Owners at Work

Where Employee Ownership Meets Economic Development: A Conversation with Michael Darger

SUMMARY: In this episode of Owners at Work, we talk with Michael Darger, an economic development specialist with the University of Minnesota Extension, about business succession planning, ownership transition, and the growing importance of preserving locally owned businesses as Baby Boomer owners retire. Michael discusses the critical role economic developers can play in helping communities retain businesses, support ownership transitions, and build long-term local wealth. We also explore findings from the Minnesota Business Succession and Transition Study, including why many owners delay succession planning despite recognizing its importance, the role of advisory networks in successful transitions, and the barriers that continue to slow employee ownership adoption. QUEST INFO: * LinkedIn: https://www.linkedin.com/in/michaeldarger/ [https://www.linkedin.com/in/michaeldarger/] * Email: darger@umn.edu [darger@umn.edu] * Website: https://extension.umn.edu/economic-development/supporting-business-succession-and-transition [https://extension.umn.edu/economic-development/supporting-business-succession-and-transition] OTHER RESOURCES: Read the 2023 Business Transitions Study: https://z.umn.edu/bstresearch [https://z.umn.edu/bstresearch] Read other work by Michael and the U of M Extension: https://sites.google.com/a/umn.edu/michaeldarger [https://sites.google.com/a/umn.edu/michaeldarger] SUPPORT THE SHOW: We make all episodes of Owners at Work free and never place them behind a paywall. But they take time and money to produce. Consider making a DONATION [https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16] today to help keep our work going. WE WANT TO HEAR FROM YOU: We are always looking for new employee ownership stories to tell. Please contact us with your story at oeoc@kent.edu [oeoc@kent.edu]

40 Million Owners: Expanding Employee Ownership Through Acquisitions

SUMMARY: In this episode of Owners at Work, we talk with Mike Brady of 40 Million Owners about how the firm helps ESOP companies grow through strategic, values-aligned acquisitions. Mike explains how their three-phase framework—design, execution, and integration—guides employee-owned firms through M&A while preserving their ownership culture. We discuss how 40 Million Owners fills a key gap for lower middle market ESOPs lacking internal deal expertise, and how its 2025 acquisition by 3LS demonstrates the model in action. Mike also shares lessons from his career at PwC and Greyston Bakery, and how employee ownership can drive lasting wealth and systemic change. OTHER INFO: NCEO Study Estimating Number of Employee Owners Due to Acquisitions: https://www.nceo.org/employee-ownership-blog/new-data-on-esop-companies-acquiring-non-esop-companies-1?utm_source=chatgpt.com [https://www.nceo.org/employee-ownership-blog/new-data-on-esop-companies-acquiring-non-esop-companies-1?utm_source=chatgpt.com] Contact Information for Mike Brady Email: mbrady@40millionowners.com [mbrady@40millionowners.com] LinkedIn: https://www.linkedin.com/in/bradymichael/ [https://www.linkedin.com/in/bradymichael/] Watch Mike Brady Deliver His TED Talk: https://www.ted.com/talks/mike_brady_and_dion_drew_why_we_hire_unemployable_people [https://www.ted.com/talks/mike_brady_and_dion_drew_why_we_hire_unemployable_people] SUPPORT THE SHOW: We make all episodes of Owners at Work free and never place them behind a paywall. But they take time and money to produce. Consider making a https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16DONATION [https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16] today to help keep our work going. WE WANT TO HEAR FROM YOU: We are always looking for new employee ownership stories to tell. Please contact us with your story at oeoc@kent.edu [oeoc@kent.edu]

