…When converting an existing business into a coop, there are numerous questions that need to be answered. Do the employees want to create a democratic business? Are funds available for a buyout? How will the business be structured? How long will the transition be? Does the selling owner want to stay on? Though it takes time to work out the details, answering these questions is an essential part of the transition.
While every business has unique strengths and challenges, and there is no single way to create a cooperative, there is also no need to reinvent the wheel. Hundreds of worker-owned cooperatives have been created by converting existing businesses by following a series of steps….
More Info for Conversions
Source: Democracy at Work Institute, 2014
Are you a business owner considering transitioning your business to a worker cooperative? Or an employee seeking information about how to purchase an existing business and convert to a worker cooperative? Below are resources from our Resource Library about business conversion. And visit our Conversion Projects page to learn more about how the Institute supports owners and employees during the conversion process.