The “silver tsunami” of baby boomers getting ready for retirement will alter the face of workforce composition, but what will happen to the 50% of all businesses that are owned by this aging population? The non-profit, Project Equity, is hoping to help these businesses convert to cooperatives to offer a stable transition for companies and the employees that work for them.
Project Equity connects owners to employers and specialists familiar with the process to make the transition to a co-op as smooth as possible. The organization also connects businesses with lenders, law firms, and other useful tools for reorganizing their company. The non-profit is funded with $5 million from the Quality Jobs Fund and aided by the federal Main Street Employee Ownership Act of 2018, which encourages employee ownership.
In September, we ran an article about how co-ops are improving the lives of employees and community members. This business model makes companies more equitable and community-oriented. When it comes to cooperatives, employees generally put more in and get more out of their workplace, because they have a stake in its success. It’s exciting to see initiatives like this one boosting this regenerative business model.