Celebrating Collective Ownership
October is National Co-op Month! A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. There are many different types of co-ops including consumer co-ops like the Dill Pickle Food Co-op, Credit Unions like First Northern Credit Union, housing co-ops like Qumbya, and worker co-ops like Five Point Holistic Health!
Worker co-ops are values-driven businesses that put the needs of workers and the community front and center. Worker-owners democratically participate in the oversight, management, and profit distribution of the company. According to the National Co-op Business Association, the US has more than 400 worker co-ops in 17 industries. Worker co-ops provide employment stability, reducing the turnover rate from 60% to 15%.
Currently Five Point's owners are Celeste Levitz-Jones, Ryan Palma, and Nathan Paulus. We are pleased to announce that Christian Villacres is the newest worker to start the path to ownership, which he'll complete in spring of 2020.
At our co-op, prospective owners must meet specific member eligibility criteria, undergo a 6-month training to bring them up to speed on all important aspects of the business, and provide a capital contribution at the same rate as the other owners. By investing the same amount into the business, every owner is given an equal vote in all business matters. We're excited to add Christian's skills and experience to our ownership team!
