Ethical Exits

Host Caitlin Corrigan and Co-Host Hannah Sandmeyer
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Welcome to "Ethical Exits," a podcast dedicated to mission-driven entrepreneurs exploring the path of ethical business transactions. In this podcast, we'll delve into the often opaque world of mergers and acquisitions, a landscape filled with secrecy, uncertainty, and complex decisions. We'll share compelling stories from entrepreneurs who have successfully navigated ethical exits and provide insights from active sellers seeking a responsible transition. Join us as we uncover the principles and practices that make these transactions both impactful and integrity-driven.

  1. From Earth Mamas to Perpetual Purpose Trust: Brenna Davis and Organically Grown Company

    8月28日

    From Earth Mamas to Perpetual Purpose Trust: Brenna Davis and Organically Grown Company

    Some companies follow a path. Others create one. Organically Grown Company didn’t just adopt an ownership model — they invented a new one. When their ESOP no longer fit, they pioneered the nation’s first Perpetual Purpose Trust, building the blueprint as they went and openly sharing it with anyone who wanted to learn. That ingenuity seeded an entire movement. Today, more than 50 companies — including Patagonia — have followed their lead. And OGC continues to advocate, educate, and push the boundaries of what steward ownership can look like. In this episode, CEO Brenna Davis takes us inside the story: from a co-op of farmers and Earth Mamas, to a radical new ownership model that locks mission in place, shares profits with coworkers and community, and sets a powerful precedent for purpose-driven business everywhere. To dive deeper into Brenna’s work, check out Leading Through Fire, her international bestselling book on resilient leadership, and visit brennadavis.com for more on her writing and speaking. You can also follow her leadership journey at organicallygrown.com or connect with her on LinkedIn. ____________________________________________________________________ At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change. In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges. Brenna gives her time and support to the Purpose Trust Ownership Network, which helps companies adopt steward-ownership structures that keep mission locked in for generations. She’s equally passionate about Friends of Noise, a nonprofit dedicated to amplifying youth voices by providing safe, all-ages spaces for music and performance.

    51 分鐘
  2. Rigged by Design: How Private Equity Killed Toys “R” Us

    8月13日

    Rigged by Design: How Private Equity Killed Toys “R” Us

    When Toys “R” Us shuttered its doors, the popular narrative pointed fingers at Amazon and the rise of online shopping. But the real story ran much deeper: one involving a leveraged buyout, billions in borrowed money, and a private equity playbook designed to extract value at all costs. In this episode, we break down exactly how the deal was structured, explaining private equity terms in plain language and revealing how the strategy left Toys “R” Us burdened with unsustainable debt — and why similar tactics are impacting other industries today. Whether you’re a founder, investor, or mission-driven buyer, you’ll come away with a clearer understanding of how capital moves behind the scenes, and how to structure growth so it protects your purpose instead of undermining it.

    59 分鐘
  3. When Democracy Inherits the Business: John Abrams and the Blueprint for the CommonWealth Company

    7月30日

    When Democracy Inherits the Business: John Abrams and the Blueprint for the CommonWealth Company

    In this episode of Ethical Exits, we sit down with John Abrams, founder of South Mountain Company—one of the first worker-owned B Corps in the U.S.—to explore how business can be a tool for long-term impact. From transitioning to employee ownership to mentoring other founders, John’s story is part strategy, part legacy, and all heart. We talk about: -Why democratic workplaces make better businesses—and better citizens -How to design a net-positive exit, not just a clean one -What can go wrong (and right) when founders try to let go -The trillion-dollar opportunity to transfer wealth for the common good If you’re wrestling with what comes next—or how to leave something behind without selling it out—this one’s for you. To learn more about John and his incredible work, visit ⁠Abramsangell.com⁠ or connect with him on ⁠LinkedIn.⁠ ____________________________________________________________________________ At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change. In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges. John supports the ⁠Kachuwa Impact Fund⁠, a mission-driven investment fund that backs businesses and organizations building a more just, sustainable, and inclusive economy. Focused on long-term impact over short-term gain, Kachuwa invests in companies that prioritize social and environmental returns—proving that capital can serve community, not just shareholders.

