Why a Healthcare Entrepreneur is Selling His Business to Employees

In 2006, Dr. Richard Warner opened Colorado Recovery, a treatment facility in Boulder, Colorado to serve people with serious mental illnesses. A UK-trained psychiatrist with 30 years of experience in the public sector in Boulder, Warner wanted to create a non-hospital treatment center that focused on respectful, compassionate, and optimistic care.

“We treat every client,” he says, “as if he or she were our next of kin.”

In 2011, nearing retirement, Warner found himself facing an important decision: what to do to ensure that the facility carried on the values he had imparted. He had experienced, first-hand, a facility changing drastically—and even falling apart—when leadership changed, so he was looking for alternatives to simply selling to a new owner. After much research, he found the perfect solution to maintain the facility’s high standards and core values: sell Colorado Recovery to the employees

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