Massachusetts businesses considering a sale or transition to employee ownership can apply for a new stipend covering 50% of eligible professional advisory costs.
The Healey-Driscoll administration announced the program Oct. 6. It is run by the Massachusetts Center for Employee Ownership. Awards are capped at $25,000 for an employee stock ownership plan, or ESOP, and $12,500 for a worker cooperative.
Eligible work includes feasibility assessments, business valuations, legal advice and transaction planning. Businesses must use consultants selected from the center's qualified network.
Applications are accepted on a rolling basis, subject to available funding. The state's program page provides application and eligibility information.