Startups and co-ops can look forward to technical assistance thanks to the University of Wisconsin Center for Cooperatives receiving $127,000 from the Wisconsin Economic Development Corporation to boost cooperative development throughout Wisconsin.
The funding will allow UWCC, a program of UW–Madison Extension, to expand technical assistance for startups, conversions and existing co-ops. One specific goal of the funding is to address retiring business owners without succession plans.
“Like many states, Wisconsin faces a ‘silver tsunami’ of retiring business owners,” Courtney Berner, UWCC’s executive director, said in a statement. “If successors are not identified, Wisconsin could lose upwards of 50,000 businesses over the next two decades.”
According to a statement from Berner, approximately half of Wisconsin businesses are owned by Baby Boomers.
“Regardless of industry, the cross-cutting theme we keep hearing is that business owners would prefer to hand over their business to the employees who helped build the business, rather than permanently close or sell to a large competitor or private equity,” Berner said in a statement.
The Center supports businesses as brand new startup cooperatives, businesses converting into cooperatives and established cooperatives.
The Center also raises awareness about the cooperative model through outreach and educational programs.
“Employee-owned businesses like worker co-ops benefit communities,” Berner said. “They retain jobs, services and wealth locally and have the potential to increase worker productivity, satisfaction and retention, and are more resilient during economic downturns.”
Learn more about UWCC and all the WEDC grant award winners.
