Burlington Telecom is about to be sold. The question is, to whom -- A typical corporation or someone else?
Under the typical, investor-owned corporate model, the Directors and officers are duty-bound to serve the best interests of the corporation and its owners. Unfortunately, a decision or policy that is in the best interest of the corporation and its owners may not serve the best interests of others affected by it, for example, customers, employees, and the community.
Alternative models or business structures, like Cooperatives, Benefit Corporations, and Low-Profit Corporations are intended to allow the business to serve a wider group of interests and priorities.
I'm a customer of BT, and a prior customer of three other local providers. In my work as a computer consultant to clients all over Chittenden County, I've seen, first-hand, the difference in the quality of service provided by BT vs. other providers. In my opinion, BT wins, hands down.
I'm concerned enough about what will happen to BT's priorities after it is sold, that I helped found an organization, Keep BT Local, whose sole purpose is to purchase BT and operate it using an alternative business model, the subscriber-owned Cooperative.
For various reasons, I happen to prefer the Cooperative business structure. Nonetheless, what's most important is that the purchaser of BT employs a model that both allows and encourages it to give first priority to the interests of its subscribers and our community.
So, I was very happy to hear that City Council President, Jane Knodell is sponsoring an Alternative Models for Businesses Teach-In at 7 PM, on Monday, June 19 at Burlington City Arts Center, 2nd Floor.
Its purpose is to inform City councilors, the BTAB (Burlington Telecom Advisory Board), and the general public about the benefits and costs of alternatives to the typical corporate model.
Featured speakers are Roberta MacDonald, Senior Vice President of Marketing, Cabot Creamery Cooperative and Kenneth Merritt, who led the drafting of the Vermont Benefit Corporation ("B Corp") legislation. Refreshments will be served.
The City has received 8 bids to buy BT. The business structure of the organization that buys BT will have an impact on telecommunications in Burlington for decades. What should we be asking about the business structure and ownership of the parties bidding to buy BT?
Come to this event to learn about these alternatives and form your own opinion of how the chosen business model of the successful bidder for BT might affect whose interests BT will serve once it is sold.
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