Transitioning to Employee owned business

Hello All,

I am a self-funded searcher who acquired a service-based company two years ago using an SBA 7(a) loan. I am now interested in exploring the possibility of giving ownership to employees and potentially converting the company to 100% employee ownership.

The nature of our business is highly dependent on our employees, making a strong case for it to be run and managed by them with the support of a CEO and proper management structure.

I am reaching out to see if anyone has gone through or explored a similar situation. I would appreciate insights into the pros and cons, the duration of the process, and the associated costs.

Thank in advance.