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“While it’s wonderful to think that family members will take over the business – this doesn’t always happen,” said Small Business House Committee Ranking Member Rep. Nydia M. Velázquez. “It is anticipated that many of these businesses will be bought by a rival, while others will be forced to close altogether, leaving empty Main Streets and hard-hit local economies. I am pleased that the bill we passed will help empower employees to become owners in their companies.”
At DAWI, we know that employee ownership offers a vital solution for small business owners across the U.S., and we believe the SBA can play a critical role in creating greater awareness and more opportunities for broad-based ownership of small business. We applaud this effort to provide education, microloans, and training through the Small Business Administration, which we believe will cultivate healthy business successions to employee ownership, saving critical business assets and keeping our communities strong and prosperous.
Read more about the Main Street Employee Ownership Act on Nonprofit Quarterly.