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Published by Denton Publications, Inc.
The BG/NC Sun | May 12, 2018 • 9
» Gillibrand Cont. from pg. 1
Gillibrand, delivering comments at the nonprofit’s headquarters in downtown Saranac Lake on Monday, said ESOPs Fish estimated there between 10,000 to 16,000 businesses and co-ops are good for businesses, workers and the local owned by Baby Boomers in the North Country. economy because they’re less likely to lay off workers in But fewer than 15 percent of them have an exit plan. economic downturns, go bankrupt and tend to stay in busiA general lack of venture capital in the Adirondacks ness longer. and a lack of prospective buyers may complicate succes“Workers at employee-owned companies are paid 5 to sion efforts — particularly if kids don’t want to inherit the 12 percent more; they have two times more in retirement family business. savings, and they have greater job stability,” Gillibrand said. The worst case scenario is that businesses simply close. Companies that transition to emIt’s kind of an invisible ployee ownership see an increase in Shuttered storefronts, said Fish, could send “shock waves” through rural com- problem until you see productivity by 4 to 5 percent the year munities, which depend on small busi- ‘going out of business’ the business becomes employee-owned, she said. nesses for employment. or ‘closed’ signs.” An estimated 181,370 businesses in “It’s kind of an invisible problem until New York state have owners who are you see ‘going out of business’ or ‘closed’ near or at retirement employ 1.6 million workers statewide, signs,” Fish said. Gillibrand’s Main Street Employee Ownership Act according to Gillibrand’s office. The House has passed companion legislation, said the lawwould which improve access to capital, update lending practices and bolster assistance to help transition these maker, who said she was optimistic the legislation could be businesses to ESOPs, namely through U.S. Small Busi- attached to a larger economic development bill in the Senate. ■ ness Administration outreach. “It creates more financing opportunities for ESOPs,” GIllibrand said. Transitioning to a new model of ownership may also lead to an uptick in unemployment and investment, Gillibrand said. The legislation would also benefit businesses like North Country Creamery in Keeseville, which is exploring a move to a ESOP model in order to become more resilient and democratic, said co-owner Ashlee Kleinhammer. “We’d like to extend that to ownership of the business once we’ve gotten more of the professional help that we’re looking for,” Kleinhammer said. “This is a young business, but are lots of other young businesses and farms in our area that have an opportunity. It’s an up-and-coming enterprise and a viable option for lots of people in their career paths now.” Gillibrand tied the proposal squarely to income equality. “We want to reward to businesses who do invest in their community,” Gillibrand said. “The country needs to start rewarding its workers better.” The bipartisan legislation introduced by Gillibrand also contains a component that would see ANCA’s newly minted Center for Businesses in Transition fan out into local communities to assist business owners at or near retirement developing transition plans that include the use of ESOPs. “One of ANCA’s strengths is boots on the ground,” Fish said.
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U.S. Sen. Kirsten Gillibrand visited Adirondack North Country Association in Saranac Lake on Monday to discuss legislation designed to facilitate transitions for small businesses following the retirements of their owners. Photo by Pete DeMola
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