The Ohio House of Representatives unanimously passed Senate Bill 186 on December 13, 2000, extending the sunset date for the Employee Ownership Assistance Program. Gov. Taft signed the bill into law on January 4, 2001. Ohio is one of only seven states which have created and funded a state-supported program for employee ownership, even though twenty-eight states have passed legislation expressing support for the creation and development of employee-owned companies.

With the program's renewal, the Ohio Department of Development will continue to develop and provide information to promote the establishment and successful operation of employee-owned companies; to assist in evaluating the feasibility of employee buyouts; to provide technical assistance in buyouts determined to be feasible, including assistance in obtaining financing; and to provide assistance and counsel in the operation of employee-owned firms. The Ohio Employee Ownership Center at Kent State University is the contractor providing those services for the Department of Development.

When employees buy their companies, it anchors jobs and capital in Ohio communities. Since its inception in 1988, the Ohio Employee Ownership Center has assisted some 380 firms employing 75,000 people in deciding whether employee ownership is right for them. Employee buyouts have succeeded in 51 firms, employing nearly 11,000 workers, and even where employee ownership did not result, the assistance process often resulted in a better outcome than had originally been projected. That means finding a buyer who would keep the facility open or avoiding a projected shutdown through refinancing or reorganization.

"This is an extremely important program for Ohio," said State Senator and bill sponsor Leigh Herington, Democrat, "Not only does it provide people interested in employee ownership with a valuable resource, but it also continues to foster Ohio-based business ownership."

On the other side of the aisle, Republican Representative Gene Krebs stated when he introduced the bill into the House, "Since 1988, the Employee Ownership Assistance Program has assisted firms in establishing employee ownership. It is important to continue to encourage employee-owned businesses to increase growth and investment in Ohio and to continue to expand the business capital owned by Ohioans."

The Ohio Employee Ownership Assistance Program has also enjoyed the vigorous support of Governors Celeste, Voinovich and Taft. In his letter of greetings to the 14th Annual Ohio Employee Ownership Conference held last April. Governor Taft stated, "We must continue the quest to become more competitive in the world economy by broadening ownership, anchoring capital locally and increasing employee participation." Governor Taft went on to say, "Successful employee-owned companies are good for the employees. They are also good for the community and Ohio because they reinvest in both capital improvements and their employees at a higher rate than conventionally owned firms."

With the passage of Senate 186, the outlook for political support for employee ownership in Ohio continues to be bright. It is bipartisan political support that has enabled Ohio to become a recognized national leader in growing successful employee-owned companies. The fact that the employee ownership community in Ohio has continued to grow and now encompasses some four hundred companies with more than 325,000 owners stands as concrete testimony to the wisdom of Ohio's policy.