Florida based Ocaquatics Swim School recently marked two significant milestones: celebrating three decades in operation and also becoming a 100% employee-owned company. This transformation represents a focus on long-term stability and community engagement over traditional exit strategies.
I caught up with founder Miren Oca on the evolution of Ocaquatics from its humble beginnings to its current status as a pillar of the Miami community, teaching over 6,500 swimming lessons per week across five indoor locations.
The recent transition to employee ownership is particularly notable. After three decades of steering the company through various growth phases, Oca decided to sell the company to its employees. She told me how this decision was fueled by her commitment to preserve the company’s mission-driven ethos and share the success with those who have been integral to its journey. Ocaquatics now has 50 co-owners and of those individuals, 78% identify as women, 94% identify as a minority (Hispanic or Black), and almost 70% were born in another country.
Ocaquatics’ ownership transformation is not just a significant move for the company but also serves as an example for other businesses, which the interview with Oca below covers in detail.
Christopher Marquis: Wow, Ocaquatics is 30 years old! Can you reflect a bit on a few of the key learnings you have had over this period?
Miren Oca: 30 years really does go by in a flash, but you know that expression “The days are long, but the years are short.” There were some really long days over the last three decades! I started the company out of necessity to feed my growing family. My son was born while I was in college so I decided to take a break from school and find a way to make a living. Starting a business seemed like a natural thing to do, because my immigrant parents had two restaurants when I was growing up. And I really didn’t even give it much thought when I started the business, because I had every intention that this little project would be temporary and in a few years when my son was older, I could go to medical school. At the time, my focus as a single parent was on earning an income for the immediate future.
But as time passed and I hired team members, I learned how important good leadership is to building a team of dedicated people. That became really fun for me – I started to study how I could do this better and I can honestly say, I became a student of leadership. I liked having a business that could treat people differently and invest in their development. I really loved helping people grow both personally and professionally and this actually helped me to grow my business. I found that team members really enjoyed working for an organization that cared for them while they had the opportunity to make a difference for the community. The happier the team members were, the longer they stayed, which helped my customer satisfaction which led to a healthier bottom line!
My business was growing and we were teaching swimming in multiple outdoor pools. But we were also constantly navigating Miami’s weather challenges and outgrowing our leased spaces. I learned to be creative and continually think outside of the box. I eventually made a scary and risky decision to do something very different by building an indoor facility. Expanding our operations required perseverance and taking well-researched, calculated risks. I learned how to weather financial uncertainties, manage construction projects and navigate regulatory landscapes. It was a rollercoaster at times!
And now, 30 years later, we have 5 of our own indoor locations. We have a team of 165 amazing people who teach 6,500 swimming lessons per week. And together we have taught almost 3 million swimming lessons. This has made our Miami community safer in, on and around the water.
And while doing this life saving work of making families safer around the water, I learned that business is more than just making money. Business can be an amazing tool that can be used for good in the world. It can help so many people in so many different ways. I’ve learned that you really can prioritize people, planet and profit.
Marquis: Why after 30 years did you decide to sell your company to employees?
Oca: I have been doing this business for 30 years. When I started, I was in a completely different financial situation than I am in now. I have been incredibly fortunate over the years with this company that I love so much. I have worked very hard, and I feel that we have created something worth preserving. I also strongly believe in paying forward our good fortune and sharing our prosperity. The decision to transition Ocaquatics to a 100% employee-owned company was driven by a desire to protect and secure the future of our company as a mission driven organization while benefiting our team members who have worked so hard to make this magic happen. I found that an Employee Ownership Trust (EOT) was the perfect choice for me to continue what we created. The EOT acknowledges the team’s significant contributions to our success over the years. And this move aligned with what I believe about community and longevity – ensuring that those who have been integral to our journey participate in the benefits and responsibilities of ownership.
When it comes to employee ownership, I can’t think of anyone better to continue the legacy and care best for its mission and purpose than those who helped bring it to life. I’ve been developing the team for 30 years, and I know that they are the best qualified to carry on. I am so incredibly proud to be 100% employee owned!
Marquis: Why did you choose to structure the ownership as an Employee Ownership Trust, as opposed to an ESOP or co-op? Did you consider those other options? What are pros and cons, and the specific characteristic of the trust you thought was important?
Oca: In exploring the best way to structure employee ownership, I considered various models, including Employee Stock Ownership Plans (ESOPs) and cooperatives (co-ops). Ultimately, I chose an Employee Ownership Trust (EOT) because it was more straightforward and offered a direct way to provide ownership benefits to employees without the complexity associated with ESOPs. The EOTs also allowed for the continuation of our current management system while ensuring employees share in the company’s profit. This structure was important in keeping our organization running efficiently and supporting our employees’ well being and retirement security. EOTs offer a sustainable model that fits well with our values and helps carry on the company’s legacy smoothly.
Practically speaking, the EOT was far more flexible and less expensive to put into place than other forms of employee ownership, especially compared to ESOPs. The trust framework allowed me to ensure the integrity of the business we have grown while keeping all of the “good” that we do around, such as taking care of our team members, investing in the community, and maintaining our environmental values.
I also chose an EOT because I am not ready to go anywhere yet! This structure allows me to actively participate in the company’s future. I am now a co-owner with my team members and now we have lots of owners. This means there are more people thinking about how we can be more effective, efficient and profitable. Ownership can make a big difference in the success of this company as well as for our team members personally. Profit sharing will keep our team members motivated and directly connected in the company’s growth. And we will continue to do the same important, meaningful work to make a difference and have a positive impact.
Marquis: How will this ownership change shape Ocaquatics moving forward?
Oca: Well, with the transition to an EOT, I have heard it explained that “everything changes and nothing changes.” In the short term not much will change operationally. We have an amazing team of managers that will keep doing the good work that they do. And as I mentioned before, I will continue to be the CEO of Ocaquatics for the foreseeable future.
However, becoming a 100% employee-owned company also profoundly influences Ocaquatics’ future. It “levels up” the team’s already deep commitment and strong engagement because they now have a direct influence over the company’s success. We have always talked about having an ownership mindset but now, they are even more genuinely invested in the outcomes of their efforts.
I am excited about the opportunity to secure the care of our team members in perpetuity. The EOT will ensure that they continue to have fair wages, good benefits and personal and professional growth opportunities in a culture that is supportive and inclusive. It will offer them more of the profit and help them establish a healthier retirement. I want to help close the wealth gap in our community by creating more owners.
Another important impact of my succession plan is to guarantee that the business continues to grow within a framework of sustainability. We discovered that our team members really enjoy working with an organization that is making a difference in the community. As a certified B Corp, we teach our team members about social and environmental responsibility and how a business can be a force for good through a number of initiatives. We ask our team to help us designate our charitable contributions by making donations to the charity of their choice on work anniversaries, birthdays and to recognize key milestones. We offer paid community service time and we offer paid time off to vote in elections. We feel that we help our community and environment with all of these initiatives and are excited to continue doing them long term.
And finally, because community impact is incredibly important to me and because Miami is our home, my goal was to keep the ownership local and reward the people who helped us get to this point. This is a very different idea from how business owners traditionally exit.We are hoping to model the change we would like to see in the future. I want Ocaquatics to be around for a long time to serve the community with life saving swimming lessons and water safety education. I also want Ocaquatics to be a model for other businesses to show that a transition to employee ownership is a different and great option for succession planning – one that will continue to have a significant impact and make a positive difference!
