EMPLOYEE OWNERSHIP COMMISSION MEETING (Virtual)

July 16, 2024

Online via Zoom

12:00PM—1:30PM MT

MINUTES

IN ATTENDANCE: A. Clark, K. Oyler, J. Briggs, S. Gripne, K. Siggins, Y. Holguin, J. Wiener, J. Martins Rodrigues, D. Luzietti, N. Maloney, K. Cantillo, M. Licina, V. Negri, M. Holmes, M. Champoux-Pellegrin, L. Morales, C. Lau, C. Arnold.

ABSENT: D. Dell, Rep. Ricks, S. Shoemaker.

1. 12:04PM, Welcome, K. Siggins
2. 12:04PM, Regular Business, K. Siggins

1. Approval of June 04, 2024 Meeting Minutes

1. Motion to approve by K. Oyler, seconded by S. Gripne, none were opposed.

2. EOC CY24 Strategic Plan check in

1. EO Month event update

1. Brief update on sponsorship, from NCEO and BMO. Full cost is covered.

2. HB24-1157 activation update

3. 12:08PM, Guest Speaker, V. Negri

1. Guest Speaker: Vera Negri, professor of economic history at the University of Bologna and co-founder of the European Review of Economic History
2. Topic: The Italian cooperative movement – a rich economic history and a bright future.
3. Presentation and Discussion Items:

1. Emilia Romagna cooperative networks success
2. Specific economic and cultural conditions that have allowed this development of cooperatives
3. Regional and national policies developed in support of cooperatives
4. Other “social” developments in the company field:

1. “Social” enterprises
2. Workers buyout
3. BCorp and benefit enterprises
4. UN Global Compact Network Italy Foundation

5. Financing of cooperatives and the other social enterprises
6. Discussion on how Colorado could become the “Emilia-Romagna” of USA

4. Slidedeck: The Italian Cooperative Movement - Vera Negri - 07162024 EOC Presentation.pptx

4. 1:00PM, Partner & Staff Reports, M. Licina

1. CO EO Office Monthly Update

1. Legislative Update

1. HB24-1157, Employee-Owned Business Office & Income Tax Credit Program page copy is completed, pending details from BF&I Division at OEDIT on timeline for the application build.

2. Wildly Important Goal (WIG)

1. FY24 WIG: Outcome Measure: Utilize the Cash Collateral Support Program to support at least two companies transitioning to employee ownership or employee-owned companies seeking financial support by June 30, 2024

1. Use Cases:

1. 1/2: completed, ESOP in Denver, CCS to support ESOP Transaction.
2. 2/2: completed, ESOP in Olathe, CO.

1. The bank and borrower made a last minute switch to the type of application. Used CCS to support the new employee-owned company with a working capital line of credit. ESOP closed 06/30/2024. 28 new employee owners.

2. Still tracking outreach and conversions - please report them out or add directly to tracking sheets.

3. OML/Sunshine SOP’s

1. New procedures at OEDIT have been enacted in regards to website updates, due to accessibility considerations. This impacts posting of meetings with 2 or more EOC members. Please note that website updates must be delivered 1 week prior. Please contact M. Licina with any questions or concerns.
2. Bylaws have been completed in conjunction with the Colorado Attorney General and will be circulated after the meeting.

4. Other Data Tracked:

1. LinkedIn Followers: 814 (+13)
2. CCS Outreach (# contacts in database): 79 (+23)
3. CCS EO Use Cases (approved CHFA App): 2 (2/2 for FY24 WIG)
4. EO Consults (# businesses): 13 (+4)
5. LMS Completions (# businesses): 5 (+4)
6. EO Conversions: 2 (+2; One ESOP in EOTC for FY23, One for CCS/EOTC as previously mentioned)
7. Service Provider Count: 180 (+25)

5. Events

1. Previously Executed:

1. 06/08, CCWB Event: Strengthening the Colorado Cooperative Ecosystem, 136 attendees.
2. 06/25, EPI Denver Chapter Event: Strategic Insights from the 2023 National State of Owner Readiness. Note the new chapter name. 60+ attendees.

2. Planned or Under Development:

1. 07/11, TEA Rocky Mountain Chapter 2024 Let's Talk ESOPs: CEO/CFO Edition, DVL Group. Register here.
2. 07/17, Michigan Department of Labor and Economic Opportunity (LEO) - Workplace Mental Health Webinar Series on Colorado ESOPs, featuring J. Briggs.
3. 07/25, TEA ESOP Employee Accelerator at Catamount Constructors in Lakewood. Register here.
4. 08/01, CSG/CEOO/EdwardJones ESOPs for Construction Event, Hybrid, Fort Collins, RSVP link forthcoming.
5. 08/06-08/09, Oxford Symposium on Employee Ownership 2024. More info here. D. Dell, J. Briggs, and J. Wiener attending.
6. 08/14, BEI National Exit Planning Conference, Denver, CO, Speaking engagement with CSG. More info here.
7. 09/15-09/18,  International Economic Development Council (IEDC) Conference, Denver. More info here.
8. 09/19, EDA Alliance Summit, Durango, CO. Details forthcoming.
9. 10/17, 5:00-8:00 PM, EO Month Event at CSU Spur. RSVP link forthcoming.

3. A Look Ahead - EOC Series:

1. 08/06, In-person - This meeting has been canceled.
2. 09/10, Virtual - Annual Compliance Training on OML/Sunshine; Bylaws.
3. 10/01, In-person

1. Guest Speakers: Aaron Carga, VP of Product Development & Support at Cargas; Drew Mousetis, Executive Director of Tandem Center for Shared Business Success
2. Topic & Discussion: Direct Employee Ownership – An Alternative to an ESOP

4. 11/05, Virtual

1. Guest Speaker: Paola Bellotti
2. Topic & Discussion: Coop Finance and Investment in Italy

4. RMEOC “From the Field” Update - M. Champoux-Pellegrin

1. Update provided on new program, in conjunction with OEDIT.

5. CCWB “From the Field” Update - M. Holmes        

1. Update provided on new program, in conjunction with OEDIT, and recent ecosystem event.

5. 1:20PM, Public Comment

1. No public comment was made.

6. 1:20PM, Commissioner Updates

1. K. Oyler spoke about an upcoming event in Durango and requested OEDIT attendance. M. Licina explained that he hopes to attend but has not yet confirmed. M. Licina added that an expert SBDC consultant and CEPA will be attending.

7. 1:21PM, Conclusion & Adjournment, K. Siggins