JPMorganChase Announces More than $2 Million in Support of Employee Ownership Initiatives that Bolster Business Dynamism and Resilience in Local Communities

Supporting efforts to expand employee ownership is an important part of JPMorganChase’s strategy to strengthen and diversify businesses, increase business resilience and continuity and create wealth-building opportunities, particularly for small and mid-size businesses. Today, JPMorganChase announced the firm has awarded new grants to organizations leading the way in raising awareness of – and expanding access to – employee ownership, a business model where a company's employees own shares in their company or the right to the value of those shares.

The Case for Employee Ownership

According to recent data, succession planning is a top priority for business owners and has the potential to bring significant economic impact for communities.

• Seventy-five percent of all business owners would like to exit their business within the next decade.
• Twelve million businesses – with assets totaling $10 trillion – are likely to change hands over the next 10-15 years.
• Despite this surge, nearly 60 percent of business owners have no formal transition plan for their company.

Employee ownership is an effective exit strategy for many of these business owners as it enables them to prioritize protecting their business legacy and employees, create wealth-building opportunities while improving worker retention, and support business strength and continuity in local communities. In fact, research shows that legacy businesses generate 30 percent of revenues and 50 percent of employment in communities.¹ Tax incentives and the ability to free up growth capital also make employee ownership a viable exit option for many entrepreneurs.

“At JPMorganChase, we recognize that employee ownership is a powerful tool for fostering business resilience and building wealth for owners, employees and communities,” said Jennie Sparandara, Managing Director, Head of Programs, Corporate Responsibility, JPMorganChase. “We are proud to support these four organizations that are focused on expanding education efforts and access to key resources so that business owners have the knowledge and tools they need to secure their legacies.”

“Building and running a successful company takes a village. The collective effort of all employees is what drives success, shapes culture and defines a company’s legacy,” said Regina Carls, Head of ESOP Advisory Group, J.P. Morgan. “For almost two decades, our team has been at the forefront of educating companies on the benefits of employee ownership – from potential financial gains to business and cultural continuity – and have helped hundreds access the resources and financing needed to make their dreams a reality.  We are proud to announce today’s new grants as a continuation of those efforts to empower and uplift hardworking individuals and ultimately create a more inclusive economy.”

JPMorganChase’s announcement includes:

• $1.1 million to Project Equity. Project Equity seeks to scale employee ownership and advance it as a pathway to build economic equity and resiliency. JPMorganChase’s grant will help Project Equity develop an industry certification in employee ownership for business advisors who provide exit planning services - embedding employee ownership in the existing infrastructure of financial advising and professional services for small businesses.
• $500,000 to Employee Ownership Expansion Network (EOX). Employee Ownership Expansion Network is building a network of State Centers that provide outreach, education, training and other resources to small business owners to simplify and enable employee ownership transitions. JPMorganChase’s grant will support capacity building to stand up new Centers and expand EOX’s ability to conduct outreach and deliver content to the network.
• $500,000 to Ownership Works. Ownership Works supports efforts to leverage partnerships with private equity investors to scale broad-based ownership for employees of large companies. JPMorganChase’s grant will support partnership development to engage more investors and portfolio companies, as well as research and impact evaluation to demonstrate
• $75,000 for The Aspen Institute Employee Ownership Forum. The Aspen Institute Economic Opportunities Program and the Rutgers Institute for the Study of Employee Ownership and Profit Sharing launched the Employee Ownership Ideas Forum in 2023. This grant will support the 2025 Employee Ownership Ideas Forum, which will continue bring together key business, government and community stakeholders to advance conversations about the potential positive impact of employee ownership. 

These grants build on previous philanthropic support to four organizations totaling over $1 million in 2023. Together, these grants will help more than 1,500 business owners, financial advisors and other professional services providers access information about employee ownership, and support 200 business owners in exploring how to transition their business to shared ownership. JPMorganChase’s support of employee ownership is part of a larger focus on succession planning and ownership transitions as a critical component of business growth and continuity.

Statements of Support

“This partnership is pivotal in our work to help the business ecosystem take full advantage of the benefits of employee ownership by teaching business professionals how to incorporate it into their clients’ business strategy. We’re grateful that JPMorganChase sees and appreciates the value of employee ownership as a strategy for business succession, increasing productivity, and building wealth for workforces across the country” - Evan Edwards, CEO, Project Equity

“We are beyond grateful for our partnership with JPMorganChase. By expanding our capacity to drive outreach and education through the network of 24 State Centers for Employee Ownership, this grant will dramatically increase our engagement with business owners, their advisors and community leaders – ultimately leading to the creation of thousands of employee owners across the country.” - Steve Storkan, Executive Director, EOX

“The employee ownership movement is growing, and that is in big part due to JPMorgan Chase’s strong support for new and existing efforts that share ownership with all workers. Ownership Works (O.W.) is proud to count JPMorgan Chase among our Founding Partners. Since our launch in 2022, JPMorgan Chase has been helping O.W. increase prosperity for employees and make stronger businesses through our broad-based employee ownership models that are penetrating the corporate sector and large companies in new ways. We are incredibly grateful for the firm’s ongoing support of shared ownership and Ownership Works. Together, we are building a big tent of employee ownership that can move the needle for workers everywhere.” - Anna-Lisa Miller, Executive Director, Ownership Works

“The Aspen Institute Economic Opportunities Program is grateful for JPMorganChase’s support of the Employee Ownership Ideas Forum, an annual two-day event held in Washington DC at the US Capitol and the Aspen Institute's office. The Forum unites business leaders, researchers, investors, practitioners, thought leaders, and policymakers from across the political spectrum in dialogue around this important strategy for building wealth and improving job quality. As we begin planning our third year for the Forum with our co-hosts at the Rutgers Institute for the Study of Employee Ownership and Profit Sharing, slated to take place in the Spring of 2025, we are deeply appreciative of JPMC’s partnership in helping build economic resilience, shared prosperity, and equitable access to quality opportunities through employee ownership.” - Maureen Conway, Vice President, Aspen Institute.

About JPMorganChase

JPMorganChase (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.1 trillion in assets and $337 billion in stockholders’ equity as of March 31, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorganChase is available at www.jpmorganchase.com.