ImpactAlpha, Sept. 22 – Even before the COVID pandemic, more than 5,500 businesses in the region were at risk of closing due to a lack of a succession plan, according to the Ohio Employee Ownership Center at Kent State University. That risk has “increased dramatically,” said the Center’s Roy Messing.
Worker ownership can help save businesses and build wealth.
The new Business Legacy Fund will support incubator Co-op Cincy in helping Cincinnati-area businesses transition to employee ownership, from assessing the feasibility to crafting a plan and creating an ownership culture. Companies participating in the program will be able to apply for funding to aid their transition.
The $3 million was raised by Seed Commons, a national financial cooperative of small, locally-focused funds.
Interested businesses can apply by November 15 for Coop Cincy’s first cohort.