Who said anything about getting rid of profits? I directly mentioned that they would go to the workers. That's what would give them incentive to do more than just live.
People go to work, people get paid, people spend their money on luxury goods like they do today. People are also entitled to the basics of life if they fall on hard times.

The capitalist can't buy the means of production, because that's not how ownership would work. He could get a job there, pay everyone to quit, and then as the only worker he would be entitled to everything that he made. Or he could convince the shareholders that he would be the best person to run the place, and become a worker that way.
Why should the Lord get to tell the serfs what to do, and take all their excess food just because he stabbed the old lord? Aren't you in favor of the farmers getting to keep the food that they grew, without having to share with freeloaders?

I have no idea how the specifics of compensation would work. There are different models taken by different worker owned businesses, so there's no single answer. Like with any business, the shareholders tend to elect a board to make most high level decisions, which includes ultimate responsibility for deciding compensation structure, which ownership levels for new workers would fall under.

This isn't talking Soviet communism. This is basic democratic socialism with a hint of a spite towards the investor class who makes their living taking excess value from people who actually do stuff.