TEA Statement on the Nomination of Isabel Guzman to Lead the SBA

The ESOP Association (TEA) is encouraged by news reports that President-elect Joseph Biden will nominate Isabel Guzman to lead the Small Business Administration (SBA). As the head of California’s Office of the Small Business Advocate, Guzman has gone on the record stating the important role employee stock ownership plans (ESOPs) can play in helping our nation retain millions of businesses that might otherwise close when their Baby Boomer owners retire—as many are expected to do in the next eight years. Guzman has stated her desire to educate retiring owners about the advantages of ESOPs so they can consider transitioning their businesses to the employees who helped build them.