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:
A Job Quality Agenda for the Next Administration was written by The Aspen Institute Job Quality Fellows urging policymakers to build an agenda for economic recovery focused on job quality and economic inclusion.
The City of Santa Clara launched an initiative to assist locally-owned businesses that are at risk of closure to learn about the option of employee ownership.
2021 is a new year, and a great time to make a resolution to focus on succession planning.
Employee-owned companies have protected their workers’ jobs four times better than other firms and suffered fewer cuts to hours and pay during the COVID-19 pandemic, according to a new study.
On December 2, 2020, the Employee Ownership Expansion Network (EOX) and Project Equity announced their new partnership designed to amplify employee ownership models as ways to preserve small businesses, strengthen jobs and communities and address the acute need for local economic resiliency.