DURHAM – The City of Durham has launched Keep It Durham-Owned, an initiative to help local business owners develop succession plans and explore employee-ownership transitions.
The city unveiled the program Sept. 14 at Provident1898 with the North Carolina Employee Ownership Center and the Democracy at Work Institute. Durham is joining the institute’s nationwide Employee Ownership Cities program.
Local business owners can receive free, confidential guidance and one-on-one technical assistance through the North Carolina Employee Ownership Center, including help evaluating financial feasibility, business valuation and transition timelines.
The initiative highlights three ownership models: employee stock ownership plans, employee ownership trusts and worker cooperatives.
City officials said 34% of Durham County’s 6,531 employer firms have owners age 55 or older. The program is intended to help preserve local businesses and jobs as owners retire or otherwise leave their companies.
The core initiative is scheduled to continue through the end of 2027, while technical assistance and educational resources are expected to remain available afterward.