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A project of Clarisel Media.

Mission: Informing, empowering and building community. The Bronx BizLife is a media source and social networking hub for, by, and about Bronx entrepreneurs and small businesses.

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#bronxbizlife -- Press release from Mayor's Office: MAYOR DE BLASIO LAUNCHES EMPLOYEE OWNERSHIP NYC, NATION’S LARGEST MU...
12/02/2020
Owner to Owners

#bronxbizlife -- Press release from Mayor's Office: MAYOR DE BLASIO LAUNCHES EMPLOYEE OWNERSHIP NYC, NATION’S LARGEST MUNICIPAL INITIATIVE TO SUPPORT EMPLOYEE OWNERSHIP CONVERSION

NEW YORK—Mayor Bill de Blasio, in concert with the Taskforce on Racial Inclusion and Equity, the Department of Small Business Services (SBS), and the Mayor’s Office of Minority and Women-Owned Businesses Enterprises (M/WBE), today announced the launch of Employee Ownership NYC, the nation’s largest municipal initiative for education and technical assistance around employee ownership and conversion. Business owners taking full advantage of the program can access services worth $10,000 or more in the private sector, all while building sustainable business models that offer true wealth-building opportunities for their workers.

“Enabling workers to buy their businesses is a proven model to address the wealth gap in this city – and it will be a transformative approach for businesses looking for creative ways to recover from the challenges posed by COVID-19,” said Mayor Bill de Blasio. “This approach helps anchor small businesses in the communities they serve, and I’m excited to see workers take a greater leadership role in their companies.”

“To promote small business ownership, we must do more than open doors of opportunity in New York City, especially in underserved communities,” said First Lady Chirlane McCray. “This new program will address the key challenges of sustaining a small business with education, training and high level supports. Removing the obstacles to entrepreneurship for people of color will move the city forward in the recovery, while preserving the culture and personal connections small businesses nurture in our neighborhoods.”

“Employee-ownership is a powerful and longstanding strategy for bolstering business resiliency, preserving jobs, generating wealth, and cultivating a sense of ownership amongst working people, especially employees of color, in their workplace and in this nation,” said Deputy Mayor for Strategic Policy Initiatives J. Philip Thompson. “I’m excited the City will support owners to sell their businesses to their employees towards advancing an equitable recovery and closing the racial wealth gap."

Employee Ownership NYC offers businesses and workers support in adopting this compelling business model. The launch of a rapid response hotline, Owner to Owners, will ensure that more businesses access these services. The service is available at www.Owner2Owners.NYC or at 646-363-6592 and offered in ten languages: English, Spanish, Chinese-Mandarin, Russian, Haitian Creole, Korean, Vietnamese, Urdu, Bengali, and Arabic.

Employee owned firms are better for communities, employees, and businesses themselves. Research shows that since the onset of COVID-19, majority employee-owned firms have retained four times more jobs than their non-employee owned counterparts and are better equipped to manage uncertainties and risks associated with economic downturns. Selling all or part of the business to their employees can help business owners keep their doors open and increase financial security. Although 90 percent of business owners plan to use liquidity from their businesses to fund retirement, 85 percent of business owners do not have a succession plan and 70-80 percent of businesses put onto the market do not sell.

Employee owned companies provide more opportunities for workers to build wealth, particularly workers of color. Workers at employee owned companies are seven times less likely to be laid off than their counterparts. And workers of color at employee owned companies also have 79 percent higher median household net worth and 30 percent higher median income from wages than their counterparts.

“Innovation, collaboration, and adaptability are key when envisioning how small businesses will recover from the challenges posed by COVID-19. The launch of the Employee Ownership program ​is a powerful way to assist business owners in selling their business to their employees, giving workers a personal stake in helping the business succeed,” said Jonnel Doris, Commissioner of the NYC Department Small Business Services. “SBS is ready and here to help business owners transition to this model to ensure that they preserve their legacy and keep jobs in their community.”

