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Next Street Transitions to an Employee-Owned Company

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Reflects Firm’s Commitment to Equality and Belief in the Power of Ownership

We are so proud that we could move Next Street to an employee ownership model. We believe that it will give our employees new opportunities for wealth-building as they share in Next Street's success.”
— Charisse Conanan Johnson, Co-CEO Next Street

NEW YORK, NEW YORK, UNITED STATES, February 28, 2024 /EINPresswire.com/ -- Next Street, a mission-driven, certified B Corp specializing in small business solutions, today announced it is now an employee-owned company. As shareholders, employees now have an equity interest in the company after directly purchasing shares of Next Street Financial Holding common stock. In the small business sector, Next Street’s transition to employee ownership is unique and progressive.

“We are so proud that we could move to an employee ownership model. We believe that it will give our employees new opportunities for wealth-building as they share in Next Street’s success,” said Charisse Conanan Johnson, co-CEO of Next Street. “As an institution rooted in the principles of anti-racism as well as equity and opportunity for all, our transition to employee ownership allows our employees to reap the benefits--tangibly and intangibly--in a way that supports their families and lifts their communities.”

“As a firm that’s focused on keeping underserved small businesses at the center of our work, it’s important that our employees—87 percent of which identify as BIPOC or women—are also small business owners,” said Samantha Berg, co-CEO, Next Street. “We see this transition of Next Street to an employee-owned firm not only as aligned with our client work but also aligned with our values.”

“This is a move that is good for our employees and for our business,” said Michael Roth, co-CEO of Next Street. “We think this positions Next Street well for the next chapter of our story by bringing our employees along for the ride in a way they weren’t before while creating a strategic advantage for Next Street to attract the best talent and retain them.”

Studies, including those from The National Center for Employee Ownership, support the idea that employee ownership holds many benefits for employees and employers. For employees, having an ownership stake in their company can give them an increased level of job satisfaction, motivation and loyalty because of their financial incentive to see the business succeed. For employers, employee ownership can lead to higher productivity, greater resiliency and a culture of integrity.

Tim Ferguson, Next Street founder, said, “Next Street was founded to help small business owners get the financial resources they need to succeed, building wealth along the way for themselves and their families. By making our employees owners of the company, in a similar way we can also empower them with the wealth-building opportunities that come with ownership.”

Next Street has been in a period of steady growth since it restructured to a three-CEO model in March of 2020. Under the leadership of co-CEOs Samantha Berg, Charisse Conanan Johnson and Michael Roth, the firm has doubled the number of employees and more than doubled the amount of revenue, moving it from a small business to a middle market business.

About Next Street

Next Street designs and develops solutions to connect entrepreneurs and small business owners with the right resources at the right time, with a focus on small businesses facing disproportionate barriers. With a proven track record of nearly 20 years, an ongoing commitment to becoming an anti-racist organization, and an extensive network of small business advocates, operators and investors, Next Street accelerates the impact of institutions and advisors on small businesses and provides millions of small businesses with the experts, tools and capital they need to thrive. Learn more at nextstreet.com.

Jennifer Rankin Byrne
Next Street
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