""Today, we’re excited to have Matt Hancock, a Senior Consultant at Praxis Consulting Group,
Matt brings extensive experience in fostering ownership cultures that are inclusive, resilient, and innovative.
His work spans employee-owned companies, labor-management partnerships, and nonprofits across the U.S. and Europe, with a background in cooperative economics and leadership development.
In this episode, we will explore Matt’s journey, what is required to integrate continuous improvement into ownership cultures and how companies can unlock the full potential of employee ownership."
Matt, Welcome to the Alternative Exit
Interview Questions:
You’ve had a fascinating career spanning employee ownership in both the U.S. and Europe. What first drew you to this field, and how did your experiences in Italy shape your approach to employee ownership? (Allows Matt to share his journey, including his time studying cooperative economics in Italy and how it informs his work today.) Bologna, is the capital of per capita economy in the world. Economic development model, flexible manufacturing network Learning about lean manufacturing, participation, etc. workforce participation, very democratic At Praxis, you’ve worked on building high-engagement workforce strategies. How do you create an ownership culture that fosters both individual and collective accountability? Early to mid 90s in Philadelphia Purpose: take advantage of the performance potential created. It was a culture of ownership Helping workers to be an owner. (Encourages Matt to discuss his strategies for cultivating resilient ownership cultures and engaging employee-owners in meaningful ways.) Does an employee, think, feel and act like owners. Rights & responsibilites are both sides of the same coin. Profit share, Recognition How leaders behave when the going gets tough, is it consistent - stated beliefe and actions Wealth creation v profit sharting $1s = $5 within the connection of Investment made in continuous improvement cummulative savings over time Significant upfront costs Taking the resources you have now and multiple them to How do we make it real, implement it into their culture Helping people to have more of a craft mentality leadership > believed in continuous improvement How did you come employee owned How it wrks as a benefit plan Valuation process, on ramp to continuous improvement Continuous improvement is not a technical exercise. Think more about empahty, question 2-3 year period to drive the change - think, feel and act You’ve written extensively about the importance of continuous improvement in ESOPs. Could you explain how continuous improvement can enhance both ownership culture and share value? (Focuses on Matt’s expertise in continuous improvement and how it drives long-term success in employee-owned firms.) In your work with both U.S. and Italian employee-owned firms, what are the key differences and similarities in governance models, and what can these companies learn from each other? (This taps into Matt’s unique experience in both markets and the lessons each can offer to improve governance and ownership structures.) You’ve mentioned that one of the biggest challenges for ESOPs is ensuring leadership succession and long-term sustainability. What strategies do you recommend to address these challenges? (Addresses leadership development and succession planning as critical elements for the long-term success of employee-owned businesses.) How can employee-owned firms integrate values such as community responsibility and long-term sustainability into their business models? (Provides an opportunity for Matt to explore the broader impacts of employee ownership beyond financial success, including its potential to drive social responsibility.) What advice would you give to business owners considering transitioning to employee ownership, and what steps should they prioritize early in the process? (Encourages Matt to share practical tips for companies thinking about making the shift to employee ownership.)
Fast round
Fast round of questions. I ask you a 3 questions and you offer a quick response. Does that sound ok?
Who is the leader you most admire in EO? Lou Kelso. What is your favourite resource on employee ownership? Alex Moss at consulting, ESOP info What would you say to an business owner sitting on the fence re: employee ownership. Why NOT to do an ESOP.......if you are not willing to invite emlpoyee owners to contribute in a different way, not willing to share, if you don’t have confidence. Thank you.
Thank you so much for your time and sharing your thoughts with us today.
NCEO
ESOP Association.
Books -
Where can people follow you if they would like to learn more?
