Florida-based Ocaquatics Swim School recently celebrated two significant milestones. It's about celebrating our 30th anniversary and becoming a 100% employee-owned company. This transformation represents a focus on long-term stability and community engagement over traditional exit strategies.
I spoke with founder Mirren Oca about Ocaquatics' evolution from its humble beginnings to its current position as a pillar of the Miami community, teaching more than 6,500 swim lessons a week at five indoor locations. I heard.
The recent shift towards employee ownership is particularly noteworthy. After running the company for 30 years through various stages of growth, Oca decided to sell the company to its employees. She told me how this decision was driven by her commitment to maintaining the company's mission-driven ethos and sharing its success with those essential to its journey. Ocaquatics currently has 50 co-owners, of whom 78% are women, 94% identify as minorities (Hispanic or Black), and nearly 70% were born in another country.
Ocaquatics' ownership change is not only a significant move for the company, but also serves as an example for other businesses. This is explained in more detail in his interview with Oca below.
Christopher Marquis: Wow, Ocaquatics is 30 years old! Can you reflect on some of the key learnings you've learned during this time?
Mirren Oka: 30 years has passed by in the blink of an eye, but as the saying goes, “The days are long, but the years are short.” The last 30 years have been really long. I started my company out of necessity to support my growing family. My son was born while I was in college, so I decided to take a break from school and look for a way to make a living. When I was growing up, my immigrant parents owned two restaurants of their own, so starting a business seemed like a natural fit. And when I started my business, I didn't really think about it. The idea was that this little project would be temporary and that in a few years, when my son was older, he would be able to go to medical school. At the time, my focus as a single parent was to earn an immediate income.
But as time went on and we hired more team members, we learned how important good leadership is to building a team of dedicated people. It became really fun for me. I started researching how I could do this better. To be honest, I became a leadership researcher. I loved having a business where I could treat people differently and invest in their development. I love helping people grow personally and professionally, and that has actually helped me grow my business. Team members have found that they truly enjoy working for an organization that cares about them while giving them the opportunity to make a difference in their communities. The happier our team members were, the longer they stayed, which led to higher customer satisfaction and healthier revenue.
My business grew and I was teaching swimming at multiple outdoor pools. But we also constantly dealt with the challenges of Miami's weather and were stretched beyond the limits of the space we leased. I learned to be creative and think outside the box. I ultimately made the scary and risky decision to do something completely different: build an indoor facility. Expanding the business required perseverance and taking well-researched and calculated risks. I learned how to navigate financial uncertainty, manage construction projects, and navigate regulatory situations. It was like a roller coaster at times!
Now, 30 years later, we have five indoor locations. Our team is made up of his 165 amazing staff, who teach 6,500 swim lessons each week. And we've taught about 3 million swimming lessons to date. This makes the Miami community safer in, on, and around the water.
And while doing lifesaving work to keep families safe near water, I learned that business is about more than just making money. Business can be a great tool to help the world. You can help so many people in so many different ways. I learned that I can truly prioritize people, planet, and profit.
Marquis: Why did you decide to sell the company to your employees after 30 years?
Oka: I've been in this business for 30 years. When I started my business, I was in a completely different financial situation than I am now. I have been incredibly fortunate over the years to work at this company that I love. I've worked hard and feel I've created something worth preserving. I also strongly believe in rewarding our good fortune and sharing our prosperity. The decision to transition Ocaquatics to his 100% employee-owned company protects our future as a mission-driven organization while benefiting the team members who have worked so hard to make this magic happen. It was brought about by a desire for certainty. We found that an Employee Ownership Trust (EOT) was the best choice to continue what we had created. EOT acknowledges the team's significant contribution to our success over the years. And this move aligns with what I believe about community and longevity: ensuring those essential to our journey participate in the benefits and responsibilities of ownership.
When it comes to employee ownership, I can't think of a better person to carry on that tradition, to have the utmost respect for its mission and purpose, and to help make it happen. I have been involved in developing his team for 30 years and I know they are the best people to continue the team into the future. We are very proud to be 100% employee-owned.
Marquis: Why did you choose to structure your ownership as an employee ownership trust rather than an ESOP or co-op? Have you considered other options? What are the pros and cons of trusts that you think are important? , and what are its specific characteristics?
Oka: In searching for the best way to structure employee ownership, I considered a variety of models, including employee stock ownership plans (ESOPs) and cooperatives (co-ops). Ultimately, we chose an Employee Ownership Trust (EOT) because it is a simpler way to provide the benefits of ownership directly to employees without the complexities associated with an ESOP. EOT also allowed us to continue our current management system while ensuring that our employees shared in the company's interests. This structure was critical to keeping the organization running efficiently and supporting employee well-being and retirement security. EOT offers a sustainable model that fits our values and helps us smoothly carry on the company's heritage.
In practical terms, EOTs were much more flexible and cheaper to implement than other forms of employee ownership, especially compared to ESOPs. Thanks to our framework of trust, we can fully leverage the business we have grown while maintaining all the “good things” we do, such as caring for our team members, investing in our communities, and preserving our environmental values. I was able to secure sex.
I chose EOT because I wasn't ready to go anywhere yet. This structure allows me to actively participate in the future of the company. I am currently a team member and co-owner, and now we have many owners. This means more people are thinking about how they can be more effective, efficient and profitable. Ownership makes a huge difference not only to the success of this company, but also to the individual success of our team members. Sharing profits maintains the motivation of team members, which is directly linked to the growth of the company. And we will continue to do the same important and meaningful work to create change and have a positive impact.
Marquis: How will this change in ownership change the future development of Ocaquatics?
Oka: Now, I've heard it described as “everything changes and nothing stays the same” with the transition to EOT. There are no major operational changes in the short term. We have a great team of managers and we look forward to continuing the good work. And, as I mentioned earlier, I will continue to serve as CEO of Ocaquatics for the foreseeable future.
But becoming a 100% employee-owned company also has a big impact on Ocaquatics' future. This “levels up” the team’s already deep commitment and strong engagement. Because your team directly impacts your company's success. We've always talked about having a mindset of ownership, but now they're even more seriously invested in the results of their efforts.
I am excited about the opportunity to permanently secure the care of our team members. EOT ensures fair pay, adequate benefits, and continued opportunities for personal and professional growth in a collaborative and inclusive culture. It provides them with more benefits and helps them build a healthier retirement life. I want to help close the wealth gap in our community by creating more ownership.
Another important impact of my succession planning is to ensure that the business continues to grow within a sustainability framework. Our team members have found that they truly enjoy working with organizations that make a difference in their communities. As a certified B Corp, we teach our team members about social and environmental responsibility and how business can be a force for good through our many initiatives. We ask our teams to support our charity designation by making a donation to the charity of their choice to recognize work anniversaries, birthdays and important milestones. We offer paid community service hours and even paid time off to vote. We feel that we are contributing to the community and the environment with all of these efforts, and we hope to continue doing so over the long term.
And finally, community impact is very important to me, and since Miami is our home base, my goal is to keep ownership local and to help get us here. It was to reward those who had done so. This is a very different idea from how business owners traditionally exit. We want to model the changes we want to see in the future. I want his Ocaquatics to be around for a long time, serving the community through lifesaving swim lessons and water safety education. We also want Ocaquatics to serve as a model for other companies to demonstrate that moving to employee ownership is a different and better succession planning option that will continue to have a significant impact and drive positive change. I want them to become a model that shows what they can do.