Bayada employees to share $20M as company transforms into nonprofit

FORT COLLINS — Bayada Home Health Care, a Philadelphia-based home care service provider, is giving employees a $20-million gift to share. Workers at the company’s Fort Collins office are set to find out Wednesday how much each will receive.

Payouts will range “from $50 for employees who just started with the company, to thousands for those who have been with Bayada for many years,” according to a company news release.

The $20 million gift to employees is part of the Bayada’s Lasting Legacy succession plan, which will see the company transition into a nonprofit organization in 2019.

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Bayada founder and CEO Mark Baiada “realized that the company’s future relies on sustaining and nurturing its commitment to our culture and to each other. So he made a fundamental shift in Bayada’s business model to transition the company to a nonprofit organization to ensure that the company’s mission, vision, beliefs and values continue to guide employee actions for the next 100 years and beyond,” according to the company’s website.

Over several years, ownership of the company has been transferred to a nonprofit foundation, which will become the majority owner of Bayada.

“Baiada wants to ensure that the company he began more than 40 years ago is never sold,” according to a company document describing the Lasting Legacy plan.

As part of the succession plan, Mark Baiada will assume the role of chairman and David Baiada will take over as chief executive.

In addition to Fort Collins, the company has Colorado offices in Denver, Westminster, Greenwood Village and Colorado Springs.