Eric Guttormson appointed to Colorado’s Employee Ownership Commission

“I’m excited to develop and collaborate on capital solutions that directly respond to the needs local business owners are already voicing,” said Guttormson. “This movement is being led by business founders, many of whom credit their employees for their success. A significant number of these founders are baby boomers nearing retirement, creating a timely and scalable opportunity to channel capital into employee ownership. I’m especially interested in demonstrating how local community banks can work together to finance these transitions. The long-term impact will be powerful: preserving local jobs and building wealth within Colorado communities.”

The Colorado Employee Ownership Office, a division of OEDIT, was created to build a broad and effective support network for businesses considering employee ownership structures. It connects business owners with educational resources, technical assistance, and access to professionals including legal, financial, and employee-ownership experts.

Across the U.S., nearly 6 in 10 business owners plan to retire or sell their business within the next 10 years, yet only 15% pass their businesses to the next generation, and just 20% of listed businesses are sold. In Colorado, 48% of small business owners are 55 or older, meaning the need for viable succession strategies is great. (Source: Colorado Employee Ownership Office | Colorado Office of Economic Development and International Trade)

Employee ownership models, such as Employee Stock Ownership Plans (ESOPs) and worker cooperatives, provide an alternative path that can help preserve businesses and local jobs. These models benefit employees through higher wages, job security, and access to better benefits, while offering business owners a clear succession plan and a more engaged, stable workforce.

Established by Governor Jared Polis through executive order in 2019, the Colorado Employee Ownership Commission was created to further the mission of expanding employee ownership across the state and making it more accessible to business owners.

Guttormson brings more than 13 years of lending experience with a focus on providing access to capital in rural and underserved communities. At First Southwest Bank, he helps structure complex, mission-driven lending solutions for small businesses across Colorado.