From Nonprofit Quarterly:
Vartikar says that most small businesses choose one of three options when their owner retires: 1) sell to a competitor or institutional buyer, 2) pass the company on to their children, or 3) shut down entirely. Vartikar estimates that two-thirds of businesses end up closing down. Now, however, state and business officials have announced the revival of a state employee ownership office that had been moribund for over a decade. This, according to Vartikar, means there is now an effective fourth option for exiting business owners. “If you have an employee or you have a group of employees, you have a buyer, and if you live in a community and you love the businesses in that community, they have an option to stay around,” Vartikar explains.
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