With nearly 50% of Americans working for small businesses, and 70-80% failing to sell at the time of retirement, we have a succession issue. Transitioning to employee ownership can help to ensure the businesses that make up our Main streets remain local, employees are cared for and the legacy continues. This chat will feature a recent convert to employee ownership: Sam's Italian, the Lewiston-based pizza and sub shop with13 locations throughout Maine, and discuss what the last year of transition has looked like. The event will be co-hosted by Teamshares Founder and COO Alex Eu who has helped nearly 60 businesses across 37 industries and 22 states convert to employee ownership. The goal of this conversation is to both use Sam's Italian as a model and help local leaders think through succession planning.
Presenters: John Boyan, President of Sam's Italian and Alex Eu, Co-Founder and COO of Teamshares
Alex Eu is the co-founder and Chief Operating Officer of Teamshares, helping to make employee ownership the future of small business. Before getting into the small business world, Eu spent time learning about buying and running closely held media businesses at The Chernin Group, and about buying and selling businesses at Perella Weinberg Partners. Prior to this work Eu was a platoon sergeant in the Singapore Army. Eu received his Bachelors in Finance from Indiana University.
John Boyan is President of Sam's Italian Foods, a Maine-based outpost with 13 locations. In this role, Boyan has helped to shepherd the company and its 70+ employees to employee ownership beginning in 2021, with the team now owning a collective 15% of the company and sharing in its profits and increased valuation. John is part of a network of employee-owned companies within Teamshares, a national company whose mission is to make employee ownership the future of small businesses in America. John worked directly for Teamshares before moving into the President leadership role.
In less than one year Boyan has grown the business, hired a leadership team, and increased wages for all employees. He is focused on continuing Sam's legacy of locally owned through employee ownership in this important community mainstay.
Prior to Sam's Italian and Teamshares, Boyan was at Boston Consulting Group for nearly four years where he helped large companies improve their operations and better invest in their employees and company culture. John attended Harvard University where he majored in History.