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PROVIDENCE, RI — Lieutenant Governor Sabina Matos will join the Rhode Island House Committee on Small Businesses this evening to testify in support of H 7570. Introduced at the request of the Lieutenant Governor, this bill would establish a Rhode Island Center for Employee Ownership.
The Center for Employee Ownership would provide technical support, helping existing business owners develop a succession plan to sell their business to their employees as well as helping aspiring entrepreneurs establish new worker-owned businesses.
Establishing support services for succession planning is a critical backstop against the “silver tsunami” of retiring business owners, which has led to dozens of beloved local businesses closing their doors. Over twenty other states, including Massachusetts, have a center for employee ownership
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