Peninsula Homecare Cooperative (PHC) in Port Townsend, Washington is clearly one of the worker-owned home care sectors’ real success stories. Profitable every year since its founding in 2015, the co-op pays above average wages and frequently disburses additional compensation at the end of the year in the form of patronage, a worker-owner's share of company profits. But being successful does not mean that a company is without risk. Operating on a relatively small base of clients, the co-op saw its revenue decline by almost 50% in the second half of 2022 with the loss of a few high-volume clients. To their credit, co-op leaders were able to adjust and rebuild, but the experience left them with a renewed appreciation for growing and diversifying their book of business.  The co-op’s board was also concerned about the pending retirement of their long-time administrator, a leader in the home care cooperative sector nationally who had steered the organization since inception. Would they be able to succeed in the same way without this longtime leader at the helm?

In anticipation of the need to make some changes soon, PHC staff and board began working with FJWO financial coaches in 2023, building up their budgeting and financial analysis skills and planning for growth.  As they worked with FJWO staff, co-op leaders became more aware of their key metrics, especially billable hours and gross margin, and more comfortable setting goals to improve them. As part of their new forward-looking stance on financial planning, in October of 2024, the co-op arranged for a $30,000 line of credit from FJWO as a precautionary source of working capital in the event of payment delays or other issues associated with growth. So far, their plans have met with success: Following years of stable revenues, PHC saw significant increases in overall revenue in 2024 and 2025 because of their efforts.  The co-op has now brought in another administrative staff member as their long-time Executive Director moved to part-time, in anticipation of her full retirement in a few years’ time.  PHC has also continued to be profitable and to regularly pay patronage to member-owners.  The experience of Peninsula demonstrates that FJWO’s targeted coaching approach is not just for co-ops in crisis: well-functioning cooperatives can up their game and get even better with help from the Fund for Jobs Worth Owning!