Employee ownership keeps LA businesses thriving
Watch the webinar: Employee ownership keeps LA businesses thriving
Recorded on: Friday, November 20, 2020
This webinar discussed how employee ownership transactions are a succession strategy to keep businesses in Los Angeles.
Local business is at the heart of every community and these businesses are facing tremendous challenges today and are uncertain about what tomorrow may bring. Locally owned businesses circulate three times more money back into the local economy than absentee-owned firms or chain businesses. And local businesses are based on local relationships, fostering trust and civic engagement.
COVID-19 has negatively impacted many small businesses in Los Angeles. These COVID-related challenges are layered on top of an ownership succession crisis that was already unfolding because retiring baby boomers (those born between 1946-1964) own nearly half of all small businesses. Statistics show that six out of 10 will try to sell their business in the coming decade, and many won’t find buyers.
In this webinar, we heard from the following local leaders:
- Councilman Curren D. Price, Jr from Los Angeles City Council District 9
- Shawn Randolph from Project Equity
Employee ownership increases engagement, dedication and ingenuity, which are key to business success, especially during this uncertain time.
Employee Ownership Provides Many Benefits to the Business and the Owner
- Preserves legacy in the community
- Provides a good sale price
- Owner can stay involved if desired following the sale
- Creates more worker stability and lowers turnover
- Grows employee engagement and productivity
Tom James Company is the largest custom clothing firm in the world. And it is proud to be 100% employee-owned.
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