Host @Michael Kerr speaks with @Honor Northam about her journey in business ownership and her advocacy for employee ownership. They discuss the challenges and benefits of transitioning to employee ownership trusts (EOTs), the impact of small businesses on local communities, and the cultural barriers that hinder the adoption of employee ownership in Australia.

Honor shares her experiences with her bakery, @Honorbread, and how with limited formal business qualifications she has successfully run multiple businesses.

The discussion covers;

• the upside of employees having a real stake in the companies they work for
• #employeeownership as a way to reward those who contribute to a business's success.
• how transitioning to an employee ownership trust can be financially beneficial for business owners
• why #communityimpact is a significant consideration for small business owners when thinking about #exitplanning
• how small businesses play a crucial role in supporting local communities
• why understanding #EOTs is essential for business transitions.
• why cultural perceptions of ownership can hinder the adoption of employee ownership models.
• why regular business valuations are important for planning transitions
• how the future of employee ownership in Australia is promising but requires more advocacy and understanding.

Chapters

00:00 Introduction to Employee Ownership

02:47 Honor's Business Journey and Employee Ownership Experience

05:59 Challenges and Misconceptions in Employee Ownership

09:09 Financial Benefits of Employee Ownership

11:56 Transitioning Businesses to Employee Ownership

15:01 Community Impact and Responsibility

18:01 Supporting Local Youth and Employment

20:52 The Complexity of Business Succession

24:09 Opportunities in Employee Ownership

26:09 Exploring Employee Ownership Trusts (EOTs)

29:20 Challenges of Employee Buy-In

32:30 Cultural Perceptions of Employee Ownership

37:43 Valuing Business Equity and Its Implications

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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au