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Listen "Leaving a Legacy Through Employee Ownership | Scott Sletten of JDS Industries"
Episode Synopsis
Scott Sletten of JDS Industries shares how employee ownership is shaping his company’s future and why legacy mattered most to his succession plan.
Scott Sletten shares how JDS Industries, a thriving wholesale business, started as a local trophy shop, owned and run by his father. In the 1990s, Scott and his father transitioned from retail to wholesale, developing JDS Industries into the 13-warehouse international business it is today.
As he started approaching 60, Scott began exploring exit strategies—outright sale, family succession, or something in between. Concerned about culture shifts and vendor disruption with a private equity sale, Scott listened to his leadership team’s bold proposal: a 100% ESOP (Employee Stock Ownership Plan).
After visiting several companies that operate under ESOPs, meeting with investors, and consulting with his leadership team, Scott decided to sell his company to his employees in a manner that maximized long-term impact while minimizing personal risk.
[28:07] “No path of you exiting your company is without risk. . . . You gotta decide really what your hotspots are and what's most important to you.”
Scott explains how educating himself (and others) on ESOPs, keeping his leadership team informed, and structuring a gradual transition allowed him to stay strategically involved while maintaining employee trust and positive company culture.
[23:07] “We’re about six months into [the transition] now and it’s working very, very well, and I can focus more on the strategic side of things.”
Scott stresses that while it takes time to transition out of a company, being proactive about succession is vital. Setting up your employees and future self for success is worth the time and effort.
Links
Scott Sletten | LinkedIn
JDS Industries’ Website
Prairie Family Business Association’s (PFBA) Website
PFBA’s Instagram
Scott Sletten shares how JDS Industries, a thriving wholesale business, started as a local trophy shop, owned and run by his father. In the 1990s, Scott and his father transitioned from retail to wholesale, developing JDS Industries into the 13-warehouse international business it is today.
As he started approaching 60, Scott began exploring exit strategies—outright sale, family succession, or something in between. Concerned about culture shifts and vendor disruption with a private equity sale, Scott listened to his leadership team’s bold proposal: a 100% ESOP (Employee Stock Ownership Plan).
After visiting several companies that operate under ESOPs, meeting with investors, and consulting with his leadership team, Scott decided to sell his company to his employees in a manner that maximized long-term impact while minimizing personal risk.
[28:07] “No path of you exiting your company is without risk. . . . You gotta decide really what your hotspots are and what's most important to you.”
Scott explains how educating himself (and others) on ESOPs, keeping his leadership team informed, and structuring a gradual transition allowed him to stay strategically involved while maintaining employee trust and positive company culture.
[23:07] “We’re about six months into [the transition] now and it’s working very, very well, and I can focus more on the strategic side of things.”
Scott stresses that while it takes time to transition out of a company, being proactive about succession is vital. Setting up your employees and future self for success is worth the time and effort.
Links
Scott Sletten | LinkedIn
JDS Industries’ Website
Prairie Family Business Association’s (PFBA) Website
PFBA’s Instagram
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