What does it take to build an entirely new employee ownership ecosystem from the ground up? In this episode, I sit down with Tiara Letourneau, co-founder and CEO of Rewrite Capital and board chair of Employee Ownership Canada, to explore how she's architecting Canada's emerging EOT market. With a Master's in Finance from Cambridge and a background in climate finance and impact investing, Tiara brings a unique lens to employee ownership—one focused on creating excellent companies, not just executing transactions.

We dive into the fascinating journey from lobbying for new legislation to building a specialized advisory firm that combines M&A expertise with industrial psychology. Tiara shares why change management is just as critical as financial structuring, how Canadian EOTs offer unprecedented flexibility, and what it takes to help business owners reimagine succession beyond the traditional sale. This conversation is packed with insights on trustee roles, governance transitions, securing bank financing without personal guarantees, and why Canada's three-year window demands a quality-first approach to every transaction.

Timestamps:

00:00 Introduction and Tiara's Journey to Employee Ownership
08:00 Lobbying for Canada's EOT Legislation and Building a Coalition
14:00 Why Design and Implementation Matter as Much as M&A
22:00 Training the ABCs: Trustees, Boards, and Management
32:00 Helping Owners Reimagine Control and Legacy
37:00 Financing EOTs: Securing Bank Partnerships Without Personal Guarantees
46:00 The Three-Step Process: Feasibility, Roadmapping, and Transaction
54:00 Quickfire Round: Leaders, Resources, and Advice for Owners

Key Takeaways:

• Combining M&A expertise with industrial psychology and change management prevents years of post-transaction governance friction and creates stronger employee ownership transitions
• Canada secured 14 financial partners willing to lend for EOTs without personal guarantees by focusing on conservative leverage (40-50%) and speaking the language of bankers
• The critical question for business owners isn't about maximizing price—it's "What do you wish to preserve about your company?" and designing the transaction around that vision
• Building great EOTs from scratch requires including diverse employee voices in benefit design, extensive trustee training, and understanding the distinction between beneficiary ownership and trustee responsibility

About Tiara Letourneau:

Tiara Letourneau is co-founder and CEO of Rewrite Capital, Canada's premier M&A advisory firm dedicated exclusively to Employee Ownership Trusts, and board chair of Employee Ownership Canada. With a Master's in Finance from Cambridge and extensive experience in climate finance, Islamic finance, and impact investing, she has designed and optimized multi-billion dollar funds before turning her focus to employee ownership. Tiara was instrumental in advocating for Canada's EOT legislation and is recognized as a thought leader in innovative finance solutions that tackle systemic challenges while preserving company culture and legacy.

Connect with Tiara Letourneau:

LinkedIn: https://linkedin.com/in/tiaraletourneau/
Website: www.rewritecapital.com

Connect with Andy Farquharson:

LinkedIn - https://linkedin.com/in/andyfarquharson/
Instagram - https://instagram.com/andyfarq
Website - https://abettermonday.me/
Email - [email protected]