Research consistently shows that employee owned companies weather economic downturns better than their conventional counterparts, but we rarely get an 'inside view' of this outcome is achieved. In this episode, we sit down with Bernie Murphy, President of the Ohio based, 100% employee owned company Jones-Hamilton Co., as well as the company's valuation advisor Michael McGinley of Prairie Capital Advisors. We talk about their journey through the covid crisis, the tools and strategies they used to ensure that the company and its ownership culture remained strong, and the importance of communication and engagement with employee-owners and outside advisors during challenging times.
Bernie Murphy has worked with Jones-Hamilton Co. for 20 years where he has served as an internal trustee, board member and now President of the company. Murphy holds an M.S. from the University of Arkansas and a PhD from Iowa State University. Jones-Hamilton Co. is a chemical manufacturing company located in Northwest Ohio and is 100% employee owned.
Michael McGinley joined Prairie Capital Advisors in 2012 and is a shareholder in the firm. He provides financial advisory services primarily to middle-market, privately-held businesses in a wide range of industries. Michael specializes in all aspects of ownership transition and financial advisory services to business owners, Boards of Directors and trustees, including employee stock ownership plans (ESOPs), mergers and acquisitions (M&A), capital raising and the valuation of businesses and business interests for strategic planning, gift and estate tax planning, financial accounting and reporting, buy-sell agreements and dispute resolution. He is also instrumental in developing Prairie’s ESOP sell-side and capital raise practice.
The Owners at Work Podcast is a continuation of the biannual Owners at Work Newsletter which ran for 19 years (1990-2019). We are hoping to continue the same conversations and focus on providing updates on everything employee ownership. We plan to interview practitioners with expertise in different facets of employee ownership, academics doing new and interesting research, and most importantly, individuals who have a personal experience with employee ownership, including current and former employee-owners, mid-level to C suite management, and selling owners.
We want to produce a show that engages with relevant questions and provides practical lessons and information. We want this podcast to include the voices of those who practice employee-ownership each and every day. To that end we want to hear from you! We want to highlight what you are doing, whether you are an employee-owned company, a practitioner, or researcher.
***Please reach out via email: oeoc@kent.edu
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