the Shared Equity in Economic Development Fellowship program,* the City of Durham wanted to preserve their minority-owned businesses by supporting them in the transition to employee ownership. The Office of Economic and Workforce Development, in conjunction with core partners, initiated the first citywide business survey in which over 700 businesses participated. This generated business data for the building of a database to identify legacy businesses in Durham. With this data in hand, the city was able to design programs in conjunction with business service providers to determine a targeted outreach strategy to provide succession planning services, including the option of transitioning to employee ownership.
* Learn more about the Shared Equity in Economic Development Fellowship program at https://www.nlc.org/initiative/shared-equity-in-economic-development/
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NAT ION A L LEAG UE OF C ITIES
