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Home / Ferment Blog / Real Pickles: Financing Case Study

Posted November 21, 2013 by Real Pickles

Real Pickles: Financing Case Study

Community Investment in the Local Food System

How a small local food business in western Massachusetts preserved its social mission through transitioning to a worker-owned cooperative and using an innovative financing strategy.

Authored by:

Jonathan Ward, Special Projects Intern, Community Involved in Sustaining Agriculture (CISA)

With significant contributions from:

Margaret Christie, Community Involved in Sustaining Agriculture (CISA)
Addie Rose Holland & Dan Rosenberg, Real Pickles
Jeff Rosen, Solidago Foundation
Sam Stegeman, Pioneer Valley Grows (PVGrows)

Download the full 12-page case study

Abstract
Worker-owners with fresh cucumbers at Real Pickles in Greenfield. Photo: Real Pickles
Worker-owners with fresh cucumbers at Real Pickles in Greenfield. Photo: Real Pickles

“We’re re-writing the standard storyline for a successful organic food business,” says Dan Rosenberg, founder of the twelve-year-old Greenfield, Massachusetts company Real Pickles, which makes naturally fermented and raw pickles from regionally-grown vegetables in a 100% solar-powered facility. Instead of selling their growing company to a large industrial food corporation, as happens so often with successful natural products businesses (think: Odwalla, Naked Juice, Tom’s of Maine, Stonyfield, and so on), Rosenberg and his wife Addie Rose Holland (who had joined him in running the business in 2004) went the other direction, deciding to keep Real Pickles small, locally owned, and mission-driven. In late 2012, Rosenberg and Holland formed a worker-owned cooperative with other staff members, and funded the co-op’s purchase of the business through a highly successful community investment campaign that raised a half-million dollars.

Transitioning to worker-ownership gave the company a way to protect its social mission. Since its founding, Real Pickles has been committed to promoting human and ecological health by providing people with delicious, nourishing food and by working toward a regional, organic food system. In order to help ensure that this mission would continue, the worker-owners inscribed these principles in the co-op’s organizing documents, and made them very difficult to change. Still, even after organizing the cooperative structure, the worker-owners needed to raise a half-million dollars to buy the business from Rosenberg and Holland. They considered a number of options for financing, from subordinated debt to equity. In making these decisions, the worker-owners drew from the experience that one of them had had working with Equal Exchange, a successful cooperative that has a long history of raising capital by selling non-voting preferred stock. Later, they sought the expertise of the PVGrows collaborative network in western Massachusetts. A financing expert in PVGrows also connected Real Pickles to Cutting Edge Capital, a pioneering law firm in the Bay Area that helped them navigate many legal hurdles. In the end, the worker-owners decided that the best way for them to raise $500,000 was to sell non-voting preferred stock through a direct public offering. Real Pickles officially launched a community investment campaign in March 2013. Astonishingly, in just two months, the campaign was over. Seventy-seven investors – a mix of individuals, customers and suppliers, even a number of other co-ops – together invested $500,000, which allowed Real Pickles to fully transition to worker-ownership.

With interest growing in scaling up local food systems, the story of Real Pickles’ co-op transition and community investment campaign offers important lessons. Communities need businesses that can model ways to stay small, vibrant, and locally owned. This story is both inspirational and rich in technical detail so that others can speak about it, replicate it, and, ultimately, build upon it to fit their own visions of resilient local economies.

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cabbage CISA CLIMATE CHANGE CO-OPERATIVES COMMUNITY corporate food system cucumbers decentralization diversity EQUITABLE farmers Ferment fermentation fermented pickles food as a right Good Food Awards health health benefits investing LOCAL mud NEW ECONOMY Occupy Wall Street Old Friends Farm organic PEOPLE-CENTERED PEOPLE POWER pickle posse pickles Real Pickles recipes REGIONAL RESILIENCY sauerkraut SLOW MONEY small business SOCIAL CHANGE SOCIAL MISSION SOCIAL RESPONSIBILITY stocking up sustainable tasting turmeric turmeric kraut WORKER CO-OPERATIVES
We are so excited to see the delicious photographs We are so excited to see the delicious photographs that @newenglandfoodandfarm made while visiting Nick and his crew at @smetanafoodtruck earlier this month! You can almost taste the flavors of these "Modern Eastern European Fare" dishes that include Real Pickles Sauerkraut and Beet Kvass! If you aren't able to visit Smetana Food Truck (their schedule and location is on their insta page) - we hope you are inspired to create your own dish this holiday weekend! 

#RealPickles #kraut #organic #kvass
We are happy to report that the skilled farmers at We are happy to report that the skilled farmers at Mountain View Farm (and Dave Hayes the Weather Nut!) kept our baby cukes safe and warm during the recent freeze! Cucumber pickles will be back in early July!  #RealPickles #organic #NortheastGrown 

Posted @withregram • @mtviewfarm Here's a sunrise photo from this morning at 5:30 AM when we were out checking things. Temps got down to 25° but everything made it through OK. Thanks to our wonderful crew and all the people we consulted with including farm member and meteorologist Dave Hayes and Ben's mentor @michaeldocter50--what would we do without you?!?! 💛
We are SO excited to introduce our newest member-o We are SO excited to introduce our newest member-owner of our co-op, Craig Lavarreda! As the Real Pickles production manager, Craig keeps systems running smoothly and well-coordinated. He says, "I am excited to be part of a group with the same commitment, working towards the same goal and being part of the collective decision making.”. As a worker co-operative, Real Pickles is preserving our strong social mission, empowering our staff to direct the future of our business, and creating good local jobs with shared profits. We are proud to be part of a movement to build and strengthen democratic economies in our community and beyond. 

#RealPickles #WorkerOwner #Coop
This Thursday, join a workshop with Franklin Commu This Thursday, join a workshop with Franklin Community Co-ops, "Farm to Fermentation" with Real Pickles' very own Katie Korby and Kate Hunter! Learn about the importance of local organic farms and soil health and their connection to fermentation and a healthy gut microbiome. Katie will demonstrate a quick, spring time ferment in this informative and fun workshop! Thursday May 18th 6-7:30 170 Main St. Greenfield and online! Check bio for Zoom link on Thursday. 
#RealPickles #Fermentation #soilhealth #organic #northeastgrown #localfood
The pickle folks are so happy to be eating lunch i The pickle folks are so happy to be eating lunch in the sun! Enjoy the weather this weekend everyone! 😎
We think of Mother's Day as a time to celebrate an We think of Mother's Day as a time to celebrate and reflect on the role models in our lives.  If you are celebrating with a meal, consider this recipe where you can pile on your favorite Real Pickles ferments! This Garden Pilaf recipe is beautiful as a side or a main dish, plus it's loaded with flavor and packed with nutrients. Recipe link in bio.

#MothersDay #recipe #RealPickles #ferments #salad #organic

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