Alternative Exit is a dedicated to educating small business owners about the possibilities, benefits, and challenges of transitioning to an employee ownership model.
There are over 200m SMEs with an owner who will be retiring in the next 10 years, many of which will never find a buyer for their business, forcing them to close their doors.
There is an alternative. This show will explore various the different forms of employee ownership and best practices for successful transitions.
Each episode features interviews with experts in employee ownership, business owners who have made the transition, and consultants who facilitate these changes.
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Alternative Exit #62 | From Fortune 500 to EO: why Kevin Clegg bet on his people & doubled profits
Episode 62
Thursday, April 2, 2026 • Duration 41:11
What happens when a CEO with over a decade in Fortune 500 companies returns to a family auto business and insists from day one that any exit must benefit the employees?
You get America's first employee ownership trust – and one of the most compelling performance stories in the employee ownership movement. Kevin Clegg shares how Clegg Auto, a group of four repair shops in Utah County, doubled profits and grew employee profit-sharing tenfold in their very first year as an EOT – without raising a single price. He also digs into the real challenge: building an ownership culture from the inside out, and his evolving vision for a business cooperative movement that could reshape small business succession across the US.
Key Takeaways:
✅ Employee ownership isn't just an exit strategy – it's an operating model that drives measurable performance from day one ✅ Structuring profit-sharing so employees benefit immediately (not after former owners are paid off) is what makes it real and tangible ✅ Financial transparency is a powerful tool – but open-book management only works when employees can see their own personal impact on the numbers ✅ Building an ownership culture takes years, not a transaction – and even seasoned owners don't always act like owners ✅ A business cooperative (not a worker cooperative) could be the scalable model to bring the Silver Tsunami of retiring owners into employee ownership en masse ✅ The best employee voice frameworks match decision-making authority to expertise – not a one-person, one-vote free-for-all
Notable Quotes:
💬 "There should be some sort of exit that's beneficial for everyone – not just for the people who started the thing."
💬 "The hardest part of the transition to employee ownership wasn't coming up with the structure and transacting it. The hardest part still is – and is – the culture afterwards."
💬 "There's nothing better than preserving what you've created, and there's no better way to do it, in my opinion, than employee ownership."
Sleeping Giant: How One MD Tripled Revenue Through Employee Ownership | Colin Wade, Chemco
Episode 61
Thursday, March 12, 2026 • Duration 29:38
What happens when you stop looking for a younger version of yourself and start fixing what's actually broken?
Colin Wade tripled revenue at a Scottish coatings manufacturer by doing succession differently.
About the episode:
Most founders approach succession by searching for someone just like them — younger, with decades of niche expertise, ready to replicate what made the business successful. Colin Wade's founder at Chemco International tried that approach multiple times. It never worked. The business didn't need another technical genius. It needed someone to cherish the strengths whilst fixing the weaknesses.
Colin joined Chemco in 2018 specifically to lead its transition to 100% employee ownership — an unusual move for a seasoned MD, but one inspired by David Erdal's book about Loch Fyne Oysters. He started with a simple SWOT analysis, recruited to fill the gaps, and spent two patient years building a culture where factory floor workers became self-empowered shareholders. Chemco now runs a hybrid model with a 51% EOT and up to 49% direct shares distributed equally to all employees.
This conversation explores deliberate succession planning, why manufacturing employees can absolutely embrace ownership, and how quarterly "shareholder meetings" change the relationship between management and workforce.
00:00 - Introduction 01:52 - Actively seeking employee ownership 03:05 - Why founders seek younger versions of themselves 04:26 - Inspired by David Erdal's book 06:22 - The succession unicorn problem 08:05 - Starting with SWOT analysis 09:10 - Cherishing strengths, recruiting for weaknesses 10:05 - Succession planning & EO transitions 11:30 - Collaborative problem-solving 12:43 - Can manufacturing embrace ownership? 13:18 - The settling-in period 14:33 - Resistance to change 15:30 - Two years to build the right team 16:24 - When self-empowerment feels overwhelming 18:17 - Quarterly shareholder meetings 20:04 - Hybrid model: 51% trust, 49% direct shares 22:31 - Skin in the game 24:17 - Patience in culture change 25:42 - Leadership in employee-owned businesses 27:46 - Best of capitalism and cooperation 28:38 - Advice for owners on succession 31:27 - Fast round 34:03 - Connect with Colin and Chemco
Alternative Exit #45 | Transformative Impact: Exploring Employee Ownership with Campbell Mcdonald
Friday, November 28, 2025 • Duration 01:04:29
What does it really take to make employee ownership work? In this episode, I talk with Campbell McDonald, one of the UK’s leading experts on employee ownership and managing director of the Eternal Business Consultancy. With 14 years in the EO space—from his early days at the John Lewis Partnership to leading the landmark 2023 EO Knowledge Programme—Campbell brings unmatched insight into what truly drives successful EO businesses.
