As the Baby Boomer generation retires, many of them are faced with the question of what to do with their business and their legacy. One answer is to convert the business to a worker-owned or consumer-owned cooperative. Doing so keeps local wealth and jobs right where you grew them, and empowers employees to maintain the business they’ve helped succeed.
Like most things in the world of cooperatives, there is no one-size-fits-all solution to converting a business: each case has its own idiosyncrasies and challenges.
Most conversions begin with questions. Are there tax advantages to selling to my employees? Can I maintain some control of the direction of the business? Please contact us to start this conversation and determine if your business’s legacy ought to rest in the hands of your workers.