Comprehensive up-to-date news coverage

HomeNewsBusinessFindings on business ownership transitions in Colorado are shared by the Business...

Findings on business ownership transitions in Colorado are shared by the Business Ownership Office and the Exit Planning Institute

Published on

Follow us on Google News for latest updates and information.

News Tech: The 2022 Colorado State of Owner Readiness Report, which provides important insights into the future of small businesses in Colorado, was just issued by the Exit Planning Institute and the Colorado Employee Ownership Office of the Office of Economic Development and International Trade (OEDIT). The paper examines how prepared business owners are as they get closer to retirement and suggests ways the state of Colorado can support them as they leave their companies, reap the rewards of their labour, and preserve jobs all around the state.

As part of our continued efforts to make Colorado a national leader in employee ownership, we offer tax incentives to firms who decide to convert to employee ownership so that when a company succeeds, so do all of the employees.

According to Governor Polis, “as a businessman, I’m proud to continue our work saving businesses money, bringing well-paying employment to Coloradans, and supporting employee ownership so that everyone can benefit when a business does well.”

In the next ten years, 6 out of 10 business owners nationwide intend to retire or sell their companies. However, only 20% of listed businesses actually sell, and only 15% of businesses are passed on to the next generation. That prevents many business owners from reaping the financial rewards of their decades of labour and exposes workers to job loss. Colorado is no different; over 76% of the state’s small businesses are owned by baby boomers, and 1.2 million people are employed by them.

The Employee Ownership Tax Credit, which deducts up to $25,000 of conversion costs for worker-owned cooperatives and employee ownership trusts or $100,000 of conversion costs for employee stock ownership plans on a business’ Colorado state income taxes, will continue to be promoted at the Colorado Employee Ownership Office as part of these initiatives. The Office will also collaborate with the network of small business development centres around the state to create free and low-cost materials to help business owners understand their options for employee ownership and assist them in the transition. It’s anticipated that these programmes will debut throughout the next months.

See also  Money is raised for Special Olympics Kentucky by pulling a UPS plane

Latest articles

Turn On/Off System Protection Drive Windows 11

Hello everyone, in this article we will tell you how to do it Turn...

Send Email Using Gmail Confidential Mode

In this article we will talk about how to do it Sending emails using...

Get Stable Builds of Windows 11 from Insider Program

Hello everyone, in this article we will tell you how to do it Get...

Record Star Movement With A Google Pixel

In this article, we'll show you how Record the movement of the stars with...

More like this

Turn On/Off System Protection Drive Windows 11

Hello everyone, in this article we will tell you how to do it Turn...

Send Email Using Gmail Confidential Mode

In this article we will talk about how to do it Sending emails using...

Get Stable Builds of Windows 11 from Insider Program

Hello everyone, in this article we will tell you how to do it Get...

Record Star Movement With A Google Pixel

In this article, we'll show you how Record the movement of the stars with...

Install Windows 11 Insider Preview

In this article, we'll show you how Install Windows 11 Insider Preview. Windows 11...

Silence notifications specific people during focus mode in ios 16

Hello everyone, in this article we will show you how Mute notifications to specific...