The Employee Ownership Expansion Network (EOX) announced today the creation of the West Virginia Center for Employee Ownership (WVCEO). WVCEO is a new initiative aimed to scale employee ownership in the state – it is the 15th state center in the EOX network and the 23rd state center created in the U.S.
CHARLESTON, W.Va., Aug. 19, 2024 /PRNewswire-PRWeb/ -- The West Virginia Center for Employee Ownership (WVCEO) was recently launched by the Employee Ownership Expansion Network (EOX) – to conduct outreach and education around the benefits of employee ownership in the state.
WVCEO serves as the central hub for information and resources around employee ownership in West Virginia, and provides resources, case studies, and articles, as well as a list of service providers who can assist with employee ownership transitions. WVCEO has a goal to help maintain jobs in West Virginia by growing the number of employee-owned businesses.
The University of Charleston (UC) is partnering with the WVCEO on its educational mission. UC's Downtown Innovation Hub and its School of Business will collaborate on events and programs designed for the business community as well as students.
Tim Gibbons, Executive Director of WVCEO, founded the organization because, "Many business owners in West Virginia are nearing retirement age and will be looking to transition their businesses over the next ten years." Gibbons goes on to say, "Selling a business to employees can be an excellent strategy for retiring business owners who want to see their businesses continue to operate in West Virginia after they retire."
In addition to preserving jobs in West Virginia, employee ownership can help attract and retain good employees, provide tax benefits to the selling owner(s) and the employee-owned company, improve company performance, and enable employees to build wealth over time.
"The WVCEO will bring a unique set of resources and expertise to state businesses," shared UC President Marty Roth. "Succession planning is an often overlooked aspect of company sustainability. Raising awareness and understanding of employee ownership as a community-based transition strategy will enhance the options accessible to business owners, employees, and their families."
For more information on the West Virginia Center for Employee Ownership please contact Tim Gibbons at [email protected].
About the West Virginia Center for Employee Ownership
The West Virginia Center for Employee Ownership (WVCEO) is a 501(c)(3) non-profit organization founded in 2024 that serves as the central hub for information and resources around employee ownership in West Virginia. WVCEO's mission is to educate business owners and their advisors (lawyers, bankers, accountants, wealth advisors) on the benefits of employee ownership via Employee Stock Ownership Plans (ESOPs), worker cooperatives, and Employee Ownership Trusts (EOTs). WVCEO is part of the Employee Ownership Expansion Network – a network of 15 state centers. WVCEO serves the entire state of West Virginia. To learn more about WVCEO visit: https://www.wvceo.org/
About the Employee Ownership Expansion Network
The Employee Ownership Expansion Network is a 501(c)(3) non-profit organization founded on July 4th, 2018 in Philadelphia, PA and headquartered in Arlington, VA. Its mission is to significantly expand employee ownership in the United States by establishing and supporting a network of independent, nonprofit State Centers for Employee Ownership. To date, EOX has provided funding and technical assistance to support the opening of 15 State Centers. EOX's goal is to create one million new employee owners by 2025. To learn more, visit: www.eoxnetwork.org.
About the University of Charleston
The University of Charleston (UC) is a private independent university accredited by the Higher Learning Commission. Its School of Business is accredited by the Accreditation Council for Business Schools and Programs. UC's mission is to educate each student for a life of productive work, enlightened living, and community involvement. UC's Downtown Innovation Hub helps small and medium sized enterprises scale up and grow. Its signature Business Accelerator Program provides best-in-class training, coaching, mentoring, and networking through a hybrid cohort-based experience. To learn more visit: https://www.ucwv.edu/innovation/dih/.
Media Contact
Steve Storkan, Employee Ownership Expansion Network, 1 651-319-1874, [email protected], www.eoxnetwork.org
SOURCE Employee Ownership Expansion Network
Share this article