Employee ownership: A strategy for business resiliency and succession (Washington state)
Watch the webinar: Employee ownership: A strategy for business resiliency and succession (Washington state)
Hosted by WWU SBDC / Recorded March 25, 2021
Many business owners are struggling to make it right now. It’s hard enough to keep a business afloat during COVID-19, never mind having the time to research new opportunities or do long-term planning.
However, these COVID-related challenges are layered on top of an ownership succession crisis that was already unfolding because retiring baby boomers own nearly half of all small businesses in Washington state, that together provide nearly 600,000 jobs. Statistics show that six out of 10 will try to sell their business in the coming decade, and many won’t find buyers.
There is another way to build and grow a successful business that could help now and well into the future: Employee ownership—a solution to keep businesses thriving, gain liquidity and provide an exit for the business owner.
Employee ownership increases engagement, dedication and ingenuity, which are key to business success, especially during this uncertain time.
Hosted by the WWU SBDC, presenters included employee ownership experts and leaders in employee-owned companies:
How one hospitality company’s employee ownership values helped them survive during the COVID pandemic
When either is in crisis, both suffer. But there’s a fix.
Project Equity has partnered with the San Diego Workforce Partnership to host community workshops and help to make financing available for San Diego businesses to transition to employee ownership.
Steve Storkan, the Executive Director of the Employee Ownership Expansion Network (EOX) and his staff members have been very busy expanding the network of state centers for employee ownership.
Over the next decade, engaging and activating policymakers to advance employee ownership will be key to addressing income, wealth and racial inequality at scale.