The bill establishes the Rhode Island Center for Employee Ownership (RICEO) within the state's business development center to facilitate the transition of small businesses to employee-owned models. The RICEO will provide resources, technical assistance, and a referral service to help legacy business owners and worker owners navigate the process of transitioning to employee ownership. The director of the RICEO will oversee its organization, administration, and operation, and will have the authority to contract out services as needed.

The RICEO will partner with various private, nonprofit, and public organizations to promote and educate about the benefits of employee ownership and succession models. It will also work with state agencies to enhance opportunities and reduce barriers for employee-owned businesses, create a network of technical support providers, and develop programming to raise awareness about employee ownership as a solution to the state's small business succession crisis.

Additionally, the bill creates an advisory committee within the RICEO to coordinate state resources and increase collaboration between state agencies and the small business community regarding employee ownership and succession planning. The committee will consist of representatives from various sectors, including labor, business regulation, and small business development, and will be responsible for promoting the work of the RICEO and providing relevant information and technical assistance. The bill aims to address the ongoing small business succession crisis in Rhode Island by fostering employee ownership as a viable solution.