Bureau of Services for Blind Persons
Michigan High-Speed Internet Office
Michigan Rehabilitation Services
Workers' Disability Compensation Agency
Black Leadership Advisory Council
Michigan Community Service Commission
Executive Order 2020-107 established Michigan Workforce Development Board
MiSTEM convenes a statewide network of leaders in education, business and local communities to empower the next generation of innovators.
The Rural Development Fund Board, housed in the Office of Rural Prosperity, has oversight of the Rural Development Fund. The Board is charged with advising the Office on how to distribute tax revenue collected from mines to improve and strengthen local communities. Director is a voting member and makes final decision on projects (Public Act 411 of 2012).
Unemployment Insurance Appeals Commission
formerly MI Compensation Appellate Commission
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By transitioning to employee ownership, business owners can plan a clear succession strategy that offers stability for employees, customers, and the communities they serve. This model not only secures the legacy of the business but also creates a reliable succession option that keeps companies locally owned and operated.
Employee ownership is a way for workers to have a financial stake in the company where they work. This can happen through different methods, such as employee stock ownership plans, worker cooperatives, employee ownership trusts, stock options, or other alternatives.
Studies show that employee-owned businesses demonstrate stronger performance, greater resilience in times of economic uncertainty, and higher levels of employee engagement. For business owners, it is a practical solution that safeguards both the value they’ve built and the future of their enterprise.
Many business owners choose employee ownership when they retire or transition, so the business can stay locally owned and continue its legacy. Others use it to attract and keep great employees, build long-term financial security for their teams, and create a workplace where employees are more involved in decision-making.
Employee ownership helps strengthen businesses, support local economies, and give workers a chance to share in the success they help create.
According to the National Center for Employee Ownership (NCEO), employee ownership refers to arrangements where employees hold shares or rights to share value in their company. It can take various forms, including Employee Stock Ownership Plans (ESOPs), worker cooperatives, employee ownership trusts (EOTs), direct ownership, stock options, stock grants, and synthetic equity. ESOPs are the most well known in the U.S. and can provide tax advantages.
Companies often choose employee ownership as a succession strategy to preserve the business’s legacy rather than selling to outsiders. Others adopt it to attract and retain talent, build long-term employee wealth, and promote a culture of ownership and involvement.
Through support from the Michigan Department of Labor and Economic Opportunity, we launched a pilot program in collaboration with the Michigan Center for Employee Ownership to assist business owners who are planning to retire or transition out of their companies. This initiative offers guidance on exploring a sale to employees, helping you assess whether employee ownership is the right fit.
Experts will work with an employer identify both challenges and opportunities, develop a clear transition plan, and provide support every step of the way — all the way to a successful handoff.
If you’re thinking about your next chapter, explore how employee ownership could be part of it.