Various approaches exist for corporate succession. A prevalent one is selling to a larger company. EDI Environmental Dynamics Inc. is travelling down a different path, with the goal of maintaining the company as an independent, employee-owned entity.
To achieve this goal, EDI has implemented several business succession strategies, including creating an employee share ownership program and having senior owners sell down their shares over time. After working at EDI for a while, team members are invited to purchase shares. Over 50% of EDI permanent employees own a stake in the company. Shareholders with a certain minimum number of shares can be nominated on a merit basis to become a Partner, opening the potential for additional advancement to Senior Partner. When a Partner or Senior Partner is ready to move toward retirement, they begin to sell their shares, allowing succession to occur within EDI.
Why is succession planning important? EDI is committed to providing an inclusive, enjoyable, and stimulating workplace that supports the personal and professional ambitions of our team members, now and in the future. Many of our team members appreciate the culture of an employee-owned consulting company that is focused on their specific discipline. People in firms purchased by larger companies may exit when they realize there has been a change in culture or corporate focus. At EDI, we feel we owe it to our team members to put our company in the best possible position to be sustainable into the future, maintaining our focus and our core values.
In today’s world of volatility, we feel that working for an employee-owned company with a sustainable future in mind is a key element that is often overlooked. Contact us if you want to learn more or check out our Careers webpage if you are interested in being part of our succession and sustainable future.