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Article: Entrepreneurial spirit paying off for Work Inc.
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- June 11, 2009
- Author:
CopyrightCopyright 2009 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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QUINCY - Jim Cassetta was worried about the economy long before
the financial earthquakes of this past fall.
The president of Work Inc., a Quincy-based nonprofit that helps
the disabled find jobs, knew that when hard times hit, his agency
would suffer cuts in state grants and other revenue sources. Seeking
some measure of financial protection back in 2004, he took a novel
path: His nonprofit bought a for-profit company.
The purchase of Facilities Management & Maintenance, or FM&M, is
paying dividends now. Profits from the "green" cleaning company have
helped partially offset $1 million in state cuts in the Work Inc.
$25 million budget.
After expenses, the company's revenues provide between ...