We break down what the data shows about EO’s transformative impact and uncover what really happens between the deal and a healthy ownership culture. Campbell shares the two essential questions every employee-owned company must answer, why education matters more than instructions, and how trust between boards and trustees shapes outcomes. We also touch on what employees value most and why setting honest expectations from day one is crucial.
Whether you’re a founder exploring EO or already past the transaction stage, Campbell offers a clear, practical roadmap for turning employee ownership into real, lasting impact.
Timestamps:
00:00 Introduction and Guest Overview 01:30 Campbell's Journey into Employee Ownership 05:45 The Power of John Lewis Partnership's Legacy 09:20 The Transformative Impact of Employee Ownership 14:15 The 2023 EO Knowledge Programme: Proof of Impact 22:40 What Happens Inside the Black Box? 28:50 The Two Critical Questions Every EO Business Must Answer 35:10 Education vs. Instruction: Building Ownership Behaviors 42:30 Setting Honest Expectations from Day One 48:15 The Role of Independent Trustees in Building Trust 55:20 Challenges and Opportunities Ahead for UK Employee Ownership
Key Takeaways:
⚫ Campbell’s Dublin “prove it” moment sparked his mission to gather hard data on EO impact.
⚫ The 2023 EO Knowledge Programme showed an 8–12% productivity boost and strong individual outcomes in EO businesses.
⚫ Leaders must answer two questions: What are your 2–3 ownership differences? What owner behaviors do you expect?
Alternative Exit #38 | Karen McGuire's Succession: A Deep Dive Into Employee Ownership in Northern Ireland
Thursday, September 25, 2025 • Duration 53:02
What happens when personal loss becomes the catalyst for transformative business change?
In this episode, I sit down with Karen McGuire, founder of Relinea, a successful GRP manufacturing company in Northern Ireland that transitioned to employee ownership in 2022. Karen shares her deeply personal journey from building a business over 17 years to making the brave decision to hand it over to her employees after her father's death changed everything. Her story reveals how employee ownership became not just an exit strategy, but a powerful way to preserve culture, protect jobs, and strengthen communities.
We explore the remarkable transformation that followed her transition - from initial employee confusion to unprecedented productivity gains, from suggestion boxes full of requests for four-day work weeks to business cases for trolleys that improve efficiency. Karen unpacks the practical realities of implementing Employee Ownership Trusts, the cultural shifts that drive real results, and why she's now leading Employee Ownership Ireland's mission to create 10,000 employee-owners by 2029. This conversation is packed with honest insights for any founder considering alternative exits and reveals why employee ownership is becoming the succession strategy of choice in Northern Ireland.
Timestamps:
02:25 Building Relinea and Personal Circumstances That Changed Everything 06:11 Discovering Employee Ownership and Making the Decision 07:43 Telling Employees About the Transition - Reality vs. Expectations 09:13 The Importance of Management Structure in Employee Ownership 11:38 Three Years Later - Performance and Culture Transformation 21:21 Education and Communication Strategies for Employee Ownership 39:15 Employee Ownership Ireland - Building the Movement 43:47 The Future of Employee Ownership in Northern Ireland 47:42 Quick Fire Questions
Key Takeaways:
How personal loss can redirect business priorities and reveal what truly matters beyond profit
Why M&A meetings left Karen feeling "dirty" while employee ownership aligned with her values
Alternative Exit #28 | Building an Ownership Culture with Dr. Ellen Frank-Miller
Episode 28
Monday, June 30, 2025 • Duration 48:54
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
Alternative Exit #43 | Exploring the Benefits of Employee Ownership with Frank Cetera
Episode 34
Thursday, November 13, 2025 • Duration 40:28
What does it mean to truly live the values of shared ownership? In this episode, I sit down with Frank Cetera, Director of the Business Transfers Program at the Democracy at Work Institute, to explore his journey from a union household to becoming a national leader in employee ownership transitions. Frank shares how early experiences with workers' rights shaped his career helping businesses transition to worker cooperatives, ESOPs, and other employee ownership models.
