Issue link: https://nebusinessmedia.uberflip.com/i/1506712
HARTFORDBUSINESS.COM | SEPTEMBER 4, 2023 15 ENJOY 50% OFF YOUR ROOM RENTAL WHEN YOU PURCHASE 20 OR MORE GROUP TICKETS DATES STILL AVAILABLE FOR HOLIDAY PARTIES. BOOK NOW! 860.987.6044 | bushnell.org 166 Capitol Ave., Hartford Book Now HOST A PRE-SHOW RECEPTION Bring your family, friends, or coworkers and enjoy a private bite or drinks before attending a show! Request a quote 860.987.6044 | bushnell.org/events company Patagonia, transferred his and his family's ownership in the business to two nonprofits estab- lished to fight climate change. Chouinard announced that Patagonia would transfer 100% of its voting stock to the Patagonia Purpose Trust, which was created to support environmental activism. At the time, Patagonia estimated that after reinvesting some profits back into the company, about $100 million annually will be distributed to the trust's beneficiaries. A 2019 study by researchers at the Copenhagen Business School in Denmark found that founda- tion-owned companies are "highly stable owners compared to other owner types" and are more likely to survive in the long term. Emery said she considered an employee-stock ownership plan for The Walker Group, but it didn't afford her the ability to prevent the company from being sold by a future owner. She also considered a nonprofit model, but nonprofits can run into tax issues if they sell a service that is different from their mission, she explained. The Walker Group has found that clients are enthusiastic about the social-good aspect of the company, which gives it a competitive edge. Also, because the company can never be bought by a larger firm, clients have a guarantee that they'll never be dealing with a faceless out-of-state conglomerate. Employees like the arrangement, too, because it means they'll never have to worry about a restructuring due to a sale, Rich said. Emery and Rich said they hope more companies in Connecticut will adopt the model, and they're willing to share their experiences and advise anyone who reaches out to them. The Walker Group employees stand for a photo with company founder Kate Emery (front row). HBJ PHOTO | STEVE LASCHEVER