RI H7570

Establishes the Rhode Island Center for Employee Ownership (RICEO) within the state's business development center to help legacy business owners and workers transition small businesses to employee-owned models such as worker cooperatives, ESOPs, and employee ownership trusts

Director responsibilities include providing referral services for legal, financial, and technical resources; partnering with trade associations, financial institutions, and chambers of commerce; and creating a network of technical support providers

Creates a 16-member RICEO advisory committee with 5 ex officio state agency representatives and 11 appointed members serving 2-year terms, including legislators, employee-owned business representatives, and industry experts

Addresses small business succession crisis, noting 56% of Rhode Island small business owners are age 55 or older and 66% have not conducted recent business valuations needed for selling their businesses

Takes effect upon passage; Rhode Island would join at least 24 other states with existing Centers for Employee Ownership