AS A BUSINESS OWNER
WHAT WILL BE YOUR LEGACY?
The West Virginia Center for Employee Ownership serves as the central hub for information and resources around employee ownership in West Virginia.
The Silver Tsunami
Our local business landscape is going through a dramatic shift.
Baby boomers own half of the privately held businesses with employees in West Virginia
Why is this a key moment for employee ownership in WV?
Employee ownership is a business model in which employees collectively own a percentage of the business for which they work. Two of the main forms are Employee Stock Ownership Plans (ESOPs) and worker cooperatives. In both, employees are given a financial stake in the business. As the business prospers, employees prosper.
Over the next 10 years, more than 4 million U.S. businesses owned by retiring baby boomers will change hands or dissolve
More than half of all small business owners do not have a succession plan
Many businesses will be sold and leave the state of WV, or close their doors permanently, resulting in lost jobs, tax base, and community impacts
Why consider employee ownership?
It is an ownership succession plan that preserves jobs and community impacts, while giving the selling shareholders preferred tax treatment
It is a proven strategy for employee recruitment and retention
When employees have a stake in the company’s success, everyone benefits
How can the West Virginia Center for Employee Ownership help?
The WVCEO's mission is to educate business owners and their advisors (lawyers, bankers, accountants, wealth advisors) on the benefits of employee ownership via Employee Stock Ownership Plans (ESOPs), worker cooperatives, and Employee Ownership Trusts (EOTs). WVCEO provides resources, case studies and articles, and a list of service providers who can assist with employee ownership transitions. WVCEO serves the entire state of West Virginia.
Business Succession Planning
Get our free guide to Business Succession Planning and secure your company's future after your exit. Learn exit planning strategies and gain the knowledge and skills to prepare your business for a successful transition.
LEARN MORE ABOUT EMPLOYEE OWNERSHIP OPTIONS
Tim Gibbons
Prudence Ross
Director of Outreach and Administration
1116 Smith St, Suite 311, Charleston, WV 25301
Interested in becoming employee owned?
Employee ownership is as much of a journey as a destination. The process can be complex, but the rewards - for selling owners, employees, and community alike - can be outstanding.
Reach out to Tim to learn more about employee ownership and how to get started on this path.