    1 小時
  4. The Swim School That Said No to PE — And Yes to Shared Wealth, Purpose, and a Thousand-Year Trust

    6月26日

    The Swim School That Said No to PE — And Yes to Shared Wealth, Purpose, and a Thousand-Year Trust

    In this episode of Ethical Exits, co-hosts Hannah and Caitlin sit down with Miren Oca, founder of Ocaquatics Swim School, to explore what it really looks like to reject the status quo and build a company to last. When Miren received multiple offers from private equity firms, she didn’t cash out. Instead, she chose to transition her beloved swim school to a Perpetual Purpose Trust—a unique form of employee ownership where the business is held in trust on behalf of its workers and mission, rather than sold to an outside buyer. The result? Long-term stability, shared wealth, and a company built to last for generations. Together, we unpack: -Why she said no to traditional buyers -How she reimagined ownership for the long haul -What it means to lead with purpose, not pressure If you’ve ever wondered what it looks like to build a “forever company” in a buy-and-flip world, this episode is for you. To learn more about Miren and her incredible work, visit Ocaquatics.com or connect with her on LinkedIn. ___________________________________________________________________________ At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change. In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges. Miren supports 1% for the Planet, a global movement inspiring businesses and individuals to commit at least 1% of annual sales to environmental causes. By connecting donors with vetted nonprofits, 1% for the Planet accelerates smart environmental giving and drives real-world change for the planet we all share.

    1 小時 4 分鐘
  5. Was It a Sellout or a Smart Exit? The New Belgium Brewing Debate

    5月28日

    Was It a Sellout or a Smart Exit? The New Belgium Brewing Debate

    In this episode of Ethical Exits, co-hosts Hannah and Caitlin discuss the complex, headline-making sale of New Belgium Brewing. Known for its iconic Fat Tire Ale and its pioneering commitment to employee ownership and sustainability, New Belgium was once a model for purpose-driven business. But when the company sold to Kirin—a multinational with ties to Myanmar’s military regime—the impact world took notice. Through this candid, guest-free conversation, we unpack: -The rise and radicalism of New Belgium’s culture -The pressure cooker of scaling with an ESOP -The ethical cost of choosing the wrong buyer -And why the path to an "ethical exit" is rarely clear-cut If you’re a founder, employee, or advisor wrestling with the trade-offs of impact, legacy, and liquidity, this episode is a must-listen. Because sometimes, the hardest part of an ethical exit is defining what “ethical” actually means.

    50 分鐘
  6. From Big Law to Big Impact: Jim Black on Building Exits That Protect Your Mission

    4月29日

    From Big Law to Big Impact: Jim Black on Building Exits That Protect Your Mission

    This week, we're thrilled to welcome Jim Black to Ethical Exits. Jim is a triple-bottom-line founder and legal advisor helping B Corps, public benefit corporations, and other mission-driven companies achieve their social and environmental goals. A former BigLaw M&A partner and General Counsel with over 25 years of experience, Jim now advises impact companies on corporate and commercial matters and acts as a strategic advisor to founders and executive teams. In this conversation, Jim shares his powerful journey — from working at the highest levels of corporate law to building a values-driven firm committed to using the law as a force for good. We dig into: - Why traditional M&A models often fail mission-driven sellers and how to rethink ownership transitions - Practical legal strategies for protecting your company's values during an exit - The unique challenges and advantages of B Corp certification in today’s shifting legal landscape - How mission-driven companies can (and should) become acquirers —using M&A to scale their impact - The personal stories that shaped Jim’s career, including the influence of his mother’s civil rights work for children Whether you're considering an exit, planning for growth, or passionate about building a more ethical economy, Jim’s insights will leave you inspired to think bigger and act bolder. To learn more about Jim and his mission-driven legal work, visit ⁠impactgclaw.com or connect with him on ⁠LinkedIn. If you're navigating a business transition and looking for guidance on protecting your company's mission and legacy, you can start a conversation with the ImpactGC team by going to impactgclaw.com/#contact. __________________________________________________________________________________________________________ At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change. In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges. Jim highlights two organizations close to his heart: the Innocence Project, which works to exonerate wrongfully convicted individuals, and the Human Rights Campaign (HRC), one of the nation's leading LGBTQ+ advocacy groups, where he has volunteered and supported legal initiatives for nearly two decades. At the same time, Jim shares that, for him, the most powerful form of impact is building and scaling mission-driven businesses themselves — demonstrating that a better, more equitable model of capitalism is possible. In his words, "Building businesses in this space is the most valuable thing we can do."

