With 2.9 million business owners aged over 55+ in the United States, where does that leave the future of the business when it’s time to think about retirement?
Worker-owned cooperatives could be the solution! This alternative business model that can preserve the business and legacy for future generations. Employees owning the business can be a way to increase current employee engagement while rooting the business deeper into the community.
According to Project Equity, “When successful businesses become employee-owned, they create high quality jobs, increase worker voice, and facilitate asset building for employee-owners—all while boosting business survival rates and keeping local economies strong”.
Transitions to worker-owned business can seem overwhelming, but resources are out there to help guide you along the way. Project Equity is a national organization that has many resources available online. In Ohio, Evergreen Cooperative is a great local resource to help guide individuals through the process and transition.
September, the CFAES Center for Cooperatives is focusing on worker-owned cooperatives by showcasing Casa Nueva in Athens, hosting a day at Casa to learn more about the worker owned business. Later in the month, Project Equity will be hosting a free “Selling to your Workers” webinar to those interested in learning more about the process.