This is a site dedicated to sharing the findings of a qualitative study that looks at the impact of ESOPs, worker cooperatives, and the AES structures on financial security and the labor experience through the voices of workers in Colorado employee-owned companies.

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A map of this site can be found here

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Summary of the Study and its Purpose

Colorado's economy is at a pivotal moment. Over the next decade, 61,000 business owners in the state are expected to retire, affecting 589,000 workers and $103 billion in revenue. This isn't just a Colorado issue; it's also a national issue. The population is aging, and traditionally, owners facing succession choose between closing their business or selling—often to private equity. Advocates and policymakers are now proposing a third option: selling to employees and transitioning to employee ownership (EO).

In 2024, Colorado legislators passed House Bill 24-1157, establishing the Colorado Employee Ownership Office and creating a $1.5 million annual tax credit program to expand shared ownership. Other states are investing in similar work. This study explores how employee ownership affects workers, compares different EO models to identify which deliver the greatest benefits, and identifies strategies to strengthen implementation, impact, and increase awareness of shared ownership.

The findings aim to help optimize state investments in EO programs in the short term. Long term, the research seeks to inform how the field approaches advancing shared ownership in a way that removes barriers to adoption, normalizes EO as a business option, and expands wealth-building opportunities for Coloradans.

The study provides:

• Guidance for business leaders and EO advocates on the specific benefits, challenges, and barriers that employee ownership and its different types offer
• Insights for legislators to improve EO policy and funding.
• Guidance for government administrators and EO service providers on implementation strategies.
• A platform to amplify the voices of employee-owners, whose perspectives are often underrepresented in policy debates.

METHODOLOGY & FRAMEWORK

The study draws on interviews with 48 employee-owners from Colorado-based companies: 4 ESOPs, 3 worker cooperatives, and 2 companies using alternative equity structures. Most interviews were conducted via Zoom, with some in person. (The full interview guide is available here.)

I analyzed the 48 interviews using a mixed human- and AI-assisted approach. Interview transcripts were first manually coded and analyzed using Delve for systematic categorization and thematic summarization. After this initial analysis, the dataset was processed through Notebook LM to identify additional patterns that may not have been apparent during manual coding. This combined approach ensured a thorough understanding of the data, leveraging both expert interpretation and AI-supported pattern recognition.

The analysis evaluates how different EO models affect workers' economic security, defined by five elements informed by research from the National Academy of Social Insurance and guidance from University of Colorado economic experts:

1. Quality jobs – positions that provide agency, dignity, access, and growth opportunities.
2. Wages – competitive pay sufficient to meet the cost of living in employees' communities.
3. Retirement – wealth building and long-term financial security.
4. Benefits – including retirement savings (401k, ESOP, profit-sharing), health insurance, and paid time off.
5. Job security – fostered through transparent business practices that keep workers informed about company health and their role in sustaining it.