We dive into the practical challenges workers face when stepping into ownership—from understanding financial statements to building confidence in decision-making. Frank breaks down open book management, effective facilitation techniques, and how cities are creating entire ecosystems to support transitions. Plus, he shares his remarkable story of converting his own Syracuse home into a housing cooperative, truly walking the talk of shared ownership.
Timestamps:
00:00 Introduction and Frank's Journey to Employee Ownership 05:00 Understanding the Democracy at Work Institute's Mission 09:00 Core Benefits of Employee Ownership for Workers 16:00 Overcoming Financial Literacy Challenges Through Open Book Management 22:00 Building Confidence and Creating Effective Governance Structures 29:00 Values-Driven Transitions and Working with Business Owners 33:00 Building City-Scale Ecosystems for the Silver Tsunami 37:00 Quickfire Round: Leaders, Resources, and Final Advice
Key Takeaways:
➔ Employee ownership delivers stability, increased wages through profit-sharing, and confidence growth—with the confidence factor being the most underappreciated benefit
➔ Financial literacy is the biggest challenge for new worker-owners; open book management should start years before transition with clear, jargon-free statements that connect numbers to daily work
➔ Strong facilitation and ongoing education are essential for effective participatory meetings and decision-making, helping workers build confidence to contribute strategically
Alternative Exit #42 | Eric Strickland on Employee Ownership & Innovation
Friday, November 7, 2025 • Duration 49:55
What happens when you combine employee ownership with human services? In this episode, I sit down with Eric Strickland, CEO of 3TLs—a purpose-driven group of 18 employee-owned companies with nearly 700 employee owners across five states. Eric shares his 20-year journey from CFO to CEO, including the rare "ESOP-to-ESOP" transaction that launched 3Ls and his innovative approach to building employee wealth through vertical integration.
We explore how Eric thinks about employee ownership as an asset allocation problem, why culture requires intentional investment, and how to drive innovation in purpose-driven organizations. From quarterly town halls to investing in early-stage healthcare tech, Eric reveals what it takes to make employee ownership work in mission-focused businesses where workers care more about impact than retirement accounts.
Timestamps:
00:00 Introduction and Eric's Background 03:00 The First ESOP and Why It Closed to New Participants 07:00 The Rare ESOP-to-ESOP Leveraged Buyout 12:00 Three Ls and the Vertical Integration Strategy 20:00 Investing in Culture and Building Trust 30:00 Driving Innovation Through Frontline Creativity 36:00 Innovation as Asset Allocation 39:00 Common Myths About ESOPs 45:00 Quickfire Questions and Final Advice
Key Takeaways:
Why OmniVisions needed a second ESOP after the first closed to new participants
How to think about employee ownership as a retirement asset allocation problem
The vertical integration playbook: turning operating expenses into employee-owned businesses
Why quarterly town halls with open Q&A build the trust necessary for strong EO culture
The biggest ESOP myths: complexity and cost compared to traditional exits
Why it takes 24+ months for young workers to see meaningful value in their ESOP accounts
About Eric Strickland:
Eric Strickland is the CEO of 3Ls, a purpose-driven organization of 18 employee-owned companies serving human and health services across five states. With a 20-year tenure that began as CFO of OmniVisions in 2005, Eric has become a leading voice in the employee ownership movement, bringing a systems-minded, numbers-focused approach to social entrepreneurship.
Alternative Exit #41 | Redefining Succession: Embracing Employee Ownership with David Owen
Thursday, October 30, 2025 • Duration 41:04
In this episode of Alternative Exit, Andy Farquharson sits down with legal industry veteran David Owen (formerly CEO of Oliver & Co Solicitors) to unpack the real-world exit journeys from law practice, the shift to employee ownership, and why the toughest deals often happen internally. We dive into leadership, succession strategy, emotional and financial components of exiting a professional services business, and how to position yourself well ahead of the sell or transition day.
