How Massachusetts is working to get retiring business owners to let their employees take over

National momentum around employee ownership and worker co-op conversions is growing.

As baby boomers prepare for retirement, close to half of the nation’s privately-held businesses—employing one in six U.S. workers—could face buyout or closure. Massachusetts is exploring another option: helping these firms transfer their businesses to their employees, keeping the businesses intact and retaining quality jobs in the local community.

The state recently hired the ICA Group and Working Wealth to help reach out to 28,000 baby boomer-aged small business owners in the state, making the case for employee ownership.

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