New York City is trying to help struggling businesses by offering tools to convert them from a single owner model to an employee owned business.
Deputy Mayor Phil Thompson says small business closures due to COVID come on top of a looming wave of potential closures from aging business owners looking to retire.
“Eighty percent of those wanting to sell their businesses can’t find a buyer. There is a real chance that these businesses will simply disappear and even more people will lose jobs,” he said.
So the city is launching a hotline that will offer free support and services to owners looking to pass their business on to their workers. In the words of State Senator Jamaal Bailey, “It’s not just about that job. It’s about building wealth in a community,” he said.