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Some 24 million United States workers could be affected by the coming “silver tsunami,” which refers to business owners of the baby boomer generation retiring without a succession plan for their businesses.
As baby boomer business owners retire, their employees are taking ownership of their own futures.
Thanks to funding and support from Co-Op Cincy, five workers at Shine Nurture Center paid $1,500 to buy into the business.
Co-op Cincy's Business Legacy Fund is designed to help business owners transition their companies to employee ownership by essentially loaning employees the money they need to buy the business. Profits then help employees pay off the loans over time.