A Roadmap to Building Business Resilience
In today's ever-changing business landscape, building resilience has become a crucial aspect of ensuring company longevity and success. For Jeff Eckart, owner of Westbrae Nursery in Berkeley, California, resilience meant transitioning his business to employee ownership to secure its future.
Eckart purchased Westbrae over 20 years ago and has since grown it into a thriving garden center. However, like many small business owners nearing retirement, Eckart was concerned about the future of his business.. After floating the idea of worker cooperatives to his employees, Eckart realized that selling his business to his workers was the ideal way to reward his dedicated team and preserve Westbrae's legacy.
The road to resilience often starts 2-5 years before an owner's exit. Follow in Eckart’s footsteps by taking these 4 steps to ensure business sustainability:
Increase employee engagement and retention
Employee engagement and retention are key to long-term success. Assess your current retention rates and company culture. Are your employees motivated? Do they feel invested in the business? Inspire an ownership mindset by rewarding top talent with growth opportunities.
Prepare the next generation of leadership
Secure your legacy by nurturing the next generation of leadership. Are you intentionally preparing to pass the torch? Identify promising internal talent and equip them with the tools to lead through training, mentorship and increasing responsibilities.
Prepare for retirement
Too many owners aren't ready when it comes time to retire or sell and, as a result, many businesses that are listed for sale never find a buyer. But, with planning, you can avoid this fate. Even if retirement is years away, it’s never too early to start considering your potential exit options. From selling to family to selling to your employees, comparing pros and cons will help you prepare for the future.
Build a lasting business
Building an enduring organization means cementing your company's foundations. Employee ownership helps ensure your legacy continues by passing ownership to trusted hands — your employees.
Ready to start your journey towards building a resilient business? Here are two steps you can take now:
Get advice from the Business Resiliency through Employee Ownership team by booking a consultation
Register for a free webinar to learn more future-proofing your business
Photo credit: Westbrae Nursery, employee-owned since 2022 with the support of Project Equity.
