Keep local businesses thriving 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 because of a global crisis that froze demand, 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.
Employee ownership as a succession plan
An employee ownership succession plan is when you sell your business, and your company transitions to one that is owned by the broad base of employees who help make it successful every day. There are several forms of employee ownership, and it is important to select the one that is the right fit for your business and your goals. Considering most business owners have spent the greater part of their lives building their companies, it’s a once in a lifetime decision that requires careful consideration of the available alternatives.
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Employee ownership: a solution to keep our local businesses thriving and grow good jobs
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