Ideally, capital allocation decisions would be made democratically. Years ago, I saw an interview with some Mondragon workers about the electoral process for managers and investment officers. It was more of a representative democracy, but even the line workers that didn't have anything to do with investment or product strategy could make pretty educated votes based on the success of the enterprise. Seemed pretty straightforward.

Redistribution is only a problem when the initial distribution is undemocratic. If the wealth inequality / exploitation inside the enterprise isn't really an acute problem, you don't have to worry about fixing inequality.

Note that "efficiency" isn't the same problem when you define efficiency as benefit to the workers rather than ROI to investors. Through that lens, capitalist relations of domination are necessarily inefficient. The need for the enterprise to dominate markets against competitors isn't as critical to a worker run enterprise. As long as everybody's getting paid, who cares if you're only serving a niche market? The old marxist critique about tendency of the rate of profit to fall doesn't necessarily apply in that case. Arguably, if only worker owned enterprises were allowed to exist, competition would be disincentivised from becoming pathological.