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Worker Co-op Conversions During Covid-19 for Small Business Owners

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Published on Apr 15, 2020

Are you worried your business won’t survive due to Covid-19? Are you considering putting it up for sale or into bankruptcy to save it? Are you tired of making business decisions on your own during this crisis? In this teach-in, our cooperative conversions attorney Jay Cumberland talks about how worker ownership might be a solution to some small business' Covid-19 cash flow problems. He discusses how paying workers partly in equity can help small businesses preserve income, reduce expenses, and expand their ability to weather the crisis. He discusses how selling your business to your employees and converting it to a cooperative can help you access non-extractive working capital and expand financial ability to weather the crisis. This process routinely takes up to a year to complete; Jay shares a strategy for accomplishing a conversion quickly enough to serve as a solution to this crisis. Finally, he talks about how worker ownership can help your business survive bankruptcy or assignment for the benefit of creditors. If you'd like more information on this topic, please e-mail Jay at jay@theselc.org!


Full article based on this video here: https://www.theselc.org/worker_owners...

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