I’m interested in leftist opinions of employee-owned companies. If that’s still too broad, could you give some examples of employees buying their employer out? Or are there other ways, like with a union?
Also, what’s up with King Arthur’s and Bob’s Red Mill?
A lot of times it takes the form of an ESOP. IMHO, it usually founders trying to cash out from the company. There is still usually a board and CEO, however shares are owned by the employees. The ESOP companies I’ve been involved with did not sell voting shares to employees, which to me was disenfranchising. The benefit was that you had shares and stake in the company, so if the company did well, you did well, however cashing out was tightly controlled.
I suppose they could be great and hope that everyone else has better experiences but to me, I see an employee-owned company and I tend to think it’s a farce.
One advantage as I understand it between a worker cooperative and an ESOP is that the worker cooperative has a one person one vote system. It avoids the issue you mention about not having voting shares. I worked at a place with an ESOP and just the managers had shares. And even there they didn’t prevent the business being sold to private equity. Sure they got paid out but now that previously family owned business is part of a monopoly in our industry.