Softstar Shoes (SS) Sold to Employees Amid US Business Transitions

AI Summary

Employee ownership at Softstar Shoes began in January when the 30-strong workforce acquired the business from former CEO Tricia Salcido, who is planning her retirement at age 56. A report indicates that around 600 US firms are now being sold to employees annually, with funds for such transactions rising to $865 million in 2024 from $500 million in 2023. This trend reflects a significant shift as about six million American small and medium-sized businesses owned by baby boomers are expected to transition by 2035. Studies suggest employee-owned companies are often more productive and less likely to downsize.