Workers, business owners, and advocates testify in support of S.305 / H.503 to preserve local jobs and build a more resilient economy
FOR IMMEDIATE RELEASE
June 6, 2025
Contact: Helen Matthews
homefries@economicdemocracy.us | 617-784-1731
June 6, 2025
Contact: Helen Matthews
homefries@economicdemocracy.us | 617-784-1731
MASSACHUSETTS — Today, the Massachusetts Joint Committee on Economic Development and Emerging Technologies held a public hearing on the Opportunity to Own bill (S.305 / H.503), a transformative proposal that would make it easier for workers to buy businesses when they are up for sale — keeping them locally owned and preserving thousands of jobs across the Commonwealth. The legislation comes amid an economic crossroads: more than 200,000 small business owners across the Northeast are expected to retire in the coming years. Without clear pathways for succession, many of these businesses will shutter or be sold to out-of-state buyers, putting over 1.4 million jobs and a vital part of the state’s economy at risk.
Halsey Platt, owner of a construction company in Ayer, MA, encourages legislators to aid workers in buying their companies as his construction company undergoes such an ownership transfer (June 6th, 2025, courtesy of the Coalition for Worker Ownership and Power).
“Massachusetts is on the verge of a massive transition in business ownership,” said Caleb Zedek, a worker-owner at Circus Cooperative Cafe in Cambridge. The worker-owned cafe was born after a local cafe chain closed rather than work with its union.
“I realized then that without putting ownership in workers' hands, we have little power to shape our future. This bill creates a smoother path for workers to step up and take the reins. It’s a win-win — owners get to collect on the businesses they built, and workers get the chance to own what they helped create,” Zedek said.
The Opportunity to Own legislation would allow workers to match outside offers on the companies that employ them before a sale is finalized. It also rewards business owners who sell to their employees by exempting them from taxes on capital gains up to $1 million dollars. Data shows the majority of small businesses don’t sell at all — leading to closure and job loss. Only 18% of such businesses successfully transition to new ownership; the vast majority shutter their doors.
“I realized then that without putting ownership in workers' hands, we have little power to shape our future. This bill creates a smoother path for workers to step up and take the reins. It’s a win-win — owners get to collect on the businesses they built, and workers get the chance to own what they helped create,” Zedek said.
The Opportunity to Own legislation would allow workers to match outside offers on the companies that employ them before a sale is finalized. It also rewards business owners who sell to their employees by exempting them from taxes on capital gains up to $1 million dollars. Data shows the majority of small businesses don’t sell at all — leading to closure and job loss. Only 18% of such businesses successfully transition to new ownership; the vast majority shutter their doors.
For retiring business owners like Halsey Platt of Platt Builders in Ayer, Massachusetts, the bill presents a dignified and community-centered succession plan. “We are in the process of converting to an employee cooperative. I’ve got 20 employees who are incredibly excited to take over the business," Platt said.
"This bill doesn’t limit sellers — it just gives workers a fair shot. If Massachusetts moves forward with this legislation, it could change the landscape and make employee ownership a standard option," said Platt.
"This bill doesn’t limit sellers — it just gives workers a fair shot. If Massachusetts moves forward with this legislation, it could change the landscape and make employee ownership a standard option," said Platt.
Kevin O’Brien, a worker-owner at Worx Printing Cooperative in Worcester, spoke about the generational impact of ownership. “I watched my father work his whole life for one company, only to see it sold and automated away," said O'Brien.
"Worker-ownership gave me a sense of self-worth, passion, and real hope. This bill gives workers an alternative to watching their jobs disappear,” O'Brien said.
"Worker-ownership gave me a sense of self-worth, passion, and real hope. This bill gives workers an alternative to watching their jobs disappear,” O'Brien said.
A full recording of the hearing can be found on the Massachusetts State Legislature's website here.
###
About the Coalition for Worker Ownership and Power (COWOP):
COWOP is a statewide alliance of worker-owned businesses, grassroots organizations, labor unions, and cooperative developers working to expand the cooperative economy in Massachusetts. Together, we envision a future where working people have a real stake—and say—in the workplaces and communities they sustain.
COWOP is a statewide alliance of worker-owned businesses, grassroots organizations, labor unions, and cooperative developers working to expand the cooperative economy in Massachusetts. Together, we envision a future where working people have a real stake—and say—in the workplaces and communities they sustain.
