Freeborn Partner and Member of the firm's Trusts and Estates Team, Abosede Odunsi, recently authored an article for Law360 entitled, "Patagonia's Succession Plan Is A Blueprint For Biz Owners." The article discusses how Yvon Chouinard, founder of the outdoor apparel retailer Patagonia Inc., recently announced that he donated the $3 billion company to fight climate change, and how in doing so, he may inspire business owners to similarly deploy their earnings to effect social change.
Abosede provides details on what Chouinard's "Patagonia Purpose Trust" entails and the planning opportunities something similar may provide business owners. According to Abosede, "while not every business owner is interested in giving away their company, Chouinard's quote captures the magic of succession planning — the ability to customize solutions. Every business owner has the power to design a plan for the future of their company, no matter the size or annual revenue." To learn more or read the full article, click here or the PDF below.