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Growing Long Beach: New Initiative Aimed At Business Retention, Employee Ownership

Release Date: 2019-09-09

By Denny Cristales

An ongoing tsunami may threaten the preservation and expansion of maturing businesses in Long Beach. Only this tidal wave isn’t physical; it comes in the form of an aging population.

The “silver tsunami” is a term that refers to the growth of the senior population, specifically Baby Boomers. City of Long Beach officials have recently partnered with a nonprofit entity to curb the effects of this tide and prevent aging entrepreneurs from retiring and taking their businesses along with them.

This month, the Long Beach Economic Development Department hosted the launch of the Accelerate Employee Ownership Initiative at Studio One Eleven, 245 E. 3rd St. The event publicly introduced the city’s partnership with the nonprofit Project Equity, a San Francisco Bay Area-based organization that is dedicated to promoting business retention and employee ownership regionwide. Employee ownership refers to ownership of a company by one or multiple employees.

Read more on the Long Beach Business Journal