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#1 out of 1
business11h ago
To secure Rhode Island’s economy, help legacy businesses with succession planning - The Boston Globe
- Rhode Island could bolster its economy by creating a Center for Employee Ownership to guide succession and maintain local ownership.
- AVID Products demonstrates the model, as it became 100 percent employee-owned in 2013 and shows wealth growth for workers.
- Employee ownership has potential benefits like lower turnover, higher engagement, and greater resilience during downturns.
- The proposed center would serve as a 'front door' to education and credible assistance for owners exploring options.
- Succession planning is crucial as many owners lack paths to transfer ownership when they retire.
- The Center would connect owners with both public and private resources to facilitate transitions.
- The proposal aligns with bipartisan economic development goals for a more resilient state economy.
- The plan would help stabilize local employment and supply chains by preserving legacy businesses.
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