David shares his path from rising partner to CEO of Oliver & Co, his decision-making as the firm moved to 100% employee ownership, the deal structure (and mindset) behind the transition, and how he navigated the emotional side of stepping away. We explore: How do you know when it’s time to exit? How do you craft an exit that preserves culture? How much is “enough”? And, maybe most importantly, how do you prepare your successor (or successor culture) so the business survives — and thrives — after you depart?
Timestamps: 00:00 Introduction: Why Podcast Sustainability Matters 03:15 Environmental Impact - Digital Carbon Footprint 08:45 Green Hosting and Production Practices 12:30 Social Sustainability - Diversity and Inclusion Goals 18:20 Making Content Accessible to All 22:40 Economic Sustainability - Revenue Diversification 27:15 Team Wellbeing and Fair Compensation 31:50 Content Strategy for Long-term Impact 36:25 Measurement, Metrics, and Accountability 41:10 Quick Wins You Can Implement Today
Key Takeaways:
Exiting a professional-services business is not just about money — culture, client continuity and legacy matter significantly.
Start planning the exit years before you actually want to depart: mindset, systems, leadership, client relationships.
Converting to an employee ownership model (like Oliver & Co did) can align incentives and preserve continuity for clients and staff.
Value creation happens in the business long before a board says “we’re ready to exit” — leadership matters.
The emotional aspect of “letting go” is often underestimated — even when financials are strong.
Alternative Exit #37 | Redesigning Capitalism : How Share Tribe Built A Purpose-First Company
Thursday, September 18, 2025 • Duration 44:49
What happens when a tech startup realizes that traditional venture capital doesn't align with its mission to democratize platform ownership? In this episode, I sit down with Juho Makkonen, co-founder and CEO of Sharetribe, a Finnish marketplace-building platform that made the bold transition from venture-backed startup to steward-owned company in 2018. Juho shares how a chance encounter at a post-Burning Man event sparked a structural revolution that would preserve Sharetribe's independence and purpose for generations.
We explore the practical realities of steward ownership - from negotiating with skeptical investors to creating a governance structure where 19 employees now hold equal voting power. Juho opens up about the unexpected challenges of democratizing decision-making, the financial mechanics of capped returns, and how this alternative ownership model became a competitive advantage in hiring purpose-driven talent. This conversation reveals what it truly means to put mission before profit and the tangible steps any founder can take to protect their company's values in its legal DNA.
Timestamps:
00:00 Introduction and Guest Overview 01:50 What is Steward Ownership? 03:16 Sharetribe's Origin Story and Early Mission 10:17 The Accidental Discovery of Steward Ownership 12:50 Difficult Conversations with Venture Investors 16:40 The Purpose That Drives Democratized Platform Ownership 19:22 The Financial Structure: Capped Returns and Share Classes 24:21 Self-Governance and Democratic Decision-Making 31:18 Profit Distribution and Employee Equity 36:05 Taking Employees on the Ownership Journey 38:17 Low Attrition and Cultural Alignment 40:06 Quick Fire Questions
Key Takeaways:
Steward ownership combines two core principles: purpose over profit and self-governance by people connected to the company's mission
The transition began when Sharetribe realized they couldn't credibly advocate for platform democratization while being venture-backed
Investors were initially resistant but agreed to a buyout structure when shown it wasn't the company's "golden ticket" opportunity
Oxford Symposium on Employee Ownership Series - Day 2
Thursday, August 7, 2025 • Duration 10:16
Join Andy Farquharson as he hosts a special series live from the Oxford Symposium on Employee Ownership. Day two was filled with deep dives into various forms of employee ownership and impact investing, featuring insightful conversations with industry leaders.
Key Highlights:
Smitha Mankat shares her dual role in grassroots work with artisans in India and as an independent director on corporate boards. She discusses the potential for broad-based employee ownership in India.
Ita McMahon from Castlefield Investment Partners reflects on the importance of democratizing wealth and the innovative practices of John Lewis in employee ownership.
Callum expresses his amazement at the supportive community and the potential for pension reform in the UK to support employee ownership.
