Weekly show where my featured guests and I explore the financial and business challenges women face on the entrepreneurial journey to success. You'll hear them talk about the money side of their businesses in ways you've always wanted to know about, but wouldn't dare ask. They openly share their disappointments, failures, successes, and everything in-between as they grew sales ranging from 6 to 9 figures. Knowing where your business stands financially helps you make critical decisions with confidence. It's simply the best way to be sure you grow a business that fuels the life you want to live.
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episode 140: Steward Ownership: The Basics of Cooperatives: Types, Financial Models, Funding Options, and Legal Formations – The Journey of Linda Phillips
You may be excited to consider a cooperative model. If you’ve seen our case studies, you know how effective and useful they are. However, there's more to it than restructuring and diversifying your ownership—you also need to know the legal considerations, including tax and revenue allocations. In the United States, there are still several states with poor co-op laws. Do the research and know where your cooperative can work best.
Linda Phillips joins us in this episode to discuss the cooperative model from the perspective of an attorney. She shares valuable information you need to have for transitioning to a cooperative model. Cooperatives are not for everyone, so you should know what you're getting into before setting one up.
Episode Highlights:
- [03:57] Linda’s Journey as an Attorney
- [05:35] How Co-ops are Different from Social Enterprises
- [07:09] The Different Types of Cooperatives
- [09:06] Why Startups Should Consider Cooperatives
- [10:33] When to Consider a Transition
- [13:38] Are Worker Cooperatives Your Only Option?
- [19:57] How to Create a Successful Cooperative Model
- [24:37] Cooperative Legal Formations
- [28:09] The Right States with the Right Statutes
- [32:09] Choosing the Right Financial Model
- [37:28] Funding and Financing Options
- [42:39] Choosing the Right Financing Option
- [46:16] The Importance of Financial Models
- [48:42] Linda’s Tips on Cooperatives
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Resources
- Learn more about alternative ownership through Christina Sjahli’s Weekly Blog:
- Rethinking Profit as a Business Owner and Using Your Business for Good with Steward Ownership
- Transitioning to the Perpetual Purpose Trust Model: What You Need to Know to Succeed
- How The Cooperative Model Ensures Business Longevity and Empowers Employees
- Chat with Christina and set up a time here!
- Download the Financial Modelling Guide so you can show investors how your company is going to look in the future!
- Jason Weiner P.C.: Website I LinkedIn I Twitter
- Connect with Linda: Twitter I LinkedIn I Email (linda@jrwiener.com)