FAQ - Answers to Frequently Asked Questions
Why should we pay $150.00 to go grocery shopping (when we can shop without paying this fee)?
You are not paying 150.00 to grocery shop, you are purchasing an ownership unit and all the incentives that the unit provides- such as in store savings, free educational seminars and a vote.
What is my 150.00 being spent on Pre-Opening?
The money is being deposited into our Carolina Alliance Business account where it will accrue while we are on our ownership drive. At the time that we achieve our financial goals to open, the funds will be used for renovating the space, purchasing inventory and equipment, and staffing the store. If opening the Co-op becomes unlikely, then the Ownership amount of 150.00 minus expenses will be refunded to the people who have purchased Ownership units.
Is this a one time fee or will you be asking for more money?
This is a one time fee as you may only purchase your ownership unit once.
Does anyone own a bigger percentage than other unit owners?
All owners only have one Ownership unit per state statutes, no exceptions.
Do we owners have to volunteer?
The more owners that volunteer time and assistance in the store, the lower overhead we have in paid salaries… that translates to greater savings for the Co-op shoppers and bigger patron refunds at the end of profitable years. It is desired, but not mandatory to volunteer.
How many units of ownership can I buy?
It is one unit of ownership per person, and only available to persons 18 years of age and older. Multiple ownerships are allowed in the same household.
Where is the nearest co-op that I can go look at?
There is a co-op in Hendersonville, NC, but we are more closely modeled after the French Broad Co-op in Asheville and Fresh Market locally (not a co-op).
Are there any good co-ops that I can look at online?
Yes, Bozeman Montana Co-op has a great website.
Will ALL of your products be local?
Not all, but we will give preference to locally produced seasonal goods.
Will ALL of your products be organic?
No, but we will carry as much organic as possible.
Will the co-op be able to handle all of my grocery shopping needs?
We are striving to be a one-stop-shop that will supply most of your shopping needs, but as an Owner, you are able to request that we carry certain items and products that will make your shopping experience more convenient and pleasurable.
How are you different from the Farmer’s market and Belues?
We are open 360 days a year, and offer dry, canned and frozen goods to accompany the local meat and produce. We will also have a coffee shop, internet access and a large outdoor sitting area for socializing. We fully support both belues and The Farmers Market as integral parts of our community and feel that we will all benefit from each others presence in this endeavor.
How are you different from the Fresh Market?
We are actually going to closely resemble The Fresh Market, but we will be more affordable, have a large volunteer base, and we will accept Food Assistance. Also, we will carry more locally grown items. Don’t forget- we are a locally owned store and all the money spent in our store stays in our community!
Are you raising money in any other ways (besides ownerships?)
We are asking for funding from multiple sources… Foundations, grants, City Funding and limited financing in the form of Owner loans… please review the financial information on the construction page for a more detailed response.
If I want to sell my product at the co-op how do I get that product approved?
We are in the process of creating a vendor selection system that will allow people already manufacturing their product to submit it to us, and we will also have assistance available for people trying to start a manufacturing program. This system should be in place by February.
What if there is a product I want to buy, will you be able to get it for me?
We will most likely be able to order special request items, as long as they are distributed locally.
Will you have ordinary brands (like Kleenex and Clorox and Pepsi)?
We will carry small quantities of the everyday brands you expect, but I anticipate very limited soft drink selection. Again, as an owner you will be able to request items that you would like to see in the store for your convenience.
How long will you attempt to raise money before you decide whether or not the Co-operative will be successfully opened?
We want to give the community a fair shake in creating the future of downtown, and right now- we are in the process of educating people about the co-op and its benefits short term and long term… its way to early to decide what type of time limits we should have to our success. The goals are simple… we need time, patience and community cooperation to be successful!
What kind of expenses will be deduced from our units of investment before it is returned to us in a worse case scenario (will your salary or anyone else’s salary be a part of such expenses)?
At this time, the only expenses have been marketing and nominal ones at best… we would know far ahead of the point of hiring a general manager or paying out a salary if this Co-op was going to be successful or not. It’s a safe guess to hazard that the only deductions from your current investment would be based on the necessary marketing expenditures.
Lets do the math:
If 200 people purchase ownership units at 150.00 per unit that is 30,000.00.
If we cap out and get no more Owners, despite our best efforts, then we will take the Marketing expenses.. lets say 2500.00 for example and subtract that from the 30,000.00.
Then, the sum of 27,500.00 will be divided by 200 and the total is a refund of 137.50
If you you have further questions, please contact us at Info@HubCityCoop.org.
*These principles were adopted by the International Cooperative Alliance in 1995.