Employee-owned businesses (known as ESOPs) are building a coalition together in Texas to put forth a new law allowing them bidding opportunities for state projects, and GoodBuzz Solutions has been brought on to build out the branding/marketing and external relations as well as to assist with raising funds.
In partnership with Texas Solutions Group and Potomac Strategy Group, Texas ESOP Initiative (TEI) got a bill filed by Rep. Ryan Guillen called HB 4171 on March 10 for consideration by the Texas legislature this session. You can read the bill here.
“HB 4171 would amend the Texas statute that gives preference to certain so-called ‘Historically Underutilized Businesses’ based in Texas for preference for the awarding of a Texas state contract to ESOP companies with under 500 employees, that are majority owned by the ESOP,” Michael Keeling, president of The ESOP Association based in DC, said.
He continues by saying, “While many states have enacted laws providing incentives for ESOP creation and operation, if HB 4171 became the law of Texas, it would set a precedent for similar preference in other state laws, and perhaps the Federal 8(a) program. Since Texas’ Constitution provides that the Legislature meet regularly only once every two years, with each session ending in the May timeframe, the possibility of having the law changed is two years in the future unless the Legislature takes action this session.”
ESOPs are very much embraced by both sides of the aisle. Presidents Obama and Reagan have sung their praises.
TEI is also supported by California-based National Center for Employee Ownership Founder Corey Rosen. He says: “The next step to grow employee ownership in the U.S. needs to be at the state level. This initiative is a good first step for Texas to become a leader in that effort.”
Learn how you can help by going to www.TexasESOP.org
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