Stories

Sun, 14 Jun 2026

Sun, 14 Jun 2026 Why I sold my business to my staff

As more US company owners reach retirement age many are selling up to their employees.

* Staff at Softstar Shoes have discovered a newfound enthusiasm for eking out resources and growing profits
* Former owner Tricia Salcido sold the business to her employees, citing retirement plans as her motivation
* Employee-owned companies can be more productive, less likely to make staff redundant, and pay higher wages
* The "baby boomer" owners of about six million American small and medium-sized companies will retire between now and 2035
* A switch to employee ownership could help many firms survive, and is often preferred by owners who care deeply about their employees
* Employee Ownership Trust (EOT) and ESOP schemes are complex to set up and may put off some owners due to the longer wait for their money and increased risk
* There is now political will in Washington to simplify the process of employee ownership, with bipartisan support in Congress to make it an easier option for business owners.