A conversion program led by several local stakeholders in Philadelphia is looking to teach retiring business owners how to transform their businesses into worker co-ops, writes Juliana Feliciano Reyes for WHYY.

The issue of baby-boomer business owners approaching retirement with nobody to take over their business has become a huge problem, both in Philadelphia and across the entire country. The number is especially high among people of color. This is additionally worrying as business ownership is seen by experts as a way to narrow the racial wage gap.

The team working on a solution is headed by the city’s Commerce Department, the Philadelphia Area Cooperative Alliance, and politicians like council member Derek Green. So far, no businesses are involved.

They believe this is an opportune time to start a co-op movement. This would keep jobs and wealth in communities of color, empower workers by providing knowledge on running a business, and sustain commercial corridors.

As part of the initiative, PACA started working on a city contract worth $75,000 earlier this year. It will assess opportunities for local co-op conversion and identify resources to assist with the process.

Read more about the program from WHYY by clicking here.