You have come together with a common goal in mind: to create a co-operative so you can buy a business. Not just any business, but a specific business that you have worked with for years. Your collective decision is probably based on a few key observations:
- You know the business is about to be sold so its operator can retire. Even if he or she is not quite ready to sell the business, they may have no choice but to do so in the next few years because of age or a medical condition;
- You know there is no one in the business operator’s family with the ability or desire to take over;
- You know the business is at risk of closing after its owner leaves;
- Finally, you and your colleagues are concerned about the future sale of the business.