It is hard to believe another year is almost over. With the winds of change blowing in the United Kingdom and the United States with Brexit and the recent U.S. election, it seems a lot calmer on our side of the border. As we head into the holidays and the New Year we wish you smooth sailing in the year ahead and a happy festive season with family and friends.

How Does an ESOP Fit for the Millennial Generation?
  by Perry Phillips, President of ESOP Builders Inc.

Canadians born between 1979 and 2000 now outnumber baby boomers for the first time in history.  The Millennials (or Generation Y) form a distinctive segment of the work force, aged 16 to 37 years old.  There are two types of Millennials:  those aged 16 to 27 have been called the iGeneration Millennials since they were raised with iPads; while those aged 28 to 37 are called the Net Generation Millennials as they were brought up on the internet.

There are differences in temperament and societal outlook between the Millennials and those considered Generation X and Baby Boomers.  As an example, when a boss gives a baby boomer a task to do, the baby boomer interprets it as an order and goes about the task.  The Millennial interprets the same order as a reason for a discussion.  He wants to talk about why it needs to be done, and to explore alternatives.  This explains why a Millennial would rather work for someone who is a mentor, leader, or coach rather than someone who is given the title of boss.

Employee share ownership (through an ESOP) can be an important workplace attribute to all generations:  Boomers, Generation X, and especially Millennials.  Yet the communication about the benefits of an ESOP to the various generations needs to be different... [More...]

Finding Your Success in Failures and Mistakes
  From the NCEO Newsletter

Mistakes and failures are inevitable. Yet, individuals and companies alike can struggle to turn these challenges into positive opportunities for improvement and learning.

It tends to be much easier to first place blame or focus on the negative when it comes to costly mistakes. Not every person is a good fit, and effectively holding both employees and managers accountable is certainly important, but doing so in a way that creates more stress or tension in the workplace can be detrimental to your business, its culture, and employee attitudes. The real challenge is reframing these failures and obstacles as an opportunity to learn, improve your business and culture, and create a safer space for team members to fearlessly provide input, share ideas, and try new and better ways to accomplish their goals. In doing so, you’ll find that there really are no mistakes; there are only ever opportunities... [More...]

ESOP A Way of Life for Insurance Agency
  by Dan Iott - from the NCEO Newsletter

In 1988, we started the ESOP as an insurance agency with 10 employees and $455,000 of revenue, says Dan Iott, of Kemner Iott, Benz Insurance Agency in southern Michigan.  What I liked about the ESOP was the idea of sharing wealth with employees who brought value to the business. When I discussed using an ESOP to buy out my partner in 1988, each consultant told me our revenue did not support an ESOP. They were right, but I didn’t listen and somehow we survived.... [More...]

2017 Canadian Employee Ownership Conference
 
Mark your Calendar.  The 2017 conference is being held at The Four Points by Sheraton Hotel and Conference Centre Gatineau-Ottawa from June 6 to 8.  Check the conference website for updates on speakers and events.  Book early to get the early bird rates.  Sponsor information is also available on the conference website.  See you in Gatineau. 

All the Canadian ESOP Guidance You Need in One New Book

ESOPs in Canada: How to Implement an Employee Share Ownership Plan to Grow and Exit Your Business with Your Legacy Intact is a comprehensive and practical guide to every aspect of designing and implementing an Employee Share Ownership Plan in Canada.
 

“This is a must read for those business owners thinking about exploring the notion of employee ownership and discovering that “skin in the game” for those on the front lines of leadership is a secret weapon to surpassing your wildest dreams and forecasts! It is magic”

~ Doug Flynn, CEO, Flynn Group of Companies

Notable Quotables
"Nothing great was ever achieved without enthusiasm." -- Ralph Waldo Emerson

Upcoming ESOP Events
See ESOP Builders events page for details on upcoming ESOP events. 

Canadian ESOP and Ownership Thinking Books

ESOPs in Canada: How to Implement an Employee Share Ownership Plan to Grow and Exit Your Business with Your Legacy Intact (2015) by Perry Phillips and Camille Jensen.  Buy this book on Amazon or FriesenPress.

The $10 Trillion Opportunity: Designing Successful Exit Strategies for Middle Market Business Owners: A Guide for Professional Advisors - Canadian Edition (2007) by Perry Phillips and Richard E. Jackim.  Buy this book on Amazon. 　
　
Dr. Carol Beatty's book, Employee Ownership: The New Source of Competitive Advantage (published by Wiley and Sons 2001 - ISBN 0-471-64641-5).  Buy this book on Amazon.
　
Brad Hams' book, Ownership Thinking: How to End Entitlement and Create a Culture of Accountability, Purpose, and Profit (published by McGraw-Hill 2011- ISBN-10: 0071772456 - ISBN-13: 978-0071772457).  Buy this book on Amazon.

If you have any questions or feedback (or suggestions for future email newsletter content), please let us know at lisa@esopbuilders.com　　 　

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