimax, a precision optics manufacturer based in Rochester, New York, transitioned their business to an employee ownership model in 2020.