The Future of Ethical Business is Here and CWCF is Ready!
With the support of the Government of Canada’s Investment Readiness Program, CWCF has launched the ‘Justice, Equity, Diversity, and Inclusion (JEDI) Business Conversion Project’.
For our purposes, the term ‘ Business Conversion’ is synonymous with ‘Social Acquisition’, which refers to the conversion of a traditionally operated business to a Social Purpose Organization (SPO) such as a social enterprise, co-op, B-corp, etc.
L3’s Social Acquisition Primer >>
The project focuses on business transformations to SPOs that reflect the principles of JEDI. SPOs have different value systems that inform their governance and thus operations. This enables selling owners and purchasing owners (employees, communities, and other stakeholders) to create more socially impactful enterprises. Since many businesses do not start out as SPOs, a business conversion process is necessary for those who wish to transition.
This project began in September 2022 and is on track for completion by the end of December 2023. Being an approximately 15 month initiative, the project outputs have been divided into Months 1-3, Months 4-8, and Months 9-15. See below for a visual timeline of events, which highlights key activities and initiatives throughout the duration of the project.
Months 1-3: Background Information and Research
- Served as time allotted to knowledge acquisition. This included sourcing reliable materials on Social Purpose Organizations (SPOs), the need for them in the Canadian context, and examples of such organizations.
- During this time we also gathered information on the experiences of members of Equity-Denied Groups (EDGs) in the business investment space; which showcased that the impacts of COVID-19 and financial instability have disproportionate impacts on business owners from EDGs. At this intersection of need and opportunity, SPOs remain a crucial tool for catalyzing sustainable change in these communities.
- A Communications & Marketing plan was developed which details the channels to be used for dissemination of materials and information.
- Lastly, we prepared and presented a session on ‘Business Conversions for Equity-Denied Groups’ as a pre-conference workshop, which educated on SPOs and how modern-day Social Enterprise/SPO models stem from economic paradigms that have been practiced by BIPOC groups for hundreds of years.
Months 4-8: Outreach and Communication
- Develop online one-pagers on SPOs; this includes worker co-ops, consumer co-ops, social enterprises and relevant examples. These one-pagers also detail general steps an individual may consider for converting their traditional business to a SPO, as well as case studies of successful conversions that highlight EDGs.
- Create a brochure and posters that contain tips for business conversion from both the buyer and seller perspectives.
- Conduct an environmental scan on business conversion service providers and disseminate this information such that it is easily accessible to those who need it.
- Plan and facilitate an online session on ‘Business Conversions for Equity-Denied Groups’ which will educate on SPOs and their connections to Equity-Denied Groups.
- Develop an Evaluation Framework.
- Recruit & hire intern(s).
Months 9-15: Create a Basis for the Eco-system of Future Business Conversions
- Establish an online forum for those pursuing Business Conversions where individuals may submit requests for assistance throughout their conversion process.
- Design and deliver one peer-learning session for the SPO/SME service providers to increase their awareness of and capacity to support social acquisition cases.
- Partner with colleges and/or universities to offer consultations with experts, which will help mold the long term trajectory of the business in question.
- Facilitate sessions where those pursuing conversions or interested in the process, may network, collaborate, and receive input from service providers.
For more information on business conversions to SPOs:
How a Business Conversion works
For questions and inquiries regarding this project, please contact:
Janielle Maxwell, JEDI Business Conversion Project Coordinator
JEDI Conversion Events
Past Event: CWCF Pre-Conference Session November 15, 2022
Past Event: CWCF Conference Keynote November 17, 2022
Upcoming Event: Business Conversions for Equity-Denied Groups February 9, 2023
What is a Social Purpose Organization?
What are some examples of business conversions/social acquisitions?
How does a business conversion work?