It's likely everyone remembers the initial challenge we set when we first made Ownership available in August: the 242 of you who became Owners during that month will forever be known as Wild Root Market's Founding Owners. We've come to learn this is an unprecedented success in the co-op world. We're thrilled with that result and proud of our community.
We have now asked each of our Owners to invite at least two of their family, friends and neighbors to also become Owners. (Wild Root Market Ownership would make a great holiday gift, by the way.) Anyone who does (or did) so between September 1st and the day we open the doors of the market will be recognized as Pioneering Owners who joined in an effort to open up new frontiers: a community-owned grocery store committed to quality, fresh food and to being a part of an improved local economy. We are so grateful to our early supporters and rely on each of you to continue spreading the word so we can open our doors as soon as possible.
We keep getting asked whether we "have enough Owners" yet and the simple answer is: Owner recruitment is a never-ending endeavor. It simply doesn't stop. Ever. (Just ask our friends at the 40-year old Outpost Natural Foods!) And for us, a lot rides on education and awareness--those of you reading this newsletter "get" the importance of eating healthy, natural, "real" food. Many in our community, however, do not. So we'll be spending all kinds of energy in that regard in the coming months and years to ensure that as many folks as possible understand the benefits of eating well and the costs of not.
We hope you'll choose to join us--not just as an Owner, but an active one willing to share your time and expertise--because it's vitally important work, both for the improved health of our families and friends and for the overall success and long-term viability of the market! Together, let's revolutionize the health and sustainability (physical and economic) of our community.
Save the date: Monday, February 27, 2012
It's almost here: our first Annual Shareholder Meeting! State regulations mandate that an organization must have its first shareholder meeting within six (6) months of incorporating. Well, here we are! We're working on securing a large enough facility (with handicap accessibility) to accommodate all of our Owners. If you have ideas, let our special events team know!
More information will soon be forthcoming, but we wanted to give Owners an early heads up in hopes that you'll be able to secure the date in your calendar. It will be your first opportunity to vote in new Board members and even to run for a vacant seat yourself if you are so inclined! Stay tuned.
Update on Market Study
We've received the results for Phase I of the market study and we're happy to share that the results inform us that, strictly from a sales projection standpoint, each of the sites we've targeted is viable and suitable for a retail grocery. Phase II consists of the financial evaluation and to that end we've hired a second co-op expert consultant to develop a financial pro forma. This will help us determine the cost of each site. At the same time, we're evaluating the inherent business components (i.e., potential lease terms, etc.). As you can see there are many moving parts but each day brings us closer to having all the critical information and data we need in order to hone in on the best location for the market. We'll continue to keep you posted!
Paying in Installments
We owe some of you an apology! A snafu in our accounting software (that we caught after sending out the installment payment reminder) made it appear that the entire remaining amount was due in full. In fact, those paying over time are only required to pay $50 per quarter, until the $200 full equity share is paid. Please accept our apologies for causing any confusion, consternation or concern!
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