One of the Chamber's biggest strengths is to be able to bring resources from other agencies directly to our members.  I wanted to share this information from Guenevere Abernathy, Executive Director of the North Carolina Employee Ownership Center (NCEOC).  I think this is useful advice for anyone who might be considering selling their business in the next few years.

Did you know that over the next 5 years or so it is estimated that approximately 80,000 privately held businesses in NC will change ownership or close their doors due to the fact they are owned by baby-boomers getting ready to retire?  These businesses employ almost 880,000 workers and produce $165 billion of revenue.  Yet 60% of the owners have no exit plan in place.  

The NCEOC is not here to help these business owners sell their company and take a seller's fee, they are here to help teach them that the sale of their business to the employees is a viable option.  It may not be the right option for all of them, but it is a concept they should know about.  Selling the company to its employees maintains the owners legacy, keeps great jobs in our community, and provides future wealth for workers of all demographics who wouldn't normally share in the profits of their company.

Consider using NCEOC (www.nceoc.org), a non-profit organization, as a resource for to understand the power of employee ownership.  NCEOC can provide in person seminars, webinars, or  one on one calls with business owners to educate them on the employee ownership options available to them.  NCEOC can also connect them with resources like attorneys, accountants, and other business advisors that help them navigate through the process.