Greenfield’s Ewing Controls invests in itself

“The (Ewing Controls) owners wanted the business to remain a place for their engineers to ‘practice their craft,’ and were not interested in selling out to larger, strategic buyers in their industry that would likely just extract key assets and close the firm. The new worker owners are excited about the possibilities this new structure has for the future of their company. … While no management changes were made at the time of the transition, the governance structure transitioned to democratic employee ownership, with the new worker-members electing and serving on the board of directors.

At Ewing, nearly all of the employees decided to buy into the new co-op, to which the business was sold in May.

The new arrangement, Ewing said, “provides a way for new people to join without putting an unreasonable amount of money,” accumulating the appreciated value in the company and creating a structure that’s sustainable for the long run.

Read the rest at the Greenfield Recorder


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