通过增加员工持股来缩小种族贫富差距

only about one in five Black households and even fewer Latino households have retirement account savings. When employee-owners retire, they are able to cash out their shares, giving them resources to support their health and pass on to their families. 

Employee ownership also leads to better jobs and better businesses. Shifting power to workers so employee-owners have input in business operations can foster a higher-functioning workplace that results in greater job satisfaction and employee wellbeing. 

How It Works

A&H acquires profitable, privately held companies from retiring owners and converts them into 100% employee-owned businesses. The Fund focuses on businesses in “essential service” sectors such as landscaping, commercial cleaning, mechanical contracting (HVAC and plumbing), waste hauling, senior healthcare, and food processing—all sectors with large workforces of color. ​

The Fund uses the mechanics of a leveraged buyout transaction—but instead of having a traditional private equity firm capture value from the cash flows of each company, the employees finance the buyout of the company and use the company’s cash flow to pay down the debt. Employee-owned businesses have significant tax benefits, which can help increase cash flow along with the greater productivity that can result from the shift to employee ownership, all supporting repayment of the acquisition. 

As the employees pay down the debt, they build equity for themselves and their families. A&H’s goal is for the average worker who benefits from an A&H-assisted buyout to accrue additional retirement savings of $70,000 to $120,000.

In addition, the Fund helps employee-owners install democratic governance practices that empower employees, produce better business outcomes, and create companies that are more rooted in their communities. 

About Apis & Heritage

The Apis & Heritage Legacy Fund I is the flagship fund of Apis & Heritage Capital Partners (AHCP), which was launched in 2020 by co-founders Todd Leverette and Phil Reeves. AHCP was incubated by the Democracy at Work Institute (DAWI), an organization that advances education, field-building, and advocacy for the worker cooperative sector. A&H announced its first close at $30 million in June 2021 and reached a final fund size of approximately $59 million.

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关于本次投资

工作质量和健康密切相关——工作提供收入和福利，使我们能够过上健康的生活，社会关系和使命感帮助我们茁壮成长。当员工感到他们可以分享雇主的利润，并被授权成为他们工作的公司的真正利益相关者时，结果往往是一个更有效率、更满意的员工队伍，以及一个更有弹性的公司，在社区内促进高质量的工作。员工拥有一家蓬勃发展的企业也是为员工创造财富的一种方式，尤其是对有色人种和低收入工人来说。

罗伯特·伍德·约翰逊基金会(RWJF)已经为该项目投资了400万美元api及文物基金I (A&H);这是一家来自api & Heritage Capital Partners LLC的私募股权基金，旨在通过扩大员工持股来解决种族贫富差距问题，并改善工作场所的成果。

此外，基金会还向A&H的合作伙伴民主工作研究所(DAWI)提供了一笔赠款，以支持变革管理实践和教育，帮助工人接受他们作为所有者的新责任范围。

未来5年，该基金的目标是收购至少8家中小企业，并将500名员工转变为员工所有者。

为什么需要它

拥有企业的股份可以保障有色人种工人的财务未来。在美国的退休年龄家庭中，只有大约五分之一的黑人家庭和更少的拉丁裔家庭有退休账户储蓄。当员工所有者退休时，他们可以将股票套现，从而获得资源来支持自己的健康，并将其传给家人。

员工所有制也会带来更好的工作和更好的企业。将权力转移给员工，这样员工所有者就可以参与到业务运营中来，这样可以营造一个功能更高的工作场所，从而提高工作满意度和员工幸福感。

它是如何工作的

A&H从退休的所有者手中收购盈利的私人控股公司，并将其转变为100%的员工所有企业。该基金重点关注景观美化、商业清洁、机械承包(暖通空调和管道)、废物运输、老年医疗保健和食品加工等“基本服务”行业的企业，这些行业都有大量有色人种劳动力。

该基金采用杠杆收购交易的机制，但不是由传统的私募股权公司从每家公司的现金流中获取价值，而是由员工为收购公司提供资金，并用公司的现金流偿还债务。员工所有的企业有显著的税收优惠，这可以帮助增加现金流，以及员工所有权转变带来的更高生产率，所有这些都支持收购的偿还。

当员工偿还债务时，他们为自己和家人建立了股权。A&H的目标是让从A&H资助的买通计划中受益的普通员工额外积累7万至12万美元的退休储蓄。

此外，该基金还帮助员工所有者建立民主治理实践，赋予员工权力，产生更好的业务成果，并创建更扎根于社区的公司。

关于api & Heritage

api & Heritage Heritage Fund I是api & Heritage Capital Partners (AHCP)的旗舰基金，由联合创始人托德·莱弗里特和菲尔·里夫斯于2020年推出。AHCP是由工作中的民主研究所(DAWI)孵化的，这是一个促进教育、实地建设和倡导工人合作部门的组织。A&H于2021年6月宣布首次募资3000万美元，最终基金规模约为5900万美元。