"Over the next 20 years, an estimated $84 trillion will change hands in the U.S.; some call this the Great Wealth Transfer, others the Silver Tsunami. This wealth is held in cash and assets, but also in the estimated 2.9 million private U.S. businesses that are owned by those over 55. Many retiring business owners will look to sell their company to private equity or larger conglomerates, while others will pass their businesses on to their heirs."
"A few are considering something more radical: giving their company away to good causes, like Paul Newman who gave his eponymous food company to Newman's Own Foundation when he passed away in 2008. This idea remains radical enough that when 83-year-old Yvon Chouinard and his family announced that all of Patagonia's future profits would go to fight climate change in September 2022, the New York Times devoted a full-page spread to the move. Now, there's even a book dedicated to Patagonia and its transition."
An estimated $84 trillion will transfer in the U.S. over 20 years, including assets and about 2.9 million private businesses owned by people over 55. Many owners will sell to private equity, conglomerates, or pass businesses to heirs. Some owners choose to give their companies to charitable causes, creating 100% for Purpose organizations that donate all profits. Notable examples include Newman's Own, Patagonia, Humanitix, Ecosia, Mozilla, The Good Store, Thankyou, and Michael Bloomberg's planned trust donation. Giving a company away can preserve the business, cement a philanthropic legacy, and maximize ongoing charitable funding.
Read at Fast Company
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