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Consumers are Willing to Pay More for Products Made by Employee-Owners

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Consumers are Willing to Pay More for Products Made by Employee-Owners

By , May 15, 2017
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A recent article published by Forbes stated that ‘Consumers are Willing to Pay More for Products Made by Employee-Owners’.

The Forbes report refers to the latest survey conducted by Thomas Dudley, co-founder of Certified EO, a new social enterprise that helps promote employee owned companies through its Employee Ownership Certification Program.

The research findings showed that out of the 2,000 consumers who were surveyed online in the United States, 40% said that they are more likely to purchase products from employee owned companies. The 40% rating matches with USDA Organic, which is a more popular label, and is higher compared with two other labels Fair Trade Certified and Great Place to Work, which scored 32% and 20% respectively. Moreover, out of these 2,000 respondents, 28% would be eager to pay at least 10% more for the same product.

The results strongly indicate that, by comparison, products associated with employee ownership could very well compete with other more reputable marks such as USDA Organic or Fair Trade.

This recent study also signifies that employee ownership matters to consumers, and that employee owned brands could have more impact on buyer preference.

Visit our Employee Engagement page or watch our webinar to learn more about Employee Share Ownership Plans.

Click here to view the original article.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.