‘Keep The Doors Open’ Program Aims To Save Local Businesses

Filed Under: COVID-19 Resource Center, More News

The business consulting group ICA has launched “Keep the Doors Open, a business resiliency program aimed at saving local businesses and jobs in Massachusetts and New York City impacted by the Covid-19 outbreak.

This program is made possible through the support of the Massachusetts Center for Employee Ownership.

All eligible businesses that submit applications will receive a free consultation.

If accepted into the program, other services include:

  • Professional advising on financial value of your business and feasibility assessment on how to exit your business on your desired timeline by transitioning the business to your employees. We will evaluate whether employee ownership is compatible with your goals so that you can compare it against other options.
  • Identifying and assembling the right mix of financing that would enable your employees to buy you out, without burdening the business or employees beyond their means.
  • User-friendly business tools (including cash flow and debt management) to help stabilize your company in response to the COVID-19 impact and shore up value for you and future owners.
  • Facilitating the sale of all or part of the business and creating the relevant legal and operational documents through direct assistance from our business experts or referral network – working with your company’s stakeholders, accountants, and attorneys.
  • Ongoing workforce training and business support for managers and key staff before, during, and after the transition.  This could include everything from how to build a transition team to training employees to think and act like owners.

To learn more and apply, click here

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