A reasonable timeline for conversion of the business from the seller to the new worker-owner cooperative, additional considerations need to be in place. The involvement of a willing seller that embraces the worker-owner cooperative model is vital. This willingness will provide for an efficacious transition, providing for the transfer of knowledge, both technical and organizational skills. Additionally, the owner may help to provide some of the financing via a land contract or other loan agreements.
Understand the personality of the current owner will help the potential worker-owners better understand the seller’s motivation for the transition. Also, the worker-owners can help educate, if needed, the seller about worker-owner cooperatives. The management style change from the top down to participatory might be a challenge if current workers are to be included in the new cooperative.
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