Elite to Lil Elite Succession Project: Goldsboro

2019 NC Main Street Award: ORGNANIZATION

Best Innovation

• Elite Boutique

• Lil Elite Boutique

• Downtown Goldsboro Development Corporation

• East Carolina University Miller School of Entrepreneurship

• City of Goldsboro

The Downtown Goldsboro Development Corporation maintains an innovative partnership with the Miller School of Entrepreneurship at East Carolina University to mutually support student learning and downtown businesses. As part of this partnership, a succession planning class at East Carolina recently selected Lil Elite Boutique, owned by Jordan Bogue, as their semester project.

Jordan operates her business under the same roof as Elite Boutique in downtown Goldsboro, which is owned by her grandmother and aunt. Throughout the Fall 2018 semester, students from the class drove to Goldsboro to meet with Jordan and her family, to study the business and succession plan, and to provide a supportive plan for their business to thrive through the planned transition.

As a result of the succession plan, Elite and Lil Elite Boutique now have a contractual understanding and a timeline for transition of ownership. The businesses have also spent $27,000 for interior uplift and are in the processes of renovating their second floor for forthcoming residential apartments. The uplift and residential income plan were specific recommendations of the succession planning course that should support the store’s economic health.

The Downtown Goldsboro and ECU partnership is an innovative opportunity for downtown anchor businesses. It helps businesses build transition plans and to and bridge their work to new generations of entrepreneurs. The continuity also supports the whole downtown district with consistent occupancy and economic continuity.

Congratulations to this Main Street community for its 2019 award.