Did you know that baby boomers own one out of two privately held U.S. businesses with employees? And only a fraction (15%) of family-owned businesses have kids who want to take over. Have you thought about what will happen to your favorite businesses and their employees when the owners retire?
Succession planning is a real need for companies today. It can be devastating for communities when locally-rooted businesses close or are sold to out of town buyers that relocate or cut jobs. Many business owners want the best for their workers and are just learning about the benefits of selling their businesses to their employees.
Employee ownership creates strong local economies by increasing job quality and stability. Employee-owned businesses invest more locally and have a positive impact on job creation and business retention.