Treasurer Pieciak Launches Task Force to Expand Employee Ownership to Vermont Businesses and Workers

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Official release

Source material from Vermont Office of the State Treasurer. The wording below is the issuer’s statement.

Montpelier, VT – Treasurer Pieciak will convene a task force ahead of the legislative session to explore ways the State can expand employee ownership to local businesses and their workers.

As thousands of Vermont business owners approach retirement without a succession plan, the group will explore immediate and long-term strategies to preserve local ownership, good-paying jobs, and community wealth. Task force recommendations may support legislative action or further consideration through a study.

Treasurer Pieciak will chair the task force, furthering his office's work to strengthen Vermont’s economy and the State’s financial health.

“Employee ownership reflects some of Vermont’s strongest values: shared responsibility, local decision-making, and the belief that prosperity should extend to the people who help create it,” said Treasurer Pieciak. “This task force will identify practical ways to support successful ownership transitions, keep Vermont businesses local, and create lasting economic opportunity for workers and communities.”

Vermont faces one of the most significant business succession cliffs in the nation, with more than half of business owners aged 55 or older and an estimated $11 billion in small business value at stake over the next decade.

Expanding employee ownership would help businesses navigate ownership transitions, keeping more businesses rooted in Vermont and giving more Vermonters a meaningful stake in the company they work for. In employee-owned firms, employees can own part or all of the company, share in its financial success, and have greater say in how the business is run.

Employee-owned companies have been found to offer more competitive wages, better job security, and greater resilience to economic challenges. Employee owners also have, on average, twice the household wealth of workers who do not own a stake in their company. Workers with a direct investment in their company’s performance also tend to be more productive, innovative, and fulfilled by their profession.

The task force will include policy experts, financial leaders, economic development officials, and voices from employee-owned businesses in Vermont.

Nina Dinan, Executive Director of the local cooperative PT360, said, “At PT360, cooperative ownership has been a win-win for our business and our staff. We thank Treasurer Pieciak for the opportunity to weigh in, so more Vermont businesses can invest in a more secure and sustainable future.” Dinan also serves as Board Chair of the Vermont Employee Ownership Center.

Task Force Members:

Mike Pieciak – Chair, Vermont State Treasurer

Matt Cropp – Executive Director, Vermont Employee Ownership Center

Linda Rossi – State Director, Vermont Small Business Development Center

Bill Shouldice – Commissioner, Vermont Department of Tax

Lyle Jepson – Commissioner, Vermont Department of Economic Development

Joan Goldstein – President & CEO, Vermont Economic Development Authority

Lawrence Miller – Former Secretary, Vermont Agency of Commerce and Community Development

Rob Miller – President & Chief Operating Officer, EastRise Credit Union

Clay Adams – President & CEO, Mascoma Bank

Nina Dinan – Board Chair, Vermont Employee Ownership Center; PT360 Cooperative

Nicole LaBrecque – Vice President of Business Development, PC Construction

David Fitz-Gerald – Vice President & Chief Financial Officer, Carris Reels; Former Chair, The ESOP Association

The first meeting will feature policy experts and practitioners discussing business succession, employee ownership, and potential policy solutions. Meeting notices and agendas will be posted in advance on the Treasurer’s Office website.

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Release text attributed to Vermont Office of the State Treasurer. Consult the official publication for any subsequent corrections or updates.