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Pennsylvania House of Representatives
05/20/2024 09:46 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=41506
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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: September 29, 2023 09:14 AM
From: Representative Nick Pisciottano and Rep. Kristin Marcell
To: All House members
Subject: Establishing the Office of Employee Ownership
 
In the next ten years, nearly 2.5 million businesses headed by baby boomers that employ 25 million people will be looking to transfer the ownership of their company. Converting these businesses to an employee ownership model could be a viable solution to allow an owner to strategize their exit while keeping the company and the jobs in the community and honoring the business owner's legacy. 

With dedicated resources, Pennsylvania would be a leader in helping workers take over the business, gain an ownership stake, reorganize it, and navigate a successful path forward by adopting an employee-owned model. 

To address this concern, we are reintroducing legislation previously introduced by our former colleagues, Reps. Innamorato and Rothman. This legislation will establish the Office of Employee Ownership within the Department of Community and Economic Development (DCED) to do just that. The expressed goal of the office is to provide educational, financial, and technical assistance to existing employee-owned companies and those firms seeking to retain jobs by restructuring an existing business into an employee-owned enterprise.

Keeping and growing Pennsylvania-based companies is paramount to the economic success of our Commonwealth. Through the expansion of employee ownership enterprises, we can assist in creating an economic climate that is good for workers, good for business owners, and good for the host community.
We ask that you join us in assisting Pennsylvania workers in seizing an opportunity to reorganize their workplace, save local businesses, and better our economy through employee ownership.

Previous cosponsors of this legislation when it was circulated earlier this year include: Representatives Kazeem, Kenyatta, Madden, Freeman, Sanchez, Khan, Otten, and Krajewski.

Last year’s cosponsors of HB 2888 included Representatives Rothman, Hohenstein, Hill-Evans, Sanchez, N. Nelson, Krajewski, Rowe, Madden, Freeman, D. Williams, Deasy, Deluca, Ciresi and Sims.


Introduced as HB1790