“Ownership is a crucial component of addressing the racial wealth gap. With today’s announcement, the City is taking a bold step to support entrepreneurs looking to sell their business to convert to an employee-ownership model,” said Sideya Sherman, Executive Director of the Taskforce on Racial Inclusion and Equity. “Owner to Owners will ensure business continuity while saving jobs and offering employees a real opportunity to build assets and control their financial future.”

Four community-based organizations – the Democracy at Work Institute, The Working World, the ICA Group, and the Business Outreach Center Network – will offer expert support for business owners considering and implementing the transition to employee ownership. The program is expected to reach at least 20,000 businesses.

Specific services offered to interested businesses will include:
Initial consultation and Eligibility Assessment
Succession planning, including estimate of business value
Business Readiness Assessment
Access to capital, depending on eligibility
Guidance through sale process
Training and education for founders, managers, and staff to support successful ownership transition.

This builds-on the foundations laid by City Council through the Worker Cooperative Business Development Initiative (WCBDI), a program administered by Small Business Services (SBS).

"Employee ownership programs are a business strategy that helps to raise wages and boost wealth for New York City workers," said Manhattan Borough President Gale A. Brewer. "I encourage small businesses to take a look at the services and support that Employee Ownership NYC offers to them and see the significant benefits a transition to employee ownership can bring, from increasing opportunity to strengthening the local economy."

“It’s great that Mayor de Blasio and the City have invested in Employee Ownership and Worker Cooperatives. For many years, The Worker Cooperative Business Development Initiative has paved the way for many great worker coop organizations to support conversions, doubling down on that work during the COVID crisis. This hotline is a great progression of the work and how worker cooperatives and the organizations that support them can rebuild New York’s economy. Worker Cooperatives are genuinely committed to racial and gender equity and collaboration,” said Council Member Helen Rosenthal.

“At this critical moment, alternative business structures and solutions for sustainability offer the real chance to support wealth-building for underserved New Yorkers and support community economies. Business Outreach Center Network and BOC Capital CDFI are committed to this collaborative effort that promises to advance inclusive business development in NYC,” said Nancy Carin, Executive Director of The Business Outreach Center (BOC) Network.

"Being a worker owner means you're not held back by what other people think your limits are, and as a Latina woman, that has meant everything to me,” said Linda Diaz, worker owner and President of Brooklyn Stone and Tile. “Employee ownership provides the opportunity for workers to become the best version of themselves that New York City needs and deserves. Brooklyn Stone and Tile is stronger because our workers take an owner's approach to growing the business and serving our customers."

"Employee ownership is an option worth exploring for any business owner looking to retire. My employees know the business best and are motivated to keep it running successfully,” said Eric Greenberg, President of Green Mountain Graphics. “The support I received from the ICA Group helped me evaluate my options and find a solution that will meet both my financial needs on my timeline and allow for a transition that benefits me, my employees, and our customers.”

"Employee ownership is a proven job preservation strategy and must be a central part of the economic response to the current crisis. We have already seen a disproportionate number of black and minority-owned businesses shut down and we must act now. Employee ownership addresses the challenges that distressed business owners face, and it preserves critical jobs and main street businesses,” said David Hammer, Executive Director of The ICA Group.

“It makes so much sense that NYC is turning to employee ownership as the city plans for an effective, equitable recovery that preserves small businesses and the value they’ve created. Employee ownership is a powerful tool to build broad-based prosperity and a thriving small business sector. We know that firms owned by their employees tend to be more productive and resilient. They create more stable jobs as well as wealth-building opportunities that grow alongside business growth. The Democracy at Work Institute co-founded Owner to Owners because helping existing businesses sell to their employees is a win all around: for business owners, workers, and communities,” said Melissa Hoover, Executive Director of the Democracy at Work Institute.

