Employee ownership: an economic development solution to keep Washington’s businesses thriving
Watch the webinar: Employee ownership: an economic development solution to keep Washington’s businesses thriving
Recorded on: Thursday, December 10, 2020
We need cost-effective strategies that build truly resilient economies, and employee ownership is one proven solution that applies across many industries. COVID-19 has required business owners to make adjustments to their businesses, as well as their long-term plans. If many of these companies go out of business or change hands, it could affect local economic vitality and business survival. Rural communities are especially hard hit when long-standing local businesses are lost.
As of September 2020, almost 80% of businesses in Washington state have been negatively affected by COVID-19. Over half believe it will take more than six months to return to normal.
In Washington state, retiring baby boomers own nearly half of all small businesses with employees, almost 60,000 companies. 6 out of 10 will try to sell their business in the coming decade, and many won’t find buyers.
In this webinar (co-hosted by Project Equity and Whatcom Community Foundation), we heard from the following leaders in their field:
In 2020, Optimax became an Employee Ownership Trust (EOT). Read about their story and why an EOT made sense to them.
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.