New York City Launches Employee Ownership Outreach Program
On December 2, New York Mayor Bill de Blasio announced the city would start Employee Ownership NYC, an outreach program to encourage business owners to sell to their workers.
"Enabling workers to buy their businesses is a proven model to address the wealth gap in this city—and it will be a transformative approach for businesses looking for creative ways to recover from the challenges posed by COVID-19," de Blasio said. "This approach helps anchor small businesses in the communities they serve."
The initiative will reach over 20,000 businesses and will provide support for owners to determine whether employee ownership makes sense. A rapid response hotline called Owner to Owners (646-363-6592) was established to respond to inquiries.
The Democracy at Work Institute, the Working World, the ICA Group, and the Business Outreach Center Network will offer support through the program.
The program will provide up to $10,000 in free services per business, including:
- Initial consultation and eligibility assessment.
- Succession planning, including estimate of business value.
- Business readiness assessment.
- Access to capital, depending on eligibility.
- Guidance through the sale process.
- Training and education for founders, managers, and staff to support a successful ownership transition.