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What happens when you stop looking for a younger version of yourself and start fixing what's actually broken?
Colin Wade tripled revenue at a Scottish coatings manufacturer by doing succession differently.
About the episode:
Most founders approach succession by searching for someone just like them — younger, with decades of niche expertise, ready to replicate what made the business successful. Colin Wade's founder at Chemco International tried that approach multiple times. It never worked. The business didn't need another technical genius. It needed someone to cherish the strengths whilst fixing the weaknesses.
Colin joined Chemco in 2018 specifically to lead its transition to 100% employee ownership — an unusual move for a seasoned MD, but one inspired by David Erdal's book about Loch Fyne Oysters. He started with a simple SWOT analysis, recruited to fill the gaps, and spent two patient years building a culture where factory floor workers became self-empowered shareholders. Chemco now runs a hybrid model with a 51% EOT and up to 49% direct shares distributed equally to all employees.
This conversation explores deliberate succession planning, why manufacturing employees can absolutely embrace ownership, and how quarterly "shareholder meetings" change the relationship between management and workforce.
Guest Information:
🔗 Colin Wade — Managing Director, Chemco International LinkedIn: https://www.linkedin.com/in/colinwade1967/
🔗 Chemco International: https://www.chemcoint.com
Chapters:
00:00 - Introduction 01:52 - Actively seeking employee ownership 03:05 - Why founders seek younger versions of themselves 04:26 - Inspired by David Erdal's book 06:22 - The succession unicorn problem 08:05 - Starting with SWOT analysis 09:10 - Cherishing strengths, recruiting for weaknesses 10:05 - Succession planning & EO transitions 11:30 - Collaborative problem-solving 12:43 - Can manufacturing embrace ownership? 13:18 - The settling-in period 14:33 - Resistance to change 15:30 - Two years to build the right team 16:24 - When self-empowerment feels overwhelming 18:17 - Quarterly shareholder meetings 20:04 - Hybrid model: 51% trust, 49% direct shares 22:31 - Skin in the game 24:17 - Patience in culture change 25:42 - Leadership in employee-owned businesses 27:46 - Best of capitalism and cooperation 28:38 - Advice for owners on succession 31:27 - Fast round 34:03 - Connect with Colin and Chemco
About The Alternative Exit:
A podcast exploring employee ownership as a succession planning strategy, hosted by Andy Farquharson of a better monday.
🔗 Host: Andy Farquharson — https://www.linkedin.com/in/andyfarquharson/
🔗 Learn more: https://abettermonday.me
Links & Resources:
- Chemco International: https://www.chemcoint.com
- "Local Heroes" by David Erdal (Loch Fyne Oysters story)
- Employee Ownership Association UK: https://employeeownership.co.uk
- Scottish Enterprise Employee Ownership support
#EmployeeOwnership #EOT #Manufacturing #SuccessionPlanning #Scotland #EmployeeOwned #BusinessSuccession #AlternativeExit #Leadership #Coatings
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