Ocaquatics Swim School, a Florida-based company, recently celebrated its 30-year anniversary and also underwent a major transformation by becoming a 100% employee-owned company. Founder Miren Oca shared that this decision was driven by a desire to preserve the company’s mission-driven ethos and share its success with those who have been integral to its journey. With 50 co-owners, 78% identifying as women, 94% as minorities, and almost 70% born in another country, Ocaquatics’ ownership structure sets an example for other businesses.
Since its inception, Ocaquatics has grown to teach over 6,500 swimming lessons per week across five indoor locations in Miami. Oca reflected on the key learnings from the past 30 years, emphasizing the importance of good leadership, creativity, and prioritizing people, planet, and profit. The company’s expansion from outdoor to indoor facilities required perseverance, taking calculated risks, and navigating financial uncertainties, regulatory landscapes, and construction projects. Oca highlighted the role of business as a tool for social good that can impact the community in meaningful ways.
In a conversation with Christopher Marquis, Oca discussed the decision to sell the company to its employees through an Employee Ownership Trust (EOT). This move aimed to protect and secure the company’s future, benefitting team members who have contributed to its success. An EOT was chosen for its simplicity, sustainability, and ability to provide ownership benefits to employees without the complexity associated with Employee Stock Ownership Plans (ESOPs) or cooperatives. Oca expressed pride in transitioning to a 100% employee-owned company, promoting longevity, community engagement, and shared prosperity.
The ownership change at Ocaquatics is expected to impact the company’s future by deepening employees’ commitment and engagement, giving them a direct influence over its success. While operations remain unchanged for now, the shift to employee ownership fosters an ownership mindset among the team, enhancing their investment in the company’s outcomes. Oca is enthusiastic about securing fair wages, benefits, growth opportunities, and retirement security for employees through the EOT. Additionally, Ocaquatics, a certified B Corp, will continue its social and environmental responsibility initiatives with input from team members.
As Ocaquatics sets an example for succession planning through employee ownership, Oca aims to keep the ownership local and reward those who have contributed to the company’s success. By modeling a different approach to business transitions, Ocaquatics hopes to inspire other companies to consider employee ownership as a viable option. The long-term goal is to continue providing life-saving swimming lessons and water safety education to the community while maintaining a sustainable and impactful business model. Ocaquatics’ transition to employee ownership represents a commitment to community impact, inclusivity, and long-term success.
