Can Employee Ownership Preserve Legacy Businesses in Communities of Color?


As gentrification has flourished and Baby Boomers age out of the workforce, “legacy businesses” struggle to find a way to maintain a presence in communities of color. In response, a multi-city fellowship called Shared Equity in Economic Development (SEED) was developed to educate business owners on transferring ownership to the employees to ensure its future. Four cities—Philadelphia, Atlanta, Durham, and Miami— paired three city employees with one community member to work together over a two year period to leave the city with “clear plans, clear roles and good foundations for future business conversions."

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