BAYADA Home Health Care, one of the nation’s largest privately-held home health care companies, today announced that it will restructure its ownership and governance through an initiative known as “The Lasting Legacy Plan.” BAYADA Founder and President J. Mark Baiada, along with his family, will gift the company to a newly created non-profit foundation that will become the organization’s majority owner over the next three to five years. BAYADA will remain a private company, primarily owned by the Foundation, with a small portion of ownership also shared among family members and eligible employees.
“Since our founding in 1975, I have owned BAYADA 100%. I passionately believe in The BAYADA Way—our mission, our unique service model, and our wonderful people,” Baiada said. “After years of study, thought, and prayer, my family and I decided that this innovative succession approach gives us the best chance to perpetuate our mission and protect the company from ever being sold. Our dream is to touch millions of people worldwide and provide home health care services with compassion, excellence, and reliability for 100 years or more, long after we are gone.”
“For decades, I have turned down countless offers to sell BAYADA,” he added. “If we sold the company, the new owner’s primary purpose would be to make money, which is not our primary purpose. BAYADA’s primary purpose is to care for our clients and honor, respect, and support our people,” Baiada added.
Baiada plans to step down as BAYADA’s president on August 17, 2017—his 70th birthday— and assume the role of chairman of the board of the Foundation. At that time, his son David Baiada, currently the Chief Operating Officer of Home Health, Hospice, and Quality, will be named company president. Mark Baiada will continue to advise the company and will oversee the transition of BAYADA’s ownership to the Foundation.
Non-profit foundation company ownership is uncommon, and “The Lasting Legacy Plan” is believed to be a first for the home health care industry. The plan reflects BAYADA’s commitment to helping people live safely at home and protecting employees’ livelihoods, while setting the stage for sustainable future growth by preserving the company’s spirit of social entrepreneurship, which draws upon the best business and private sector approaches to address societal challenges—in this case, the growing need for healthcare services and healing on the home front addressing a wide array of challenges and conditions faced by individuals and families at all life stages.
A cornerstone of The BAYADA Way is supporting charitable initiatives, both regionally and nationally. It is envisioned this commitment will continue and grow as the organization evolves to the new Foundation ownership model. As just one example, BAYADA has an Emergency Fund program in place where both employees and clients can apply for financial assistance when they are facing catastrophic life events or circumstances. In addition, BAYADA is a national sponsor of The ALS Association and Cure SMA, and at the local level offices throughout the company participate in hundreds of events to benefit non-profit organizations such as the MS Society, Ronald McDonald House, The Muscular Dystrophy Association, and The Alzheimer’s Association.
Additional information on “The Lasting Legacy Plan” and related company developments will be made available as details are finalized later this year and in 2017.
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