BAYADA Home Health Care founder and president to gift company to new foundation
BAYADA Home Health Care, one of the nation’s largest privately-held home health care companies, recently announced that it will restructure its ownership and governance through an initiative known as “The Lasting Legacy Plan.”
J. Mark Baiada, BAYADA founder and president, along with his family, will gift the company to a newly created nonprofit 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.
BAYADA has 14 offices in Delaware; four provide shared support services and 10 provide direct care services to more than 1,200 children, adults, and seniors throughout Kent, New Castle, and Sussex counties.
“Since our founding in 1975, I have owned BAYADA 100 percent. 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.”
Baiada plans to step down as BAYADA’s president on August 17, 2017 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.
Nonprofit foundation company ownership is uncommon, and “The Lasting Legacy Plan” is believed to be a first for the home health care industry. According to officials of the organization, 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.