On this episode of OWN IT, we’re talking to Allison Bakken from Collective Measures. Her path to ownership is very different and interesting. She began at an agency called Nina Hale, once a small agency owned by a woman. When Nina retired, she sold the company to its employees.
Allison became the managing director and guided the company through a rebranding to become Collective Measures. She now leads a 100-person strong media agency in downtown Minneapolis.
We talked about the ins and outs of that journey, the benefits of leading an employee owned firm and, of course, her ideas on why the agency ownership gender gap exists and how we can close it.
I loved exploring the unique structure of the firm with Allison. It certainly opens your thinking to the different ways we can own it.
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Employee Stock Ownership Plans (ESOPs) offer a unique opportunity for employees to gain equity and ownership in the company they work for, fostering a deep sense of investment and accountability. This model can also serve as an honorable and strategic succession plan for founders, allowing them to transition out while thanking their early employees.
The philosophy of "business karma" suggests that consistently making ethical decisions, treating people with kindness, being honest with clients, and prioritizing the right actions will lead to positive outcomes and sustained success for the business. This approach influences all aspects of operations, from employee relations to new business opportunities.
In an employee-owned organization, accountability is deeply ingrained, extending beyond individual roles to the collective success of the company. This translates into transparency with clients, bold recommendations based on expertise, and a shared commitment to the organization's overall well-being, fostering a culture of high performance and dedication.
A sustained history of strong female leadership can significantly shape an agency's culture, creating an environment where gender is not a barrier to advancement or a source of imposter syndrome. This leadership style can also act as a magnet, attracting both male and female talent who value a progressive and inclusive workplace.
For those who find themselves in a position of ownership, particularly through unconventional paths like an ESOP, it's crucial not to undervalue the opportunity. It's easy to be swayed by "shiny objects" or comparisons with other agencies, but recognizing the long-term investment in one's own future, growth, and financial security that ownership provides is key.
