As discussed at the last few quarterly business meetings, we have been exploring opportunities to restructure itchy-O's business model to provide increased member ownership and benefit over time.
Over the last six months we have met with consultants at the Colorado Office of Economic Development, Denver Small Business Development Center, the Rocky Mountain Employee Ownership Center and two lawyers to determine a structure that allows for the best balance of member empowerment and administrative feasibility.
Based on this research, we are recommending a shift from our current Limited Liability Corporation model to a Public Benefit Cooperative. A co-op model will allow us to compensate members based on their investment of time/tenure on an annual basis. We expect this to be modest in the beginning but will create a framework essential for planning for future business life-cycles. Labor laws also continue to evolve in Colorado, for the better. This model allows increased adaptability to ensure we are compliant, creative and cooperative! Let us know your questions and concerns so we can consult with the experts in advance of our May meeting.