Huffington Post – One Of America’s Poorest Cities Has A Radical Plan To Remake Itself

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.

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