Episode Description
Meet Gina Schaefer, founder and former CEO of A Few Cool Hardware Stores, and current CEO Craig Smith. Based in the Washington-Baltimore region, they are an ESOP of 13 brick and mortar hardware stores, generating roughly $50M in annual sales, which transitioned in 2021, creating over a hundred employee owners.
Some takeaways:
- How an excited employee owner at New Belgium Brewery, and realizing employees paid $0 to become owners convinced Gina and her CFO husband Marc to choose an ESOP exit
- The Hogan leadership assessment helped Gina zero in on change management as a key trait to find in her successor, Craig
- Gina and Craig’s quest to professionalize the neighborhood brick and mortar hardware store retail experience – including building significant wealth for employee owners
- Gina had to overcome obstacles as a woman in a male-dominated business world, including how she let go of the title “CEO".
Click here to watch this episode on the Zolidar YouTube Channel.
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CHAPTERS
- (00:00) - Chapter 1
- (00:00) - Introduction to Employee Ownership
- (04:35) - The Concept of Recovery Hardware
- (04:35) - Hiring for Impact: Building Generational Wealth
- (05:05) - Mentorship and Guidance in Transition
- (06:06) - The Role of Employee Ownership Exchange Network
- (06:48) - Craig's Journey into Hardware Ownership
- (07:42) - Navigating Employee Ownership
- (08:25) - Learning from Mentors in the ESOP Process
- (09:22) - Exploring Ownership Options
- (10:10) - The Value of ESOPs
- (11:01) - Tools and Resources for ESOPs
- (11:18) - Financial Considerations in the ESOP Decision
- (11:54) - Navigating Financial Considerations in Business Transitions
- (13:19) - The ESOP Advantage: Employee Ownership and Tax Benefits
- (14:42) - Professionalizing Retail: The Impact of Employee Ownership
- (16:42) - Building Relationships: The Role of National Cooperative Bank
- (18:44) - Manifesting Success: The Journey of Business Growth
- (20:09) - Valuation Insights: Understanding Business Worth
- (21:20) - Understanding Valuation in ESOPs
- (22:21) - Transitioning to an ESOP: The Journey Begins
- (24:59) - Change Management and Leadership Dynamics
- (29:28) - Documenting Processes for a Smooth Transition
- (30:35) - Empathy in Leadership During Change
- (31:10) - Navigating Change and Employee Concerns
- (33:30) - Understanding ESOPs and Employee Engagement
- (34:32) - Streamlining the Transition Process
- (37:50) - Setting Goals and Metrics for Success
- (38:59) - Emotional Aspects of Transitioning to ESOPs
- (41:31) - Call to Action
- (42:16) - Podcast Outro
CONNECT WITH A FEW COOL HARDWARE STORES
REFERENCED IN THIS EPISODE:
- Gina Schaefer (Founder, Former CEO): https://zolidar.com/community/person/ZVQCOT
- Craig Smith (Current CEO): https://zolidar.com/community/person/ajOKqw
- Marc Friedman (Former CFO): https://zolidar.com/community/person/-uZdOKu
- Employee Ownership Expansion Network (EOX): https://zolidar.com/community/organization/-97slr0
- Steve Storkan (Executive Director, Employee Ownership Expansion Network): https://zolidar.com/community/person/sw8H2X
- One America (ESOP service provider/Third Party Administrator): https://zolidar.com/community/organization/-BDaRBA
- National Cooperative Bank (Finance): https://zolidar.com/community/organization/qwsW28
Click here to view the episode transcript.
© Copyright 2025 Zolidar, Inc.
Note: This podcast is not investment advice and is intended for informational and entertainment purposes only. The views expressed in this episode are solely those of the guest(s) and do not necessarily reflect the opinions of the host or Zolidar.
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