“The Working World is dedicated to the preservation and support of the small businesses that are New York's economic backbone. Providing the capital and assistance for owners to sell to their employees can keep thousands of businesses open and give their longtime owners a chance to get back some of the value they put in. The Business Hotline provides one of the fastest ways for any owner thinking about selling to get the support they need to do it well,” said Brendan Martin, Executive Director of The Working World.

"Since 2014, NYCNoWC and the 13 organizations of the Worker Cooperative Business Development Initiative have built community power by building cooperative businesses and saving good jobs,” said Sadé Swift, Advocacy Council Coordinator of the NYC Network of Worker Cooperatives (NYCNoWC). Our collective impact has laid the strong foundation that makes Owner to Owners possible at a critical moment for NYC small businesses. Our future looks bright when we put workers and community first!"

Service Providers Background:
The Business Outreach Center (BOC) Network is a micro-enterprise/small business development organization focused on inclusive business development. BOC delivers customized business services to under-served entrepreneurs in the New York City metropolitan area as well as capacity-building services to organizations establishing and operating community and micro-enterprise development programs.
The ICA Group is a leading expert on employee ownership and the oldest national organization dedicated to the development of worker cooperatives. ICA's Keep the Doors Open Business Resilience Program helps business owners preserve their retirement savings, legacy, and local jobs by determining whether selling all or part of the business to their employees is right for them. The ICA Group administers the Fund for Jobs Worth Owning, which provides investment capital and gap financing for businesses transitioning to employee ownership.
The Working World a leading partner for business owners interested in selling their company to their employees, with over 15 years of experience providing the technical assistance and financial capital needed to ensure a smooth transition to employee-ownership. As a certified Community Development Financial Institution, The Working World has invested millions of dollars in employee-owned businesses and conversions. The Working World is part of the Mayor’s Equitable Industrial Development (EqID) Initiative.
The Democracy at Work Institute (DAWI) works to expand the worker cooperative model to reach communities most directly affected by social and economic inequality, specifically people of color, recent immigrants, and low-wage workforces. DAWI is a movement-based think-and-do tank supporting worker cooperatives to grow to a scale that creates meaningful change in the economy through research, innovation, and education.

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Sell your business to the people who care most.Owner to Owners helps business owners explore the option of selling their company to their employees at a fair market price while preserving jobs and sustaining wealth.Get Support   The Network of Partners Our business support services are provided by ...

11/13/2020

Starting tomorrow, Friday, November 13th, any establishment with a state liquor license, including bars and restaurants, must close in-person service daily from 10pm to 5am (this excludes takeout and delivery). Gyms and fitness centers must also close at 10pm. Indoor and outdoor gatherings at private residences will be limited to no more than 10 people, also starting tomorrow evening. #bronxbizlife #Covid19

08/28/2020

#bronxbizlife - MAYOR DE BLASIO ANNOUNCES APPOINTMENT OF CHIEF DIVERSITY OFFICER AT EVERY CITY AGENCY



NEW YORK—Mayor de Blasio today announced that a Chief Diversity Officer, who will also serve as Chief MWBE Officer, has been appointed at every City agency. On July 28th, the Mayor signed an executive order to establish this role, along with measures to strengthen the City’s utilization of Minority and Women-Owned Businesses.



“Our Minority and Women-Owned Businesses are the core of our economy, and they have built New York City into what it is today,” said Mayor Bill de Blasio. “I am proud to announce that a Chief Diversity Officer will be available at every single City agency to ensure they have the support they need.”



“New York City will do everything we can to make sure our MWBEs thrive,” said Magalie Austin, Senior Advisor and Director of the Mayor’s Office of Minority and Women-Owned Business Enterprises. “These appointments are a commitment to providing support for our M/WBEs and ensuring that we are rebuilding and recovering with equity.”



