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The small business landscape in Manhattan is facing a crisis. Long known as the backbone of the New York economy, small businesses are vanishing at an alarming rate. From local hardware stores to home service providers—plumbers, electricians, and HVAC companies—family-owned operations are finding it increasingly difficult to stay afloat. This trend is not only harmful to the city but is a reflection of what’s happening nationwide. The disappearance of these businesses, many of which have been passed down through generations, threatens not just jobs but the stability of entire communities.
In 2023, New York City's small business employment was down by 28,000 jobs compared to pre-pandemic levels.
These losses are concentrated in sectors like home services, a vital industry that touches the lives of every city resident. The pandemic accelerated challenges these businesses were already facing: rising commercial rents, competition from large corporations, and a shrinking workforce. Moreover, larger entities, particularly private equity (PE) firms, have increasingly targeted small businesses for acquisition. The result? Communities lose control of their local enterprises, and the personalized, community-focused service that characterizes small businesses disappears.
However, the issue isn’t just limited to New York. Across the U.S., small businesses are grappling with similar challenges. According to a report from the U.S. Small Business Administration, small businesses make up 44% of U.S. economic activity, contributing to nearly half of the country’s workforce.
Their decline creates a ripple effect, leading to decreased local spending, job losses, and a weakening of the unique cultural fabric these businesses help weave. As one expert notes, “When these businesses are taken over by larger corporations or investment groups, it strips away a layer of community identity and destabilizes local economies”.
The solution lies in keeping these businesses in local hands, and veterans represent an ideal group to take on these ownership roles. Veterans, through their military service, develop leadership skills, discipline, and a strong work ethic—all essential qualities for successful business ownership. Programs like Owners in Honor offer a pathway for veterans to transition into civilian life by becoming business owners themselves. This not only preserves the legacy of these small businesses but also provides veterans with meaningful, financially stable careers.
Owners in Honor specifically focuses on connecting veterans with opportunities to purchase family-owned businesses, particularly in home services industries. These businesses are often labor-intensive and community-driven, making them a perfect fit for veterans who are accustomed to teamwork and hands-on leadership. By providing training, resources, and financial support, Owners in Honor empowers veterans to carry on these business legacies, keeping them out of the hands of private equity firms. This approach benefits not only veterans but also the broader community by maintaining the local, personal touch that small businesses offer.
The impact is twofold. First, veterans find purpose and financial independence by owning and operating businesses that serve their communities. Second, these businesses remain community-focused, preserving local jobs and services. This contributes to economic stability, something that is particularly important as small towns and cities across the country grapple with economic uncertainty. As the U.S. Department of Veterans Affairs notes, “Veterans bring a wealth of experience and a unique perspective to the business world, making them valuable contributors to local economies”.
Programs like Owners in Honor are critical to ensuring that small businesses, especially in industries like home services, don’t disappear. The program provides veterans with everything they need to succeed: access to funding, mentorship, and the technical skills required to run a business. This holistic approach makes it possible for veterans to transition smoothly into civilian life while keeping local businesses thriving.
If you’re interested in learning more about how you can help preserve small businesses and support veterans, Owners in Honor will be hosting an event in Manhattan on November 6th at the New York Athletic Club. This event offers an opportunity for individuals and businesses alike to get involved, whether by sponsoring the event or simply attending to learn more about our mission. For more information or to become a sponsor, please contact Tiffini Steding at Tiffini@ownersinhonor.org.
By supporting programs like Owners in Honor, we not only help veterans transition into meaningful careers but also protect the small business community that forms the backbone of our economy. Together, we can ensure that these businesses remain local and continue to serve the communities they’ve been a part of for decades.