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CMC is asking that the Government of Canada encourage and enable Business Conversions to Co-operatives (BCCs), through awareness and financing, to help maintain local businesses and offer retirement-aged owners another option for their succession plans.\u202f\u202f<\/span>\u00a0<\/span><\/p>\n BCCs are a tried-and-true solution for business succession around the world and in Canada, hundreds of conversions have successfully taken,<\/span> like grocery stores, coffee shops, a shortline railway, funeral homes and much more<\/span>. Despite this, the scenario is still not broadly known among small- and medium-sized enterprises (SMEs) owners, employees, unions, and policymakers in Canada. This is a lost opportunity for keeping potentially thousands of businesses alive considering the SME succession crisis, all while meeting local needs.\u202f<\/span>\u00a0<\/span><\/p>\n BCCs take place when private, public, or non-profit companies transition into co-operatives. In Canada, many conversions occur as part of a succession plan whereby a retiring owner or owners sell their business to employees and they, in turn, continue to operate the enterprise as a co-operative. The recent commitment to have Employee-Ownership Trusts-related incentives harmonized to make them available for sellers who are part of a worker-co-op buyout were welcome.\u00a0 However, other types (consumer, producer and multi-stakeholder) represent most co-operatives in Canada and 70% of documented conversions.\u00a0<\/span>\u00a0<\/span><\/p>\n The need to raise awareness for business conversion to co-operative scenarios and support the transitions through financing programs and tailored business advisory services, remains high.<\/span>\u00a0<\/span><\/p>\n