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:
Employee Ownership contributes to job quality, featured in U.S. Commerce Dept. Job Quality Toolkit
The American Rescue Plan (ARPA) is one funding source that local communities are using to unlock the power of employee ownership to support economic resilience and equitable recovery.
Hilary Abell and Alison Lingane recognized for their roles in catalyzing employee ownership movement
There are a lot of important ways to support the growth of Black-owned businesses. We can continue to push for greater access to capital, expand the aperture of creditworthiness and connect young entrepreneurs with mentors.