    1 小時 20 分鐘
  7. Why Employee Ownership Is the Best Kept Secret in Business with Stacey Smith

    3月31日

    Why Employee Ownership Is the Best Kept Secret in Business with Stacey Smith

    What if your employees could become the next owners of your company - and it actually made the business stronger? In this episode of Ethical Exits, we sit down with Stacey Smith, SVP and Head of Programs at Project Equity, a nonprofit working to democratize business ownership through employee ownership models like ESOPs, co-ops, and employee ownership trusts. Stacey shares her journey from CPA to impact leader, how employee ownership builds wealth and resilience for workers, and why it’s one of the best-kept secrets in the economy. We dig into common misconceptions, the capital stack, and how EO isn’t just an exit strategy—it can also be a powerful way to scale and grow through acquisition. Stacey also gives a behind-the-scenes look at what makes a business “EO ready,” and how her team supports transitions from start to finish (and beyond). Whether you’re an impact founder thinking about succession or a B Corp exploring ethical growth, this conversation will expand your sense of what’s possible. To learn more about Stacey Smith and her inspiring work, visit ProjectEquity.org, or connect with her on LinkedIn. _____________________________________________________________________________________________________ At Ethical Exits, we champion profit-for-purpose capitalism—leveraging business as a force for scaling philanthropy and creating meaningful change. In every episode, we invite our guests to highlight a charity or organization that holds special significance to them and is making a real impact in solving global challenges. This week, Stacey shared Project Equity itself as her cause of choice—a national nonprofit working to scale employee ownership and unlock its power to create economic resilience for workers, communities, and business owners. As a 501(c)(3), Project Equity relies on the support of donors and grantmakers to continue this transformative work.

    58 分鐘
  8. 2024 Recap: Top Guest Moments

    2月25日

    2024 Recap: Top Guest Moments

    As we kick off 2025, we’re looking back at the most powerful insights from our guests—mission-driven entrepreneurs, thought leaders, and experts who have navigated ethical exits and used M&A as a force for good. From founders staying true to their values to those embracing employee ownership models, this episode highlights the biggest takeaways on selling, scaling, and exiting with integrity. Whether you're new to the podcast or a longtime listener, it’s the perfect recap to catch up, get inspired, and dive deeper. Featured Guests (2024 Episodes, Highlighted in This Recap): 🎙 Sarah Holdeman – COO & Co-Founder, The Impact Collective (helping purpose-driven businesses amplify their social and environmental impact). 🎙 David Kahl – Founder & Former CEO, Fully (a furniture brand specializing in ergonomic office solutions). 🎙 Bonnie Coberly – Founder & Former CEO, Healthy Bites (an organic meal delivery service). 🎙 Cameron Madill – Former CEO, PixelSpoke (a worker-owned B Corp marketing agency serving credit unions). 🎙 Mackey McNeill – Founder, MACKEY (a fractional CFO firm supporting entrepreneurs and business owners). 🎙 Josh Knauer – Co-Founder, ReSeed.farm (a full-service carbon solution provider helping smallholder farmers monetize farm-based carbon credits on the global market). Join us as we revisit their insights, reflect on key lessons, and set the stage for more impactful conversations in 2025.

    58 分鐘
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簡介

Welcome to "Ethical Exits," a podcast dedicated to mission-driven entrepreneurs exploring the path of ethical business transactions. In this podcast, we'll delve into the often opaque world of mergers and acquisitions, a landscape filled with secrecy, uncertainty, and complex decisions. We'll share compelling stories from entrepreneurs who have successfully navigated ethical exits and provide insights from active sellers seeking a responsible transition. Join us as we uncover the principles and practices that make these transactions both impactful and integrity-driven.

資訊

  • 創作者
    Host Caitlin Corrigan and Co-Host Hannah Sandmeyer
  • 活躍年代
    2024年 - 2025年
  • 集數
    16
  • 節目網站
    Ethical Exits