For assistance with Employee Ownership, please contact:
SVP of Business Development
Office: (973) 273-1040
Invest Newark brings forward an exciting trend in business exit planning and inclusive economic development to Newark:
Converting businesses to employee ownership and worker cooperatives:
Many small to midsize businesses – two decades old or more – do not have a succession plan. Thousands of local businesses are at risk of closing as owners near retirement age. This potential closure crisis comes at a time when small business plays a vital role in maintaining the character and affordability of our neighborhoods. Retiring business owners represent a real opportunity to broaden and anchor small business ownership by using shared entrepreneurship strategies to retain Newark businesses.
This program focuses on preserving our community assets and expanding business ownership opportunities in building a fairer and more inclusive economy.
Contact Invest Newark to learn more about business conversions to employee ownership as a tool for exit planning, business retention, creating good jobs, structuring ownership at sustainable businesses, or building community wealth.
As a part of Mayor Ras J. Baraka’s Strategic Plan on Economic and Housing Development – the Newark Paper Coop, a worker-owned cooperative, is a fresh take on job creation, community wealth building, and sustainability allowing members, Newarkers, to be owners in the business they work; (shared ownership) ultimately sharing the enterprise’s profits and giving decision making ability to the workers through a democratic structure that allows each member equal ownership with one vote regarding all logistics and forecasting of the entity. Moreover, these worker-owned cooperatives are strategic in re-engaging the most vulnerable communities in the City and matchmaking them with careers. This will be the first social enterprise the City launches and will create approximately 15 jobs for the Reentry population. Invest Newark is spearheading this initiative and collaborating with anchor institutions to increase sourcing and procurement to local minority businesses. The Newark Paper Cooperative is slated to be operating by 1st quarter 2020.