City launches new employee-owned business transition hotline

The mayor’s plan to make outdoor dining year round is fully supported by Small Business Committee Chair Councilman Mark Gjonaj.
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By Alejandra O’Connell-Domenech

City officials launched a new initiative on Wednesday aimed at helping struggling local businesses survive the remainder of the pandemic by converting them from a single-owner model into employee-owned businesses.

“So much of what we feel about our city is really about our neighborhoods and our neighborhood stores,” Mayor Bill de Blasio said. “ And in truth, a lot of businesses are struggling right now and folks who own those businesses are wondering if they can keep going. A lot of them have actually made the decision that it doesn’t work for them anymore but it might work for their employees to keep the business going.”

As part of the initiative, dubbed Employee Ownership NYC, the city is adding a new number to its list of hotlines where interested owners can call to receive more information on whether selling their business to their employees is the right option for them.

Some benefits of selling a business to employees include tax benefits, ensuring a fair market price, preserving the business’ legacy. For more information call 646-363-6592 or visit owners2owners.nyc

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