David Green, the CEO of the arts and crafts retail chain, likened his decision to similar moves by the owners of Patagonia and Barnhart Crane.
at $1.2 billion, may have saved himself from paying more than $700 million in capital gains taxes by transferring 98% of Patagonia’s shares to a nonprofit.David Green
“So we’re stewarding our company and, therefore, our children come to work, and they get what they earn… it’s a paradigm change from ownership that can really wreck a family.”Green said that he grew uncomfortable with the idea of a business owner selling the firm and “keep[ing] the profits for yourself and your family.”“Well-meaning attorneys and accountants advised me to simply pass ownership down to my children and grandchildren.
He recalled a period in the 1980s when “I nearly lost the business” after having “grown proud thinking that I had the Midas touch.”
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