‘Employee Ownership’ Initiative Launched in LA, To Preserve Jobs and Help Local Small Businesses
LA County has taken a bold move by providing free counsel and support to business owners eager to hand over the reins to their employees. This groundbreaking initiative aims to promote small businesses and employee prosperity.
A press release from the Los Angeles County Department of Economic Opportunity (DEO) states that the recently established “Employee Ownership LA County” will allow workers to take a cut of the action, facilitating the survival of small businesses and jobs in the community.
The DEO is promoting a seamless handover of ownership from the current owners to the new ones, working hand in hand with the people at Project Equity.
The move will assist around 25,000 struggling businesses. These small-scale businesses are crucial for the LA economy, providing more than 750,000 local jobs and generating over $225 billion in local revenue.
“The Department of Economic Opportunity is thrilled to launch this important resource for small businesses in Los Angeles County,” said Kelly LoBianco, DEO director of LA County. Those who need assistance can further check into the East LA Entrepreneur Center and book a session with experts during office hours.
Thousands of boomer-run businesses are on the verge of a “silver tsunami,” and LA is preparing for a seismic shift in the business landscape. This could be a game-changer and a welcome remedy for those who are trying to find a way out and a path forward for their staff.
