The article discusses the transition of Electric Violin Shop, founded by Blaise Kielar, into an employee-owned business. When Kielar, who wanted to focus on his music career, decided to leave the shop, he sought a way to retain his employees’ jobs. Anne-Claire Broughton of the North Carolina Employee Ownership Center guided the employees in acquiring the business through cooperative lending, overcoming initial financing challenges with traditional banks.
A significant portion of Durham’s businesses face similar succession planning dilemmas, with many owners over 55 lacking a solid plan for transition. In response, Durham launched the “Keep It Durham-Owned” campaign. This initiative aims to guide business owners in succession planning, highlighting employee ownership as a viable option.
The campaign, a collaboration with various organizations, seeks to preserve local culture and economic benefit, emphasizing that locally owned businesses strengthen communities. With a focus on multiple employee ownership models, the initiative provides mentorship and advising for participating business owners.
As Durham develops its network for supporting employee ownership, the success of Electric Violin Shop illustrates the potential benefits of such transitions. Sneeringer, now a co-owner, acknowledges both the challenges and rewards of this model, indicating a willingness to share their experiences with other business owners interested in similar transitions.
