Employee Ownership: A Triple Win Solution
We all have a stake in cultivating and preserving a vibrant small business community. Thriving small businesses promote job stability for local residents and anchor neighborhoods that help driving local economies. Broadening ownership can prevent one of the greatest wealth transfers in history from resulting in a loss of jobs, goods and services in all communities, especially those that have historically lacked access to business assets, such as low-and-moderate income communities and communities of color. Employee ownership can be a critical solution to avoid this outcome—helping to build assets by increasing median household net worth, which is 92% higher for employee-owners than non-employee-owners.
The Democracy at Work Institute and National Urban League are collaborating with Citi Community Development on the Legacy Business Initiative, a nationwide effort to retain minority-owned legacy businesses by helping them convert to employee ownership.
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