RI S2922

Establishes the Rhode Island Center for Employee Ownership (RICEO) within the state's business development center, led by a director responsible for providing technical assistance and referral services to help businesses transition to employee ownership models

Addresses the small business succession crisis, noting that 56% of Rhode Island small business owners are aged 55 or over and 66% have not conducted a recent business valuation needed for selling their business

Requires the director to create a network of technical support providers, develop lending guidance with financial institutions, maintain an inventory of employee-owned businesses, and measure program outcomes

Creates a 16-member RICEO advisory committee including 5 ex officio state agency representatives and 11 appointed members serving 2-year terms, with appointees from the legislature, employee-owned businesses, chambers of commerce, academia, and professional organizations

Defines employee-owned business models to include worker cooperatives, Employee Stock Ownership Plans (ESOPs), and Employee Ownership Trusts where employees hold shares or share-value rights in their company