In central Minnesota, small businesses aren’t just part of the economy — they are the economy.
They sponsor our youth teams, support our churches and festivals, and provide steady jobs that keep families rooted in the communities they love. But as more local business owners near retirement, many of these community anchors face uncertain futures.
October is Employee Ownership Month, and it’s a good time to talk about what that means for regions like Brainerd, Little Falls, and Wadena. Employee ownership — whether through employee stock ownership plans, worker-owned cooperatives, or employee ownership trusts — offers a practical, proven way to keep businesses local while rewarding the employees who helped build them.
Before I joined the Minnesota Center for Employee Ownership, I spent years working in community and business development — including serving as mayor of North Branch. That experience gave me a front-row seat to how hard small business owners work to keep their doors open and their communities strong. It also showed me what happens when those businesses close without a plan.
Employee ownership provides a way to pass on not just a company, but a legacy — protecting jobs, maintaining tax bases, and keeping local wealth circulating in our towns.
Research shows that employee-owned businesses grow faster, are more resilient in downturns, and have significantly lower turnover than traditionally owned firms. Employees at these companies typically earn higher wages and have twice the retirement savings — benefits that ripple through entire communities.
The Minnesota Center for Employee Ownership, founded in 2020, helps connect business owners, employees, and advisors to tools and resources that make this possible. We’re proud to partner with organizations like the North Central Small Business Development Center at Central Lakes College and the Central Minnesota Manufacturers Association to bring no-cost valuation and succession planning support to local business owners across the region.
When employees share in ownership, they share in success — and that’s how central Minnesota will continue to grow stronger for generations to come.
(Kirsten Kennedy brings more than a decade of experience in community and business development to her work advancing employee ownership across Minnesota)
