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Two CEOs Share their Inside Stories on Steward Ownership (w/ Miren Oca & Claire Randall)

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What happens to a company’s mission when the people who built and protected it are ready to step away?

Miren Oca and Claire Randall have arrived at that question from two very different businesses. Miren is the founder and CEO of Ocaquatics, a Miami swim school with roughly 160 employees that became 100% employee owned through an Employee Ownership Trust in March 2024. Claire is CEO and one of six owners of Grand Central Bakery, the Portland and Seattle B Corp now working toward a Perpetual Purpose Trust designed to keep the bakery local, independent, and accountable to its broader community of stakeholders. In this episode, they join Ryan Honeyman to talk about alternative ownership from the perspective of people actually going through the transition, rather than the lawyers and consultants who typically explain the models.

Miren explains why she moved away from an ESOP after already investing significant time and money in that path, how she financed Ocaquatics’ transition entirely through seller financing, and what employee ownership looks like in practice. Employees become co-owners after 2,500 hours of work, participate in profit distributions, attend owner meetings, and receive ongoing financial and ownership education. But the legal transaction came after years of work on open-book management, personal financial literacy, transparency, and Ocaquatics’ “OWN IT” culture. As Miren puts it, the ownership culture came before the legal structure.

Claire brings a different and useful story. Grand Central has six owners, a broader stakeholder mission, and a transition that was originally expected to happen several years ago. When the bakery’s financial performance weakened in 2022, the owners paused rather than forcing the transaction through. That delay allowed the business to strengthen, clarify leadership succession, and further develop a trust whose purpose includes not only employees but farmers, ranchers, vendors, nonprofit partners, customers, and the regional food economy. Claire also discusses one of the less visible barriers to these transitions: finding capital at return expectations that an independent operating company can realistically support.

Together, their stories offer a practical counterpoint to the conventional grow-scale-sell model of business ownership. An ownership trust is not a shortcut to stronger culture, better morale, or profitability. The business has to be healthy enough to support the transition, and employees need the information and culture necessary to exercise ownership meaningfully. But for founders and owners who want the people, purpose, and community around a business to benefit from its next chapter, Miren and Claire make a strong case that trust ownership deserves to be considered alongside a conventional sale.

What You’ll Learn:

  • Learn why Miren Oca abandoned an ESOP process and ultimately chose an Employee Ownership Trust for Ocaquatics.

  • Understand how an Employee Ownership Trust differs in purpose and structure from a Perpetual Purpose Trust.

  • Discover how Ocaquatics used 100% seller financing to complete its ownership transition while preserving room for annual employee profit sharing.

  • Hear why changing ownership did not mean immediately changing day-to-day management at Ocaquatics.

  • Explore why financial literacy, open-book management, transparency, and an ownership mindset should come before the legal transaction.

  • Learn how Ocaquatics employees become co-owners after 2,500 hours of work and what changes once they reach that milestone.

  • Understand why Grand Central Bakery paused its planned transition when the underlying business was not financially ready.

  • Explore how Grand Central’s proposed purpose trust is designed to balance employees with farmers, vendors, nonprofit partners, customers, and the regional food system.

  • Recognize some of the financing challenges facing companies pursuing alternative ownership, including the cost of capital and investor return expectations.

  • Consider why employee ownership and purpose trusts may be especially relevant for B Corps thinking seriously about mission protection and succession.

  • Hear why neither guest sees alternative ownership as a “magic wand” for fixing a weak business or unhealthy culture.

  • Discover why both guests believe owners should evaluate these structures alongside private equity, strategic acquisition, and family succession before deciding how to exit.

Quotations:

“Part of our mission is to make families safer around the water through the swimming lessons we provide, but the other part is to our team members, to help them grow under this framework of social and environmental responsibility.” — Miren Oca

“One of the many cool things about the [purpose] trust is governance and equity are separate.” — Claire Randall

“I’ve spent decades learning how to build my business, leadership, culture, and all these things. And then you get to this point, and you don’t spend enough time thinking about how you’re going to leave the business.” — Miren Oca

 “This is so legitimate and such an important way that you can make the world a better place is moving from this extractive economy where the money is flying out of your community and keeping companies local and independent.” — Claire Randall [01:02:40]

Links Mentioned in Today’s Episode:

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