Sikich, a global leader in technology-enabled professional services, has been in growth mode. In the first half of 2024, the Chicago-based company secured a minority investment from private equity firm Bain Capital, helping it drive acquisitions and evolve its approach to talent retention through employee ownership.
For Sikich Director Pedro Diaz de Leon, implementing this vision involved reimagining the company’s equity structure, including the creation and issuing of equity awards against a tight deadline. To navigate these changes, Sikich partnered with Carta, whose experts worked closely with Diaz de Leon and his team.
Sikich recognized that this innovative approach could not only transform the company’s talent strategy but potentially influence industry-wide practices in employee compensation and engagement.
The leadership team at Sikich developed an ambitious plan to expand employee ownership as a key strategy to attract and retain top talent. Their goal was to significantly increase the percentage of employees with equity stakes, aiming to expand ownership from approximately 5% to 30% of the company’s workforce.
“One of the most important things companies need to do to succeed is retain high-quality talent. We need to be creative in how we reward talent and how we evolve in the marketplace. As industry leaders, we can make professional services and accounting into professions where you can get an equity stake earlier in your career,” said Diaz de Leon.
The Sikich senior leadership team, championed by CEO Chris Geier and CFO Ryan Spohn, were fully committed to this vision and keen to execute it thoughtfully and strategically. They recognized that this innovative approach could not only transform the company’s talent strategy but potentially influence industry-wide practices in employee compensation and engagement.
Pedro Diaz De LeonCarta is a great tool that helps us empower and reward our employees, making the process almost effortless. In just a few clicks, you can distribute awards – something companies wouldn’t have thought possible a few years ago.
Director, Sikich
To implement their expanded employee ownership vision, Sikich needed a robust and flexible equity management solution, especially because its new structure involved multiple cap tables, adding complexity to its equity management.
After evaluating many competing solutions, Diaz de Leon and his team chose Carta due to its ease of use in granting and issuing equity. The platform allows Sikich to manage multiple cap tables under its account, while letting its equity holders sign documents, track vesting schedules, and receive tax documents from their individual accounts.
“Carta is a great tool that helps us empower and reward our employees, making the process almost effortless. In just a few clicks, you can distribute awards—something companies wouldn’t have thought possible a few years ago. It’s the start of something great and continued growth for Sikich,” explained Diaz de Leon. “With Carta, we can maintain a book of record that reflects the complexity of our structure and various legal entities. Furthermore, all equity holders can easily monitor the performance of their units, whether they be employees, principals, or minority investors.”
Moving efficiently to issue equity
Carta’s close customer support made onboarding easy, even with a tight timeline. An implementation manager worked closely with Diaz de Leon’s team over several weeks to ensure success. The platform went live, and all equity was issued within approximately one month, which impressed Diaz de Leon and his team.
This innovative approach aligned perfectly with the growth trajectory at Sikich and its commitment to attracting and retaining top talent in a competitive industry. By leveraging Carta to implement an expanded employee ownership program, Sikich is positioning itself at the forefront of progressive talent management in the professional services and accounting sector.
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