Market & Co-op faqs
Transparency is one of our core values. Below, read responses to some of our most frequently asked questions about being a community-owned grocery store, our Board of Directors, and store ownership. If you still have questions, don’t hesitate to reach out to us!
Co-Op Questions
What is a co-op?
Co-ops are guided by seven principles (in addition to our store’s unique values):
1. Voluntary and Open Membership
2. Democratic Member Control
3. Member Economic Participation
4. Autonomy and Independence
5. Education, Training and Information
6. Cooperation Among Cooperatives
7. Concern for Community
Do I have to be an owner to shop at the Market?
No—anyone can shop with us anytime we’re open! We rely on people living in and passing through Southern Logan County to frequent our store. We only HOPE you want to become an OWNER!
Board of Directors Questions
What does the Market Board do?
A Volunteer position, Oversees the operations and finances of the Market, including patronage and dividend benefits
Establishes policies to guide operational decisions
Manages personnel, including hiring and monitoring performance of the General Manager
Secures good conditions of employment and reasonable benefits for employees
Ensures the mission of the Market is carried out
How many Board Members are there and what is the Board term?
9 people are elected to the Board of Directors, selected among both Market members and stockowners.
Who can be a Market Board member?
Board Members must own stock, have been an owner for at least 2 months, and are elected by fellow owners and members.
WANT TO GET INVOLVED? WE NEED YOUR HELP! Interested in sitting on the BOARD? email mpmarketonthehill@gmail.com
Ownership Questions
Are a married couple treated as individuals or a single owner?
A married couple can each buy the maximum amount of stock and put it in their individual names.
How many shares total are available?
For the business launch, we were authorized to sell $60,000 of common stock (120 shares) and $60,000 of preferred stock (60 shares). All preferred stock shares have been purchased, while a few common stock shares remain available. If the Board chooses to offer more stock for sale, it requires a Board resolution. In the future, if we choose to add more classes of stock, we will need to change our bylaws.
How will my investment be used in the first year?
Renovation of the building, purchasing of equipment, inventory, and staffing.
When will I start earning dividends?
Dividends will be determined by the Board based on business profitability. The Market expects to pay back all preferred stock in 4-8 years and begin turning profit in the years following.
When will I receive the 6% interest on my preferred stock?
Annually.
Am I able to sell my stock at any point?
Yes.
Can I transfer stock?
Yes. Owner’s rights and interests may be freely transferred to any person age 18 years or older.
Is my stock guaranteed to earn money?
No, purchasing stock in any company always merits a certain amount of risk. If the store fails, any remaining assets will be liquidated and divided back among owners. A full refund is not guaranteed.