Barry Horner highlights the growing international movement in employee ownership and the exciting potential for expansion in the UK.
Michael Golden discusses the rapid implementation of employee ownership in Slovenia and the potential for Canada to perfect the model with profit-sharing elements.
Conclusion: The symposium continues to be a platform for exchanging ideas and fostering innovation in employee ownership. Stay tuned for more insights as the event progresses.
⚫ The “good company penalty”: strong pre-EO businesses must work harder to show clear ownership benefits.
⚫ Materiality surveys uncover surprising differences in what employees value across locations and roles.
About Campbell McDonald:
Campbell McDonald is the Managing Director of the Eternal Business Consultancy, Chief Executive of Ownership at Work, and an Executive Fellow at Rutgers University’s Institute for the Study of Employee Ownership. With 14 years in the EO movement, he has supported dozens of businesses through transitions and serves as an independent trustee for several employee-owned companies. He led the 2023 EO Knowledge Programme—the UK’s largest research study on the impact of employee ownership. Campbell previously consulted for the John Lewis Partnership and founded Baxendale Advisory, an EOT-owned management consultancy. He champions evidence-based approaches to unlocking the transformative power of EO.
The reality gap between owner excitement and initial employee confusion about ownership transition
The role of succession planning pressures in driving interest in alternative exit strategies
Why Employee Ownership Ireland aims to prevent any business sale without EO being "on the table"
About Karen McGuire:
Karen McGuire is the founder of Relinea, a specialist manufacturer of GRP (Glass Reinforced Plastic) structural products based in Crumlin, Northern Ireland. She built the company from 2005 into one of the leading suppliers across the UK and Ireland before transitioning it to 100% employee ownership in 2022. Karen now serves as Chair of Employee Ownership Ireland, a business alliance working to create 10,000 employee-owners in Northern Ireland by 2029. She's recognized for her advocacy of employee ownership as a succession model that preserves business culture and strengthens local communities.
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 - andy@bettermonday.me
➔ Successful transitions come from values-driven owners who prioritize legacy and community impact over maximizing sale price, though awareness gaps among accountants and advisors remain a major barrier
➔ City-level ecosystem building—with municipal funding for technical assistance, marketing, and referral networks—is proving to be the most effective strategy for scaling employee ownership during the silver tsunami
About Frank Cetera:
Frank Cetera is the Director of the Business Transfers Program at the Democracy at Work Institute, where he leads national efforts to support business transitions toward employee ownership. With roots in a union household and experience spanning environmental nonprofits to business development, Frank serves as the backbone coordinator for the Workers to Owners Collaborative—a network of 50+ organizations supporting employee ownership transitions across the United States. He also serves on the board of Syracuse Cooperative Federal Credit Union and is actively converting his own collective house into a housing cooperative, embodying the cooperative values he advocates professionally.
After exit, staying involved in a non-executive/trustee role can help with transition and personal identity.
David Owens
David Owens is the former CEO of Oliver & Co Solicitors, a firm based in Chester, UK. Under his leadership, the firm became 100% employee-owned and has consistently championed a high-performance but client-first culture. His expertise spans professional-services leadership, exit strategy, succession planning and governance in owner-led firms.
Oliver & Co Solicitors is a full‐service law firm based in the North-West of England. It provides services in personal and business law, including conveyancing, wills & probate, family law, commercial property and more. The firm emphasises “we are accountable to our clients and to each other” as part of its employee-ownership culture.
The financial model uses different share classes - voting shares for employees (no economic rights) and investor shares (no voting power, capped 5x returns)
The structure serves as a powerful hiring filter, attracting mission-aligned talent while deterring profit-only motivated candidates
Employee tenure averages 8+ years with minimal voluntary turnover, demonstrating strong cultural alignment
About Juho Makkonen:
Juho Makkonen is the co-founder and CEO of Sharetribe, a Finnish marketplace platform that enables anyone to build their own online marketplace. Under his leadership, Sharetribe transitioned from a traditional venture-backed startup to a pioneering steward-owned company in 2018. The company is now owned by 22 team members and funded by its customers - over 1,000 marketplace founders from 70+ countries. Juho is passionate about democratizing platform ownership and creating alternatives to extractive business models.
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