Purpose Trusts and EOTs: Expanding the Ownership Conversation

SUMMARY: In this episode of Owners at Work, we sit down with Zoe Schlag of Common Trust and Mark Hand of the Purpose Trust Ownership Network (PTON) to explore the growing momentum behind Employee Ownership Trusts (EOTs) in the U.S. Zoe shares her journey from early-stage and impact investing to co-founding Common Trust, an organization dedicated to helping mission-driven businesses transition to employee ownership through EOTs. Mark—an academic and advocate for purpose-driven ownership—discusses his research and organizing work around EOTs, including the founding of PTON and his weekly newsletter The Stakeholder. Together, Zoe and Mark break down how EOTs offer a flexible, affordable, and values-aligned pathway to employee ownership—often well-suited for founders who want to preserve mission, reward employees, and avoid traditional exit routes like private equity. We hear examples of successful EOT transitions, from Clegg Auto to Live Oak Living and ACP International, and learn how each deal was tailored to meet the unique goals of its founders and workforce. The episode also previews the first PTON conference (slated for early 2026 in Austin). It highlights how peer learning, trust governance, and long-term stewardship are shaping the future of the EOT movement. OTHER INFO: EOT Case Studies * Clegg case study [https://www.common-trust.com/case-studies/clegg-auto-driving-growth-with-employee-ownership?utm_campaign=17656068-FY25-Podcasts&utm_source=OEOC-Podcast&utm_medium=Podcast&utm_term=Show-notes-link&utm_content=Clegg] * Text-Em-All story [https://www.common-trust.com/blog/text-em-all-employee-ownership-trust?utm_campaign=17656068-FY25-Podcasts&utm_source=OEOC-Podcast&utm_medium=Podcast&utm_term=Show-notes-link&utm_content=Text-em-all] * ACP International [https://acpinternational.com/] * LiveOak Living [https://www.liveoakliving.com/] About EOTs * ESOP vs. EOT comparison blog [https://www.common-trust.com/blog/esop-vs-eot-comparison-guide?utm_campaign=17656068-FY25-Podcasts&utm_source=OEOC-Podcast&utm_medium=Podcast&utm_term=Show-notes-link&utm_content=esop-vs-eot] * What is an EOT blog [https://www.common-trust.com/blog/what-is-an-employee-ownership-trust?utm_campaign=17656068-FY25-Podcasts&utm_source=OEOC-Podcast&utm_medium=Podcast&utm_term=Show-notes-link&utm_content=eot-overview-blog] * Book chapter co-authored by Mark Hand and Zoe Schlag [https://www.routledge.com/Retaining-and-Transitioning-Businesses-in-Communities-Strategies-in-a-New-Era/Walzer-Merrett/p/book/9781032805627] 2026 EOT Conference * https://trustownership.org/#conference [https://trustownership.org/#conference] Websites and Other Resources * Purpose Trust Ownership Network [https://trustownership.org/] * The Stakehold Newsletter [https://thestakehold.com/] * Common Trust [https://www.common-trust.com/?campaignid={campaignname}&adgroupid=164050381396&ad=704071737820&placement=&network=g&device=c&keyword=employee%20ownership%20trust&matchtype=b&utm_source=google+ads&utm_medium=paid&utm_term=employee%20ownership%20trust&utm_campaign=PM+%7C+SEARCH+-+BOOK+A+FREE+ADVISORY+CALL+-+RELAUNCH&hsa_acc=4094252696&hsa_cam=21423059449&hsa_grp=164050381396&hsa_ad=704071737820&hsa_src=g&hsa_tgt=kwd-305520634459&hsa_kw=employee%20ownership%20trust&hsa_mt=b&hsa_net=adwords&hsa_ver=3&gad_source=1&gad_campaignid=21423059449&gbraid=0AAAAApft8Ruak3XL_ua-7_FU6QQ7grH3Y&gclid=CjwKCAjwlOrFBhBaEiwAw4bYDT3Hs0DtBs_qUGIRd4u8JuKtxPusMAQMjV2kkEYfgXAnpIc_3qogyRoCBFkQAvD_BwE] * Consumer Direct Care Network transitions to an EOT [https://www.common-trust.com/blog/consumer-direct-care-network-employee-ownership-trust] SUPPORT THE SHOW: We make all episodes of Owners at Work free and never place them behind a paywall. But they take time and money to produce. Consider making a https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16DONATION [https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16] today to help keep our work going. WE WANT TO HEAR FROM YOU: We are always looking for new employee ownership stories to tell. Please contact us with your story at oeoc@kent.edu [oeoc@kent.edu]

