LEWISTON — Maine has the oldest workforce in the nation and there are more young people leaving the state than moving in. This demographic challenge is fundamental to many economic challenges — and opportunities.
Maine has thousands of baby boomer business owners who will need to retire in the next decade or so and few of them have concrete succession plans. What is going to happen to these businesses? Who is going to buy them and sustain the jobs and services those communities have relied on?
Converting those businesses to employee ownership could provide the best chance possible to sustain the businesses. For many young people, in particular, cooperative business ownership is more attractive and makes financing more achievable, because employee-owned businesses are more productive, more resilient, promote entrepreneurship, and help people build wealth through ownership.
Business Ownership Solutions, a program of the Cooperative Development Institute, is working to promote and perfect this model of development. They organize the education and technical assistance, incorporation, deal structure, and creative financing that can make the dream a reality.
The presentation, from 2 to 4 p.m. Tuesday, Oct. 3, will explain the development strategy and share inspiring conversion success stories in Maine and the U.S. The program will be held at the SeniorsPlus Education Center.
FMI, register: 207-795-4010.