To support the long-term sustainability of local businesses and anchor wealth within the community, the city of Durham officially launched the “Keep It Durham-Owned” initiative during a press conference at Provident1898.
Partnering with the North Carolina Employee Ownership Center and the Democracy at Work Institute, the yearlong initiative marks Durham officially joining DAWI’s nationwide Employee Ownership Cities program, a growing network of U.S. municipalities establishing coordinated efforts to expand employee ownership as a key strategy for business continuity and worker wealth creation.
“Durham’s soul lives in our local small businesses. They are the engines of our economy and the heartbeat of our neighborhoods,” Durham Mayor Leonardo Williams said. “The ‘Keep It Durham-Owned’ initiative gives our business owners a clear path to retire with dignity while passing the torch directly to the workers who helped build their success.”
In Durham County, 34% of the 6,531 employer firms have owners aged 55 or older. With only 30% of business owners nationwide holding a clear succession plan, thousands of local jobs and legacy businesses face potential closure as owners reach retirement.
Through the initiative, local business owners can access free, confidential guidance and one-on-one technical assistance through NCEOC to learn which plan works best for them and receive support to evaluate financial feasibility, business valuation, and transition timelines. “Keep It Durham-Owned” will highlight three primary employee ownership models:
* Employee Stock Ownership Plans: Benefit plans that allow employees to own shares of the company stock.
* Employee Ownership Trusts: A more flexible, perpetual trust model for long-term employee benefit.
* Worker Cooperatives: Businesses owned and democratically controlled by their members.
“Durham’s local businesses aren’t logos; they are people, memory and the story of our neighborhoods. The barber who knew your name before you could spell it. The kitchen that fed three generations of the same family. That’s what makes Durham a place people want to live, play and work,” said Joshua Gunn, director of the Office of Economic and Workforce Development. “When our business founders move on or step back, employee ownership turns this transition into a handoff, keeping the wealth built here in the hands of the folks who helped build it. Partnering with DAWI and NCEOC makes succession planning accessible so we can ‘Keep It Durham-Owned.'”
“Employee ownership creates a win-win-win for business owners, employees and communities,” said Illa Burbank, NCEOC executive director. “For business owners, it’s a lasting tribute to their dedication, ensuring the businesses they poured their hearts into continue to thrive and maintain their legacy for generations to come. For our employees and communities, employee ownership champions the protection of local jobs, anchors vital businesses firmly in their neighborhoods, and fuels a more vibrant and prosperous local economy.”
Business owners interested in exploring these options can request free, confidential guidance and one-on-one counseling from NCEOC by visiting its website. The core initiative will run through the end of 2027, with technical assistance and resources remaining permanently available.
