The understanding that industrial buildings are worthy of preservation is growing. Many regions are striving not only to preserve this heritage but also to utilize and develop it. At the same time, many buildings are threatened by decay, standing empty, and ultimately being demolished. Gaining support for the preservation of an industrial monument largely depends on establishing a solid sponsorship and realizing a subsequent use. In developing a viable concept, the specific starting situation, potentials, opportunities, and risks must be taken into account. Musealization is often a reaction to the loss of regional industry, but it can also become a museum trap. A public-private partnership has been established for the preservation and development of the former Hirschfelde power plant. Together, regional stakeholders from business and administration have developed a foundation initiative aimed at the long-term securing of the existing potential. The author has been accompanying and managing the project since 2005. It becomes evident in the work on-site that dealing with obstacles and problems are the real challenges.