Ownership for All

Ownership for All: A timely and relevant conversation about new models for economic opportunity. 

On April 18th, 2023, the Baumhart Center for Social Enterprise and Responsibility was thrilled to welcome Pete Stavros and Dave Bangert to the Quinlan School of Business at Loyola University Chicago.

Pete was recently named global co-head of private equity at KKR and has been widely recognized for his leadership in creating ownership and economic opportunities for workers of all levels in KKR’s portfolio companies. He was joined by Dave Bangert, CEO of portfolio company C.H.I. Overhead Doors (C.H.I), to share a case study of employee ownership.

The case study: C.H.I. provides made-to-order garage doors and is headquartered in Arthur, Illinois with 800 employees. When KKR took ownership and introduced their employee engagement model, responses to the employee survey increased from 30% to 80% in three years, engagement scores went up from 3.1 to 3.7 in five years, and safety incidents improved 52% in six years. KKR also introduced a new ownership model where every employee become an owner, and all employees, including one that had started just days earlier, received a payout at the C.H.I sale. Employee payouts started at $20,000 and rose into the high six figures.

Local leaders in financial services, investment banking, venture capital, and philanthropy, to name a few, were in the audience. Attendees also included students and alums from the Baumhart Scholars MBA program, which is 100% focused on social and environmental impact. The conversation prompted questions and an inspiring discussion about new ownership models that create economic opportunity for all employees - not to mention outsized impact on enhanced employee engagement, workplace safety, and product quality.

Pete shared that a lot of his inspiration came from his parents, who also had an opportunity to join the audience. He reminded attendees that we need to keep perspective and keep innovating while recognizing that, “this alone will not change the economy”. Pete also shared that he finds hope in young people and gave the advice, “Don’t wait to have impact. You have more influence than you think.”