NY / NJ Center for Employee Ownership Opens at Rutgers University
Last month, NJTV News (PBS) interviewed Bill Castellano, Executive Director of the New York / New Jersey Center for Employee Ownership, which is part of Rutgers University’s School of Management and Labor Relations.
Mr. Castellano explains that the Center has been established to help address the “silver tsunami” of business founder retirement. In particular, 50% of the privately-held companies in the United States are held by individuals age 50 or older. Accordingly, there will be a transition of these businesses over the next 10-20 years, and Mr. Castellano and the Center are advocating for many of those owners to consider selling their businesses to ESOPs.