Following in Paul Newman and Yvon Chouinard's footsteps: There are more ways for leaders to give it away in 'the Great Boomer Fire Sale' than ever | Fortune

"While some business leaders are focused on how to make their fortunes in AI or crypto, others are choosing to walk away with nothing except what matters most: a philanthropic annuity to cement their legacy. As the President and CEO of one of the most famous brands that gives 100% of its profits away, I am hearing from more and more CEOs and business owners who want to follow in Paul Newman or Yvon Chouinard's footsteps."

"Why give away your business? A generosity exit allows you to maximize your giving through an engine that will keep generating profits every year, creating a philanthropic annuity, while preserving the company, its employees, and the culture built over decades. Besides, conventional exit options may not be a great fit for your values if you've spent decades investing in your employees and your community."

"Selling to private equity or another business could mean layoffs and a decimated culture. Not all owners have family heirs who want or can take over. Going public is only available to the biggest businesses and subjects your life's work to quarterly earnings pressures and the short-term thinking that comes along with it. Purpose and legacy can be more important than a big check at the end of your life, especially if you already made good money throughout your life's work."

An increasing number of business owners are transferring company ownership to foundations, nonprofits, purpose-driven trusts, or employees to create ongoing philanthropic impact. An estimated 2.9 million private U.S. businesses are owned by people over 55, making the coming Great Wealth Transfer a pivotal opportunity to reimagine exits as acts of generosity. A generosity exit generates recurring profits as a philanthropic annuity and preserves the company, its employees, and its culture. Conventional exits like private equity sales or public listings can lead to layoffs, cultural erosion, and short-term pressures. Purpose and legacy often outweigh a final lump-sum payout, especially for owners who have already accumulated wealth.

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