From the Huffington Post:

On Nov. 13, Evergreen launched the Fund for Employee Ownership with the aim of creating 10 new owner-operated businesses in the Cleveland metro area over the next five years with 600 additional owner-operators. With patient capital ― in other words, funding from investors who have no expectation of turning a quick profit ― raised from regional philanthropies, the fund will seek to acquire small- to medium-sized family businesses whose owners are approaching retirement and convert those businesses to the co-op model.

“Very few family-owned companies have any succession plan,” says Rose. “It’s typical for there not to be an heir because the kids aren’t interested, which will result in a private equity sale, being acquired by a competitor, or, sadly, the company just closing down.

Get the full story here:

https://www.huffpost.com/entry/cleveland-ohio-poorest-cities-regeneration_n_5bf2e9d5e4b0f32bd58c1374