Home Economy Economic Activity Retiring business owners should consider selling to employees, R.I. task force says

Retiring business owners should consider selling to employees, R.I. task force says

JEGOO LEE is an assistant professor of management at the University of Rhode Island and a member of the R.I. Business Enterprise Succession Task Force, which was established earlier this year by Lt. Gov. Sabina Matos to encourage employee ownership models. / COURTESY UNIVERSITY OF RHODE ISLAND/JEGOO LEE

NORTH KINGSTOWN – When a small-business owner retires or steps down, a well-loved community fixture and local economic driver often vanishes with their exit. Employers who find themselves without a succession plan commonly sell the business to a private equity firm, effectively shuttering the company. A smaller number may have a family member willing to

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