'B corporation' plan helps philanthropic firms
| May 18, 2008 |  View for printing |
Mike Hannigan and Sean Marx started their Oakland office supply company, Give Something Back, with an unusual mission - donating all profits to charity. As they grew to sales of more than $26 million, Hannigan and Marx often wished for additional capital to help fuel that growth. But they held back from seeking outside investors for fear of undermining their philanthropic mission.
"Even if investors came in saying, 'I am totally into giving away the profits,' two years later they might change their mind," Hannigan said.
Now Hannigan and Marx believe they've found a solution to their dilemma - writing their values into their company's legal structure as something called a "B corporation."
Ilana DeBare, Chronicle Staff Writer
Full story: http://www.sfgate.com/cgi-bin/articl ... H10JFU3.DTL
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