RPN Today - S2E1 - Business Transitions

Russell Shaffer Author

09/06/2023 Added

11 Plays

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Cooperative businesses are not new to Nebraska. Dozens of cooperatives are spread across the state, from grocery stores to farm and ranch suppliers. And yet, most cooperatives are created because a community or region is missing that type of business. That is what has made the Centennial Marketplace Cooperative, in Utica, a little bit different. Learn more about business and co-op transitions at https://ruralprosperityne.unl.edu/nebraska-cooperative-development-center-helps-utica-keep-its-grocery-store

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[00:00:00.000](gentle twangy music)
[00:00:10.003](gentle twangy music)
[00:00:23.160]Co-operative businesses
[00:00:24.300]are not new to Nebraska.
[00:00:26.250]Dozens of co-operatives are spread across the state
[00:00:29.010]from grocery stores to farm and ranch suppliers,
[00:00:31.980]and yet most co-operatives are created because a community
[00:00:35.100]or region is missing that type of business.
[00:00:37.920]This is what has made
[00:00:38.790]the Centennial Marketplace co-operative in Utica
[00:00:41.760]just a little bit different.
[00:00:43.080]So I got a phone call in August of last year of,
[00:00:47.527]"We wanna talk about this co-operative thing again.
[00:00:49.980]This is how we go through, these are the steps,
[00:00:52.470]this is what you're going to need to do."
[00:00:54.120]And they're like, "We think we can do that."
[00:00:56.490]The Centennial Marketplace
[00:00:57.810]transitioned from an LLC owned by Pac-N-Save in Seward
[00:01:01.710]to a co-operative owned by the residents of Utica
[00:01:04.800]without ever closing its doors.
[00:01:06.810]As far as the customer went,
[00:01:08.910]they didn't really notice any difference,
[00:01:10.470]you know, from the 31st of October
[00:01:13.800]until the 1st of November.
[00:01:16.269]And we opened up at 8:00, just like we always did.
[00:01:20.269]The way that we went about it and not shutting down,
[00:01:22.920]we kind of had to go about it, in our opinion,
[00:01:24.930]a little bit backwards, if you will.
[00:01:27.630]So, our group of 10 investors had to wholeheartedly commit
[00:01:32.400]to opening this store before we really got those 55 members.
[00:01:36.360]So we had to make a lot of decisions
[00:01:39.360]and go into a lot of it,
[00:01:40.950]which would be a little bit different than how
[00:01:43.320]a typical co-operative would've been formed.
[00:01:46.290]Designed by Rural Prosperity Nebraska
[00:01:48.120]Extension Educators,
[00:01:49.530]the "Business Transition Model" workbook
[00:01:51.600]helps business owners transition their businesses
[00:01:54.510]to other owners, into closure,
[00:01:56.940]or into a different model, such as a co-operative.
[00:02:00.210]Flowcharts help individuals track their progress
[00:02:02.610]along the transition path,
[00:02:04.470]as well as see expected timeframes,
[00:02:06.630]and pros and cons, for each option.
[00:02:09.060]RPN Extension Educator, Cindy Houlden,
[00:02:11.340]used the workbook to help speed the transition
[00:02:13.740]for the Utica store.
[00:02:15.330]So far, that transition has been successful,
[00:02:17.700]but it is still ongoing.
[00:02:19.350]Luckily, being an agriculture community,
[00:02:21.720]co-operatives aren't anything new to us.
[00:02:25.410]So a lot of people really embraced it,
[00:02:27.930]which was great.
[00:02:28.770]Phase two's gonna be their hardest phase.
[00:02:31.230]However, you've got the store,
[00:02:34.140]it's safe, it's secure, it's gonna stay operational.
[00:02:37.050]So now, they just have to get creative.
[00:02:41.760]Still, transitioning the store
[00:02:43.590]instead of closing it down has been a boon for Utica,
[00:02:46.530]and much appreciated by its residents.
[00:02:49.200]This is why we're here.
[00:02:50.033]We chose to live here,
[00:02:51.600]we chose to send kids to school here.
[00:02:54.900]We can't let it die.
[00:02:55.800]It's on us.
[00:02:57.120]And with a co-operative, it is.
[00:02:59.520]It's on us to keep it going.
[00:03:02.970]You know, and so when they're having this conversation
[00:03:06.000]about how to bring the young kids into membership,
[00:03:08.850]they're talking about the future of their community.
[00:03:11.430]And so, you know, this is our legacy
[00:03:13.560]so that Utica goes on beyond us.
[00:03:16.157](gentle twangy music)

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RPN Today - S2E1 - Business Transitions

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