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Swapping Desks: Pioneering Business Succession Via Employee Ownership
Rob McMaster poured his heart and soul into his father's business for 38 years, but at 54 was concerned that he lacked a successor. Intent on early succession planning, Rob established a formal Employee Share Ownership Plan to transfer ownership of his company to his employees. Then the unthinkable Rob was struck with severe and debilitating health challenges just as the economy faltered and manufacturing industries were struggling. When his fledgling employee ownership plan failed, Rob had no option but to liquidate the business. To his horror, he found that his company, turning over $5 million pa with $2.5 million in assets and 43 highly skilled staff, was valued by the open market at…NOTHING! Refusing to give up, Rob undertook a nine-year journey that changed the lives of all involved in the business. The resulting employee-owned cooperative business structure has been hailed as a "proof of concept" and offers others a business succession model that could make a significant difference in the lives of company owners and their employees. Rob's ground-breaking experience has the potential to change the future direction of succession planning for individuals and businesses in Western Sydney and across Australia.
403 pages, Kindle Edition
Published March 31, 2020
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September 5, 2020
I came across Rob and this book while trying to find information about cooperatives in Sydney. Turns out it's a pivotal book for worker cooperatives in Australia! Rob has shown a tenacity and tireless nature to not only persevere in educating his forty manufacturing employees in business and co-ownership, but also to help push this alternative as a genuine and proven option for other Baby Boomers in a similar circumstance.
By proving that C-Mac can make the transition to a cooperative - and also thrive - it encourages the movement across the nation. He also consults with academics in the field of employee ownership, and there's a small section in the book on the history of worker co-operatives in Australia.
I can't imagine a situation more challenging than attempting to motivate tradesmen to start taking a more active role in the business they work in - to join committees and train up on profit and loss statements, to take risks in strategy and think long term. Cutting and shaping metal is a tough trade, but to also grow and learn to cooperate in organisational issues may actually be tougher!
Starting a worker cooperative with like-minded people is one thing, but transitioning a business with a 50-year legacy (and culture) is a whole other. Rob discusses how cleaning up the balance sheet, dealing with a contracting economy and chipping away at shifting mindsets were all challenges worth dealing with.
I recommend this book for not just those looking at worker cooperatives as an alternative business or for succession planning, but also for younger generations considering starting out in business. It's clear that democracy in a workplace can do miraculous things, creates a culture of compassion, ethical work and understanding of each other's wants and needs. Of course, any group of humans coming together will encounter friction, and a section of the book addresses the improvements that were made and still need to be made. These problems are solvable as long as people are heard and the environment of discussion is fostered.
By proving that C-Mac can make the transition to a cooperative - and also thrive - it encourages the movement across the nation. He also consults with academics in the field of employee ownership, and there's a small section in the book on the history of worker co-operatives in Australia.
I can't imagine a situation more challenging than attempting to motivate tradesmen to start taking a more active role in the business they work in - to join committees and train up on profit and loss statements, to take risks in strategy and think long term. Cutting and shaping metal is a tough trade, but to also grow and learn to cooperate in organisational issues may actually be tougher!
Starting a worker cooperative with like-minded people is one thing, but transitioning a business with a 50-year legacy (and culture) is a whole other. Rob discusses how cleaning up the balance sheet, dealing with a contracting economy and chipping away at shifting mindsets were all challenges worth dealing with.
I recommend this book for not just those looking at worker cooperatives as an alternative business or for succession planning, but also for younger generations considering starting out in business. It's clear that democracy in a workplace can do miraculous things, creates a culture of compassion, ethical work and understanding of each other's wants and needs. Of course, any group of humans coming together will encounter friction, and a section of the book addresses the improvements that were made and still need to be made. These problems are solvable as long as people are heard and the environment of discussion is fostered.
Displaying 1 of 1 review