(San Francisco, CA, Wednesday, September 9, 2020) – Small businesses are the lifeblood of our economy, making up 99.7% of all firms and providing 48% of jobs nationally.
According to a poll by the U.S. Chamber of Commerce, 57% of small businesses worry about permanently closing.
Now, more than ever, solutions are needed that create economic resiliency for workers and local economies.
Project Equity believes that employee ownership helps small businesses remain resilient amidst economic uncertainty. This business strategy is essential to address income and wealth inequality and the racial wealth gap. The push for employee ownership is growing around the country.
There is evidence that employee ownership works, with higher productivity and growth, lower employee turnover and greater business longevity.
Employee ownership has transformative effects on employee-owners by creating high quality jobs that help families build assets, with compounding benefits to communities, and when successful businesses become employee-owned, they become even stronger.
Now is the time to reimagine what is necessary and possible in this country. Americans can and must emerge from the economic crisis brought on by COVID-19 with greater resiliency and equity for workers, businesses and communities.
Project Equity is a national leader in the movement to harness employee ownership to maintain thriving local business communities, honor selling owners’ legacies, and address income and wealth inequality. Headquartered in the San Francisco Bay Area, Project Equity works with partners around the country to raise awareness about employee ownership as an exit strategy for business owners, and as an important approach for increasing employee engagement and wellbeing. Project Equity also provides hands on consulting and support to companies that want to transition to employee ownership, as well as to the new employee-owners to ensure that they, and their businesses, thrive after the transition.