The recently announced Executive Order 59 codifies best practices across the City as it relates to M/WBE utilization. In addition to requiring the implementation of best M/WBE practices citywide, EO 59 contributes to an environment of increased opportunities for M/WBEs and prioritizes the importance of accountability in leadership with respect to M/WBE goals.



The Chief Diversity Officeres/Chief MWBE Officers will ensure agencies apply creative thinking and executive authority to increase M/WBE participation and realize each agency’s diversity and inclusion goals. The CDO/CMO is a key member of executive leadership at each agency and works closely with the Agency Chief Contracting Office. The Officer also functions as a key liaison between the Agency’s Executive Team, Program units, M/WBEs, and other external stakeholders. The CDO is responsible for ensuring that the agency’s procurement practices are aligned with the M/WBE Program.


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source: Press Release/Mayor's Office

08/18/2020

Hi all, please post in comment an update on your business. How are you doing? #covid19 #bronxbizlife

#bronxbizlife
04/13/2020

#bronxbizlife

BREAKING: Third Avenue Business Improvement District in partnership w Assemblymember Michael Blake, The Bronx Community Relief Effort, World Central Kitchen, Center for Bronx Nonprofits, WHEDco, Nos Quedamos, The Bronx Private Industry Council Powered by Here to Here, Spring Bank, and The DreamYard Project launch #BronxReliefEffort for residents, students, and small busineses impacted by COVID19. This initial $10M Fund will assist 8 focus areas and provide immediate relief to Bronxites.

We are grateful to the Dimon Foundation for providing initial seed funding for these efforts and for the philanthropic and private sector community for rallying around these efforts.

For more information or to contribute: www.thebronx.org

If you would like information on how to contribute to the donor advised fund ($25,000 minimum contribution), please email: [email protected]

#bronxbizlife was a partner of The NetWorks Journey to Success conference in the #bronx last month. Here is the post pre...
02/21/2020

#bronxbizlife was a partner of The NetWorks Journey to Success conference in the #bronx last month. Here is the post press release about the event at Mercy College.

FOR IMMEDIATE RELEASE

Contact: Cheryl Sanchez
Founder, TheNetWorks Organization
(347) 470-4869

TheNetWorks Hosts “The Journey of Success Symposium” in Westchester and the Bronx
TheNetWorks Organization hosted their signature event, The Journey of Success, in Westchester on
1/25 at the Yorktown campus of Mercy College and in the Bronx on 2/1 at the Bronx campus of Mercy
College. Topics covered at the symposiums included success, entrepreneurship, knowledge/education,
self-care, positive mindset, philanthropy, and more.
The events were a collaboration of multiple area entrepreneurs, businesses, and organizations including:
the Mercy Incubation Center, Mercy College MBA Program, Westchester Community College Gateway
to Entrepreneurship Program and Professional Development Center, PCSB Bank, the Yorktown Small
Business Association, the Women’s Empowerment Institute, the Women’s Enterprise Development
Center, SOBRO, SaLaurMor Prosperity Coaching, M&M Projects, Inc, Bronx Biz Life, TheJayMaymi.com,
NY Life, Support Connection, SPARC, Grow Now Marketing, Tanya Marie Naturals, Tupperware,
Arbonne, Confetti Party Place, and others.
Patricia Matos, Teacher, and Manager with Tupperware said that it was “inspiring to come together and
build community towards common goals.”
Katherine Quinn, Executive Director at Support Connection, commented that she was so honored to
speak at the Symposium. “What an amazing event of people joining together, helping one another,
networking and sharing information. We have incredible resources in our community.”
Alisa Haitoff, Licensed Real Estate Salesperson at J. Philip Real Estate, commented that there were
“Informative, positive presentations in a room filled with energy.”
Nikki Hahn, Director of Development at Women’s Enterprise Development Center, said that it was a
“wonderfully empowering event!”
The Journey of Success Symposium was featured on an episode of Open hosted by Bob Lee on the
BronxNet television network.
For information about TheNetWorks, visit www.TheNetWorks.org

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