Making It Work: How Apis & Heritage Is Closing the Capital Gap in EO Transitions

SUMMARY: In this episode of Owners at Work, we sit down with Todd Leverette and Kyle Chin-How of Apis & Heritage Capital Partners (A&H)—the 2025 recipient of the John Logue Award in Employee Ownership, which we present annually to organizations making a lasting and transformative impact in the field. A&H is a mission-driven investment firm focused on financing worker buyouts that create 100% employee-owned businesses, particularly for workforces that have been historically excluded from ownership. Todd and Kyle share their personal paths into this work, and how A&H is addressing one of the biggest barriers to employee ownership: the lack of accessible capital for business transitions. We talk about the successful deployment of their first $58 million fund—creating over 450 worker-owners and transferring more than $65 million in enterprise value—and their ambitious goals for Fund II, which has already raised $85 million in its first close. The conversation highlights the emotional weight of their work, lessons from the field, and their long-term vision to help make employee ownership a scalable and mainstream model for succession OTHER INFO: * Website: https://www.apisheritage.com/ [https://www.apisheritage.com/] * Staff page: https://www.apisheritage.com/team [https://www.apisheritage.com/team] * Video: https://www.youtube.com/watch?v=ITHvJVk2Nls [https://www.youtube.com/watch?v=ITHvJVk2Nls] Kyle Chin-How Contact Information: * Email: kyle@apisheritage.com * Phone: (718) 969‑4852 SUPPORT THE SHOW: We make all episodes of Owners at Work free and never place them behind a paywall. But they take time and money to produce. Consider making a https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16DONATION [https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16] today to help keep our work going. WE WANT TO HEAR FROM YOU: We are always looking for new employee ownership stories to tell. Please contact us with your story at oeoc@kent.edu [oeoc@kent.edu] ---------------------------------------------------------------------

How Expanding ESOPs Plans to Unlock Trillions in Wealth for Workers

Guests: Danny Massey, Head of Strategy and Communications at Expanding ESOPs SUMMARY: In this episode of the Owners at Work podcast, we speak with Danny from Expanding ESOPs, a new national initiative focused on dramatically scaling employee ownership through policy change and public advocacy. Danny shares his journey from labor journalism and the Fight for $15 campaign to leading this effort to modernize the 51-year-old ESOP framework. We explore why expanding partial ESOPs in large companies could unlock trillions in worker wealth, and how this model can appeal across political lines. Danny also discusses Expanding ESOPs' growing coalition, its core principles, and the powerful role of worker storytelling in building a national movement. About Expanding ESOPs · https://expandingesops.com/ [https://expandingesops.com/] · https://www.linkedin.com/company/expanding-esops/ [https://www.linkedin.com/company/expanding-esops/] Other Articles · https://www.cnbc.com/2025/04/17/better-than401k-companies-workers-long-term-stock-owners.html [https://www.cnbc.com/2025/04/17/better-than401k-companies-workers-long-term-stock-owners.html] · https://www.bloomberg.com/opinion/features/2025-04-27/room-board-goes-esop-employee-stock-ownership-plans-don-t-have-to-be-rare [https://www.bloomberg.com/opinion/features/2025-04-27/room-board-goes-esop-employee-stock-ownership-plans-don-t-have-to-be-rare] · https://fortune.com/2025/02/26/employee-owned-companies-careers-benefits-esops/?abc123 [https://fortune.com/2025/02/26/employee-owned-companies-careers-benefits-esops/?abc123] SUPPORT THE SHOW: We make all episodes of Owners at Work free and never place them behind a paywall. But they take time and money to produce. Consider making a https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16DONATION [https://secure2.convio.net/ksu/site/Donation2;jsessionid=00000000.app262a?2440.donation=form1&df_id=2440&NONCE_TOKEN=28DAFAA902A9B3BB79EC490684E0EE16] today to help keep our work going. WE WANT TO HEAR FROM YOU: We are always looking for new employee ownership stories to tell. Please contact us with your story at oeoc@kent.edu [oeoc@kent.edu] ---------------------------------------------------------------------