Keep local businesses thriving with employee ownership
Watch the webinar: Keep local businesses thriving with employee ownership
Recorded on: Thursday, December 3, 2020
Project Equity, Cambridge Local First, American Independent Business Alliance (AMIBA) and Asheville Grown presented information on how locally-owned businesses can thrive with employee ownership.
Local businesses are the backbone of our communities. They are facing significant challenges due to the COVID-19 crisis. Regrettably, many of these locally-anchored businesses are at risk of closing simply because of a global crisis that froze demand and stalled cash flow and requires constant shifting and planning for an uncertain future. Add to this the challenge that baby boomers own nearly half of privately held businesses with employees in the United States. Cities and regions need to understand the risk of the “Silver Tsunami” as these business owners retire. The risk is that these businesses will not be retained locally—either because they quietly close down, are sold to out of area buyers or simply do not have a succession plan.
In this webinar, we heard from the following employee ownership experts:
- Alison Lingane and Miyaka Cochrane from Project Equity
- Theodora Skeadas from Cambridge Local First
- Derek Pebbles from American Independent Business Alliance
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
Project Equity interviewed Burnett Specialists, a successful ESOP and Staffing firm in Houston, Texas that went from woman-owned to 100% employee-owned. Read interview >>
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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.